Casino gambling in the islands

By Bill Ordine

For The Inquirer

The main attraction of a Caribbean vacation has always been the sugar-white sand and clear, turquoise sea of a quiet beach. But some visitors prefer to spice up their tropical getaway by trying their luck at the green-felt gaming tables.

Throughout the region, at least a dozen islands offer casino gaming. Island casinos range from the grand and luxurious, such as Atlantis Resort's 60,000-square-foot Vegas-style gambling palace on Paradise Island in the Bahamas, to the curiously named American Casino at Jack Tar Village in the Dominican Republic, which has about 40 slot machines and a dozen table games.

Gambling has carved out a niche in such tourist spots as the Bahamas, Puerto Rico, Aruba and St. Maarten. But there are also casinos on islands less identified with gambling, such as St. Thomas, St. Croix and St. Kitts.

Undoubtedly, the most extravagant casino in the tropics is at Atlantis, with 80 table games, 875 slots, and a race and sports book. The casino caters not only to guests of the sprawling resort - elaborately themed after the mythical lost continent, complete with a vast water park, aquariums and dolphin habitat - but also to cruise-ship passengers, who arrive daily, and boaters, who tie up their yachts at one of the 170 slips.

The Atlantis motif is carried throughout the casino, which is decorated with Dale Chihuly glass sculptures. From some spots in the casino, gamblers can catch a glimpse of the resort's picturesque grounds.

"Gaming has evolved here as the property has evolved and expanded," says George Markantonis, president and managing director for Atlantis. For example, exclusive boutique gaming areas have been added outdoors and inside, as part of the upscale Cove - one of the hotels at the luxury complex.

In addition to the Atlantis, the Bahamas has the Crystal Palace Casino at Cable Beach, on the north side of New Providence island, where there are Wyndham and Sheraton resorts, and the Westin and Sheraton Our Lucaya Beach and Golf Resort on Grand Bahama island.

Travelers looking to try their luck should be aware of local regulations on each island, such as the gambling age and currencies that can be used. For instance, while the gambling age in Las Vegas and Atlantic City is 21, casinos on many islands, such as the Bahamas, Puerto Rico and St. Maarten, allow 18-year-olds to play. And while casinos in the Bahamas and on St. Maarten use only U.S. dollars, in the Dominican Republic, dollars and pesos are accepted.

St. Maarten, the Dutch portion of the island shared with St. Martin (French), has 13 casinos. The Casino Royale is among the largest gaming halls and was recently renovated. The 14,000-square-foot casino has 30 tables, 400 ticket-in/ticket-out slots and Texas Hold 'em poker. The standalone casino is part of the Sonesta Maho Beach Resort, which offers restaurants, shops and a new nightclub.

In Puerto Rico, there are nearly 20 casinos, each in a hotel or resort. Most are in the San Juan area, though some casinos are in Fajardo to the east and Ponce in the south. The El San Juan's 12,000-square-foot casino - with carved-wood ceilings and crystal chandeliers reflecting its Old-World charm - recently got new furnishings and coinless slots as part of the resort's $50 million renovation.

The so-called ABC islands - Aruba, Bonaire and Curacao - offer a range of gaming styles. In Aruba, the Marriott has the 15,000-square-foot Stellaris Casino, a relatively large gambling parlor by Caribbean standards. Meanwhile, Hotel Kura Hulanda in Curacao, which has 80 rooms in restored 18th- and 19th-century Dutch Colonial buildings, is associated with a "European-style, split-level boutique casino." The casino is nestled in a peaceful village complex with a spa, gardens and an anthropological museum.

On St. Kitts, in the U.S. Virgin Islands, the Royal Beach Casino at the Marriott offers 35,000 square feet of gaming and includes just about everything a player can find in Vegas, including 350 slots, about 30 table games, a sports and race book with large-screen plasma TVs, and poker tournaments. In keeping with a longstanding gambling tradition, the casino regularly runs junkets on charter jets for its high-rollers.

The challenge for gamblers is finding time to splash in those turquoise waters while avoiding being soaked at the green-felt tables.

source: http://www.philly.com/philly/travel/20090215_Gaming_Traveler__Casino_gambling_in_the_islands.html

Contact Bill Ordine at ordineb@aol.com

Consider the impact of a mall-side casino

February 15, 2009

Whether or not one is a supporter of slots, there are a few very important issues that need to be addressed before the Anne Arundel County government paves the way for a new mega-casino complex near Arundel Mills mall ("A spin of the wheel," editorial, Feb. 8).

