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Regulatory Issues in Layaway Ticket Sales

The economic downturn and great recession decreased consumers’ disposable income, made consumer borrowing more difficult and soured public opinion against borrowing and amassing credit card debt. Combating this downward trend...more

FinCEN Doubles Down on Casinos with Heightened Regulatory Expectations - Casino Managers and Tribal Gaming Commissioners Need to...

For the second time in nine months, Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery has publicly addressed FinCEN's increasing concerns regarding casino compliance with the Bank Secrecy Act...more

Online Poker Players Beware

I thought we had reached the end of our FBAR streak, but not yet. In a Federal District Court case opinion released last week, the Northern District of California ruled that a U.S. online gambler was obligated to report his...more

From Second and State: Capitol Wrap – Week of June 2

It’s budget month, but the budget bill has yet to be introduced. Rep. Bill Adolph (R-Delaware), chair of the House Appropriations Committee, signaled this week that the budget debate might not begin in the House until the...more

Auditor General Calls OLG’s Modernization Plan “Overly Ambitious” and “Overly Optimistic”

In April, the office of the Auditor General of Ontario released a special report criticizing the Ontario Lottery and Gaming Corporation’s Modernization Plan as “overly ambitious” and “overly optimistic”. The...more

Legislative Update Report No. 2014-10 - May 2014

In This Article: ..Federal Government ..Alberta ..British Columbia ..Manitoba ..New Brunswick ..Newfoundland ..Northwest Territories ..Nova Scotia ..Nunavut ..Ontario ..Prince Edward...more

SEC Sanctions D&T Auditor For Independence Violations

A now retired Deloitte & Touche LLP partner settled charges that he violated the auditor independence rules, engaged in improper professional conduct and caused a firm audit client to violate Exchange Act Section 13(a). The...more

Regulatory Update: Japan Casinos: Integrated Resort Initiative Update

On December 5, 2013, a cross-party group of Japanese law makers submitted a draft bill (the “Integrated Resort Promotion Bill”) aiming to, among other things, legalize casino gambling. With many now expecting it to pass into...more

Potential Jackpot for Pennsylvania: State’s Analysis of iGaming, Sports Betting, and Fantasy Sports

Today, the Pennsylvania Legislative Budget and Finance Committee released a long anticipated report entitled “The Current Condition and Future Viability of Casino Gaming in Pennsylvania.” Last December, the Pennsylvania...more

Spain: New AML regulations have been approved

Yesterday the Spanish Official National Gazette published a new regulation developing the Spanish AML legislation (Royal Decree 304/2014, of 5 May 2014, approving the regulation developing Law 10/2010, of 28 April 2010, on...more

Insolvency In The Fashion Retail Sector: The Risks And The Opportunities

In this article on the changing landscape of UK fashion retail, we consider the challenges and changes faced by the industry and comment on the opportunities available for existing players and potential new entrants to the...more

SEC Names Recidivist, Claimed Country Music Fund Raiser, In Fraud Order

The Commission directed the institution of an administrative proceeding charging recidivist Stanley Jonathan Fortenberry, an unregistered fund adviser, with fraud in connection with the operation of a fund supposedly tied to...more

Hut, Hut, Hike! Investors Buying Stock In NFL Player Through First Fantex IPO

On April 28, 2014, shares of Fantex, Inc. (Fantex), which are linked to the performance and earnings of Vernon Davis, star tight end of the San Francisco 49ers, were sold to the public. Other professional football players for...more

Casino AML Compliance Update: Las Vegas Sands Corp. Places Macau Casino Junkets Under Increased Scrutiny.

On April 4, 2014, Bloomberg reported that the Las Vegas Sands Corp. (“Sands”) has increased its scrutiny of casino junket operators in Macau. The decision comes as casinos seek to meet the increased demands of federal...more

Poland: Additional payment services available to operators regulated under the Polish Gambling Act

Changes to the Polish Gambling Act have broadened the array of payment service providers that Polish-licensed operators can use. In October 2013, an amendment to the Polish Gambling Act came into force which changed the...more

Enterprise Investment Scheme availability for film or television co-productions

HMRC has published a note to clarify the interaction between film or television co-productions and the Enterprise Investment Scheme (EIS). In the note, HMRC states that companies participating in a film or television...more

Harmonised Anti-Money Laundering Rules for Online Gambling

On 11 March 2014, the European Parliament adopted the Fourth Anti-Money Laundering Directive (Directive). The updated rules mean that all gambling services (both physical and electronic) will be subject to EU-wide regulation,...more

Financial bets are gambling?

Gaming law disputes as to the qualification of financial bets, binary bets, spread betting and trading tournaments are more and more frequent as a consequence of the continuous growth of such product. However, the main issue...more

Nevada Gaming Commission Approves Prepaid Cards

At its meeting on February 20, 2014, the Nevada Gaming Commission adopted amendments to NGC Regulation 1–Issuance of Regulations: Construction; Definition–and NGC Regulation 14–Manufacturers, Distributors, Operators of...more

Interim IRS Guidance Confirms Per Capita Distributions from Tribal Trust Resources Are Nontaxable

Notice 2014-17 Is a Positive Development Because It Should Ultimately Result in Consistent IRS Treatment of Tribal Trust Resources, But Several Issues Remain Unresolved. The Notice provides that the IRS and Treasury...more

Comfort Letters - Comfort for Whom?

If you are buying, building or refinancing a hotel, you'll almost certainly be looking to a bank or other lender to finance the hotel, and when you do, you'll need to negotiate dozens of documents, some long, some short, but...more

"Chain" versus "Independent" A View from an Operator of Independent Hotels

In recent years, the topic of "brand versus independent" has become increasingly popular. Every industry conference has a panel titled the same, numerous articles - and blogs - are being written on the topic by every...more

FTC Announces Revised Thresholds for Interlocking Directorates

The Federal Trade Commission has announced revised thresholds for interlocking directorates required under Section 8 of the Clayton Act (15 U.S.C. § 19(a)(5)). The revised thresholds took effect January 23, 2014....more

Sacramento Kings Announce They Will Be The First Pro Sports Franchise To Accept Bitcoin

On January 16, 2014, The Sacramento Bee in its article Kings will be first pro sports franchise to accept online currency Bitcoins announced that by March 1, 2014, Sacramento Kings fans "will be able to purchase team...more

Top 10 Indian Tribal Tax Developments in 2013 and Priorities for 2014

In 2013, courts were active in issues relating to Indian tribes, including ruling on state tax matters and the federal income tax aspects of Section 17 corporations. The top 10 Indian tribal tax developments from 2013...more

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