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Caesars bankruptcy cost company $160m in legal fees

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The final legal tab has come in for casino operator Caesars Entertainment Corporation’s prolonged bankruptcy fight, and it ain’t pretty.

 

According to a summary court filing on Tuesday, the nearly three-year bankruptcy tussle over CEC’s struggling main unit Caesars Entertainment Operating Co (CEOC) required the company to pay out over $160m divvied up among six different law firms, including $77m to Kirkland & Ellis, which served as CEC’s lead counsel.

Another $30.6m went to Winston & Strawn, which served as legal counsel to Richard Davis, the former Watergate prosecutor who was brought in to dig through CEC’s dirty laundry to discover if their sketchy financial antics meant they were liable for billions more dollars than they hoped to pay. 

Of course, a messy restructuring of CEOC’s tangled affairs was never going to come cheap, but imagine how much smaller CEC’s legal tab might have been if it had just copped to paying those extra billions from the get-go rather than cling to the faint hope that US Bankruptcy Judge Benjamin Goldgar would simply smile their way and say ‘that’s fraudtastic!’

In other CEC news, the Indiana Horse Racing Commission (IHRC) says it still hasn’t received an application for the $1.7b sale of Centaur Gaming’s two Indiana racinos to CEC. The deal, which was announced last month, requires the approval of both the IHRC and the Indiana Gaming Commission.

CEC already operates two Indiana-based Horseshoe-branded casinos, and the addition of Centaur’s Indiana Grand casino and Hoosier Park Racing & Casino will give CEC control over four of the state’s top-five gaming venues by revenue. Indiana law doesn’t allow any one company to own more than two casinos in the state, but the law doesn’t apply to racetrack-based casinos.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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OneTouch unveils new Russian Poker release

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Single-touch ergonomics make it perfect for on-the-go betting

 

Monday, 5th February 2018 – Premium games developer OneTouch will arrive at ICE 2018 armed with Russian Poker – it’s latest industry-leading online table game.

Russian Poker offers a unique version of player vs house poker, where the player is dealt five cards and is offered the chance to exchange cards or buy an additional card to make two five-card hands.

Players can also take insurance and buy the dealer a card if they don’t qualify with their opening five cards. This exciting version of casino poker is sure to be an online hit in Eastern European markets where the game had a large and loyal following in land-based casinos.

Matthew Rochman, Head of OneTouch, added: We’re always looking to add a modern flair to traditional table games and that’s exactly what we have done with Russian Poker.

 The game is hugely popular in Eastern Europe and we are confident players will love our crystal-clear graphics and mobile-first approach as we bid to make it a modern-day classic.

We believe we are the first company to deliver a state-of-the-art mobile version of Russian Poker and operators who have received been given a sneak preview of this games are excited and keen to add it to their portfolio in 2018.

OneTouch prides itself on providing an intuitive user experience across all of its titles via a single touch on all modern handheld devices thanks to its cutting-edge JavaScript framework and mobile-first approach to layout design.

The decks are also shuffled using a Provably Fair RNG, allowing players to verify the integrity of the shuffling and cards dealt to them, creating a gaming experience which is both exciting, enjoyable and fair.

OneTouch’s full portfolio of titles, which also includes roulette, blackjack and baccarat, will all be available to demo on Stand S9-112 at ICE 2018.

 

 

About OneTouch

Isle of Man-based OneTouch Technology Ltd develops premium table games for online casinos worldwide by combining innovative mobile-first designs with sharp single-touch interactivity to deliver a superior online gambling experience on both desktop and hand-held devices.

For more information, please visit www.onetouch.io

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Greek Casinos Could Start Giving Loans

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A new bill tabled in the Greek parliament on Monday could allow casinos to lend money to reliable customers to gamble.

 

In an omnibus bill being voted on Monday amid strikes and protests, there is a provision which will enable casinos to lend over 50,000 euros to select customers to continue playing if they need to, a Greek finance ministry source said.

This new law is aimed at foreign customers, to facilitate more spending in Greek casinos. The idea behind the bill is that studies show many gamblers decide on the place where they will spend their holidays on the presence of casinos where lines of credit are available.

These loans will not involve cash but special chips to be used exclusively inside a particular casino. To convert these special chips into money, any casino loan must have been repaid in full.

Chips will be counted as casino revenue, meaning gambling loans will be taxed, the finance ministry source added.

Plans to expand the availability of gambling in Greece have met opposition, with the local authorities in the Greek islands of Santorini and Crete recently hitting out at government plans to allow casinos to open on the popular tourist destinations.

Media reports from Crete say that local councils in the island are also preparing to launch a campaign against the casinos.

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Greek’s Planned Regulatory Reform on Gambling Faces Growing Opposition

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Greek casino officials voiced concerns earlier this week that the planned overhaul of the country’s gambling industry favors new casinos over existing ones.

 

A draft bill that calls for significant changes within the nation’s gambling sector is currently under consideration by the Greek government.

Among other things, the piece of legislation proposes a new licensing framework for the country’s casinos. According to officials at operational casinos the new regulatory regime creates better conditions for new industry stakeholders. Gambling executives also oppose the implementation of different corporate taxes for operators of existing venues and for newcomers.

The proposed scrapping of an entry fee for patrons is yet another provision that existing casinos have received with discontent. Under the draft bill, already operational gaming venues will first have to be given the nod from the Hellenic Gaming Commission in order to remove the entry fee. What is more, they will have to pay a compensation fee, which casino officials deem too high.

The sweeping gambling reform currently under consideration by lawmakers allows for the relocation of six existing casinos and the construction of three new casinos on the Greek islands of Mykonos, Crete, and Santorini. All three are popular tourist destinations and the opening of gambling venues is hoped to attract even a greater number of international travelers and boost Greece’s tourism industry and economy at a time when the country desperately needs additional revenue sources.

Mykonos Opposes the New Casino Proposal

News have emerged from Greece that officials from all three islands have opposed the proposal for the construction of gambling venues on their territories. However, it can be said that Mykonos officials have been most vocal in their discontent with the proposed gambling expansion.

Local media reported recently that Mykonos’ mayor, Konstantinos Koukas, has sent a letter to Greek Prime Minister Alexis Tsipras expressing the island’s opposition to the casino plan. In his letter, Mr. Koukas has said that the island has much more pressing issues to address, including the addition of more schools, hospitals, and infrastructure. The letter further read that only after these issues are solved, they could think about building a casino.

Island officials have also stressed on the fact that while the Greek government had conducted public consultation on the proposed casino expansion and the Mykonos municipality had participated in it, its stance on the matter had clearly not been taken into consideration.

Last month, the Mykonos City Council approved a proposal for a referendum at which islanders would be able to voice their opinion on the matter. Councilors also decided to launch a petition against the casino proposal and to authorize Mayor Koukas to take legal action in relation to the government’s decision to potentially authorize the construction of a casino on the island, despite the growing opposition to the move.

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