The mall is in a mixed-use neighborhood, and thousands of residents live adjacent to it. Area residents are working families who are concerned with the increase in both traffic and crime that would accompany the proposed $1 billion development.

Our region is already choking on traffic, and the relocation of 22,000 jobs to Fort Meade in the military base realignment and closure process will only exacerbate the problem. If the county changes zoning laws to allow the casino before evaluating its impact on traffic, it would be giving away its most important leverage with the developer and the state to try to mitigate such impacts.

When the mall was developed, agreements were made between the mall, local developers and the Anne Arundel County to ensure that quality-of-life and environmental concerns were addressed. One of them was a conservation easement on about 51 acres of open space owned by the mall and adjacent to its buildings. Before any casino is approved, I ask for a specific commitment from County Executive John R. Leopold that he will maintain the integrity of that agreement and not permit development of any property under the county's protection.

If our elected officials decide to give away this very valuable easement they acquired when they gave the mall's owner the right to build, then shame on them.

Robert Annicelli
Hanover

source: http://www.baltimoresun.com/news/opinion/letters/bal-ed.le.letters15f10feb15,0,5765114.story

Station Casinos facing lawsuit from bondholder

The Associated Press

Posted: 02/14/2009 12:11:25 PM PST

LAS VEGAS—Station Casinos Inc. is facing a lawsuit challenging the company's debt restructuring plan.

Bondholder S. Blake Murchison filed a suit Thursday in U.S. District Court in Las Vegas. The suit alleges the debt-reduction plan would harm him and other bondholders.

Murchison's attorneys, G. Mark Albright and Martin Muckleroy, are seeking class-action status for the suit.

The casino operator announced earlier this month that it plans to swap high-cost debt for low-cost debt and a $244 million capital infusion. It plans to have the transaction approved through a prepackaged bankruptcy filing.

A Station spokeswoman decline to comment on the lawsuit.

The Las Vegas-based company owns several casinos in southern Nevada that cater to locals.
source: http://www.mercurynews.com/news/ci_11706139

Donald Trump Resigns

By Beth Jinks

Feb. 14 (Bloomberg) -- Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as the company he founded faced a possible bankruptcy next week.

“I have nothing to do with it. I’m not in it, I’m not on the board,” Trump, who was chairman, said in a telephone interview. He said he had “no idea” whether there will be a bankruptcy filing.

Trump Entertainment faces a Feb. 17 deadline to make a $53 million bond payment, a target extended four times since the initial grace period ended Dec. 31. If an agreement can’t be reached this weekend the company may file for Chapter 11 early next week, or the bondholders may force it into involuntary bankruptcy, said a person familiar with the discussions.

Trump controls 28 percent of the stock, according to a March 21 regulatory filing. His daughter, Ivanka Trump, also quit the board, according to an e-mailed statement. Trump offered to buy the rest of the company and was turned down by bondholders, he said.

“I strongly disagree with the bondholders’ decisions and actions,” Trump said. “Part of the reason that these bondholders can’t make a deal is they’ve lost so much money on other deals, they’ve lost so much money on this deal, and they’re probably going to lose so much money on other deals, that my impression is they don’t care.”

Deal Jeopardized

Trump’s departure may endanger Trump Entertainment’s $270 million sale of its Trump Marina Hotel Casino to Coastal Marina LLC, a deal inked in May and renegotiated to a lower price in October.

The sale price included settlement of an unrelated lawsuit Trump Entertainment filed against Coastal Marina’s Richard T. Fields, alleging he had done improper deals with the Seminole Tribe of Florida to develop two Hard Rock casinos, according to company regulatory filings. Donald Trump had earlier hired Fields to help the company win development deals with the Native American tribe.

Tom Hickey, a spokesman for Trump Entertainment, Chief Executive Officer Mark Juliano and Chief Financial Officer John Burke didn’t return phone messages left late yesterday and today.

“Unless we’re going to be responsible for management it’s just not something that’s worthwhile,” Trump, 62, said. The Atlantic City, New Jersey-based casino operator first missed its bond payment on Dec. 1, saying in December it needed to conserve cash and hold debt-restructuring talks with lenders.

‘It’s a Disaster’

Trump said the fate of Atlantic City’s Tropicana Casino Hotel and the under-construction Revel Entertainment LLC project factored into his decision to leave Trump Entertainment.

“It’s a disaster and I see what’s happened with so many others, and I don’t want to be a part of it,” Trump said.

Tropicana Entertainment LLC was pushed into bankruptcy after being stripped of its New Jersey gambling license. State officials said in December 2007 that the Tropicana Casino Hotel’s service and cleanliness had declined and the property wasn’t being run according to state regulations.

Revel Entertainment last month suspended interior work, unable to secure needed financing to finish construction at the 20-acre boardwalk site. Revel had been scheduled to open mid- 2010.

Trump Entertainment’s three casinos have been through bankruptcy twice. Holders of most of company’s $1.25 billion in notes and Beal Bank Nevada, which is owed $490 million, have agreed not to exercise default rights for interest or principal payments until 9 a.m. New York time on Feb. 17.

Trump is “not thrilled” the company may continue to use his name, he said.

‘Bad Decisions’

The company’s market value has tumbled to $7.3 million from its peak at $842 million in August 2005.

Trump Entertainment’s 8.5 percent notes due June 2015 traded at 14 cents on the dollar yesterday, according to Trace, the bond-pricing system of the Financial Industry Regulatory Authority.

Bondholder representatives “have made a series of bad decisions and encouraged wasteful spending, which has led to severe problems within the company,” Trump said in the statement. “The company is no longer operated to a standard consistent with other of my holdings.”

Legal and consulting fees “will suck the blood from the company” as Atlantic City “tanks and competition from local markets grows,” he said.

Atlantic City

Gambling revenue in the seaside resort city fell a record 7.6 percent in 2008, the second straight annual decline as the recession deterred some gamblers, and slot-machine competition from nearby states wooed others. The decline continued in January, with revenue down 9.4 percent.

MGM Mirage last year shelved its planned Atlantic City development, and real-estate developer Curtis Bashaw and former Caesars Entertainment Inc. chief Wally Barr withdrew their building application for a casino resort last month.

Penn National Gaming Inc. said Feb. 5 it won’t exercise its option to buy a 23-acre site in Atlantic City, citing the revenue declines and future competition from Las Vegas Sands’ under- construction casino in Bethlehem, Pennsylvania, and expectations Philadelphia will open casinos.

Past Bankruptcy

Trump Entertainment emerged from bankruptcy 3 1/2 years ago. Its predecessor, Trump Hotels & Casino Resorts Inc., sought court protection in November 2004. It had lost money for nine years because of high interest payments that Trump claimed prevented the company from refurbishing and expanding its casinos.

The three casino resorts also went through bankruptcy in the 1990s.

The company’s biggest bond investors include Franklin Mutual Advisers Inc., Northeast Investors Trust and Massachusetts Financial Services, according to data compiled by Bloomberg.

Representatives of bond investors Northeast Investors Trust, Putnam Investments LLC and the John Hancock High Yield Fund couldn’t be reached for comment after business hours.

Bondholders hired Stroock & Stroock & Lavan LLP law firm to file the involuntary bankruptcy documents, the Wall Street Journal reported yesterday, citing unidentified people familiar with the matter.

Trump Entertainment hired law firm Weil Gotshal & Manges LLP as bankruptcy counsel.

To contact the reporter on this story: Beth Jinks in New York at bjinks1@bloomberg.net
source: http://www.bloomberg.com

Trump casino firm faces forced revamping: report

By MarketWatch

TEL AVIV (MarketWatch) -- Trump Entertainment Resorts Inc., the Atlantic City casino group partly held by the real estate investor Donald Trump, may become the subject of an involuntary-bankruptcy filing by the company's bondholders, people familiar with the matter told The Wall Street Journal.

The move would prompt the third bankruptcy-law filing by the company, the Journal reported in its online edition.

Trump, who holds no management position at Trump Entertainment but as of mid-March held 28% of the stock, said on Friday that he would resign as chairman because he disagreed with bondholders' decisions, the paper reported. His daughter, Ivanka Trump, also resigned from the board, the Journal reported.

The bondholder group, which includes the hedge funds Avenue Capital Group of New York and Contrarian Capital Management of
Greenwich, Conn., and other holders, has asked the company to file to reorganize under the bankruptcy laws, but it has refused, the Journal reported.

for more details visit: http://www.marketwatch.com/news/story/trump-entertainment-may-face-forced/story.aspx?guid={E7F39D5E-687E-4DCE-84CD-04695E95E79D}&dist=msr_1

CASINO

.
A casino is, in the modern sense of the word, a facility that houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships and other tourist attractions. Some casinos are known for hosting live entertainment events, such as stand-up comedy, concerts, and sporting events.


History of the term casino

The term "Casino" originally meant a small villa, summerhouse or pavilion built for pleasure, usually on the grounds of a larger Italian villa or palazzo. There are examples of such casinos at Villa Giulia and Villa Farnese. In modern day Italian, this term designates a bordello (also called "casa chiusa", literally "closed house"), while the gambling house is spelled casinò with an accent.

One of the first known casinos was established in Venice around 1638. During the 19th century, the term "casino" came to include other public buildings where pleasurable activities, including gambling, and sports took place. An example of this type of building is the Newport Casino in Newport, Rhode Island.

Not all casinos were used for gaming. The Copenhagen Casino was a theatre, known for the use made of its hall for mass public meetings during the 1848 Revolution which made Denmark a constitutional monarchy. Until 1937 it was a well-known Danish theatre. The Hanko Casino located in Hanko, Finland - one of that town's most conspicuous landmarks - was never used for gambling. Rather, it was a banquet hall for the Russian nobility which frequented this spa resort in the late 1800s, and is presently used as a restaurant. The so-called "Casino" a famous landmark overlooking Avalon Harbor on Catalina Island, has never been used for traditional games of chance, which were already outlawed in California by the time it was built.


History of casinos

The precise origin of gambling is unknown. The Chinese recorded the first official account of the practice in 2300 B.C., but it is generally believed that activity of gambling, in some way or another, has been seen in almost every society in history. From the Ancient Greeks and Romans to Napoleon's France and Elizabethan England, much of history is filled with stories of entertainment based on the games of chance.

In American history, early casinos were originally known as saloons. The creation and importance of saloons was greatly influenced by four major cities; New Orleans, St. Louis, Chicago and San Francisco. It was in the saloons that travelers could find people to talk to, drink with, and often gamble with. During the early 20th century in America, gambling became outlawed and banned by state legislation and social reformers of the time. However, in 1931, gambling was legalized throughout the state of Nevada, and Las Vegas, presently known as "Sin City", spawned America's first official casinos. Soon after, in the state of New Jersey, Atlantic City joined the Casino industry in 1978 to become America's second largest gambling city. Another regional center for gaming in the U.S. is in Tunica Resorts, Mississippi and in the Gulf Coast region around Biloxi.


Gambling in casinos

In most jurisdictions worldwide, gambling is limited to persons over the age of license (18 or 21 years of age in most of the United States and 16 to 21 in most other countries where casinos are permitted).

Customers gamble by playing slot machines or other games of chance (e.g., craps, roulette, baccarat) and some skill (e.g., blackjack, poker) (for more see casino games). Games usually have mathematically-determined odds that ensure the house has at all times an advantage over the players. This can be expressed more precisely by the notion of expected value, which is uniformly negative (from the player's perspective). This advantage is called the house edge. In games such as poker where players play against each other, the house takes a commission called the rake. Casinos often give out free items, known as comps to people who are gambling. Often, in most casinos, the more money a player uses the more benefits or comps the player get. Comps are determined on a formula set by the casino based on the player's average bet x the number of hours of play x the percentage that the casino will win on the player. Whether the player wins or loses does not matter; it is solely based on the formula. Comps can range in anything from free drinks during play to penthouse suites, free airfare, limo service, and free food.

Payout is the percentage won by players.

Playing with house money refers to the situation where a winning player is placing bets with money that has been won from the casino.


Security

Casinos focus greatly on security, considering that this is a 30 billion dollar industry. Large amounts of currency move through a casino, tempting people to cheat the system. Security today consists of cameras located throughout the property operated by highly trained individuals who attempt to locate cheating and stealing by both players and employees.

Modern casino security is usually divided between a physical security force, which patrols the casino floor and responds to calls for assistance and reports of criminal and/or suspicious activities, and a specialized surveillance department, that operates the casino's closed circuit television (known in the industry as eye in the sky) system in an effort to detect any misconduct by both guests and employees alike. Both of these specialized casino security departments work very closely with each other to ensure the safety of both guests and the casino's assets.

When it opened in 1989, The Mirage was the first casino to use cameras full time on all table games.

source: wikipedia