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    QuadJacks Daily News Update | Tuesday, November 8, 2011

    Posted by Quad Jacks March 14, 2012

    TUESDAY, NOVEMBER 8, 2011

    Nevada governor Brian Sandoval announces interest in online gaming initiative: Republican governor of Nevada Brian Sandoval will revive the Gaming Policy Committee, an assembly of local legislators and advisors which has not met in full since the 1980′s, to review the state’s position and strength in the dawning online gaming environment in America.

    Speaking at the State Bar of Nevada’s Gaming Law Conference, Governor Sandoval said: ““I hope to sketch a new road map for the journey ahead. We will preserve our position as the gold standard in gaming regulation and in the provision of gaming entertainment. We will be second to none on the globe.”

    Governor Sandoval is a former Nevada District Court judge, and was Chairman of the Nevada Gaming Commission from April 1999 to August 2001.
    Sources: VegasInc.com

    DOJ refutes resistance by Campos and Elie, SunFirst Bank closes: Earlier last month, John Campos of SunFirst Bank in Utah, and payment processor Chad Elie, both named in the April 15 indictments, had filed motions to dismiss the case against them, which the Department of Justice has now strongly refuted. According to the DOJ: “The conduct alleged in the Indictment – a scheme through which the charged defendants abused the U.S. financial system in order to fund their illegal operations – amounts to clear violations of the statutes charged.”

    Meanwhile, SunFirst Bank has been shut down by Utah regulators, was seized Friday by the Federal Deposit Insurance Corp., and reached a deal with Cache Valley Bank whereby the latter takes control of three branches and $177.3 million in assets.
    Sources: PokerUpdate.com, Las Vegas Review Journal

    Caesars Entertainment Q3 2011 results, Loveman opines: The third quarterly report for Caesars Entertainment was released today, indicating a 1.5% decline in revenue, which is being attributed to Hurricane Irene closures in Atlantic City.

    In a conference call, President of CEO of Caesars Entertainment Gary Loveman continued to opine on the issue of online gaming in the U.S. He has expressed satisfaction that his “colleagues” on the Las Vegas Strip are now supporting Internet poker in greater numbers than before, and believes that Congress is “increasingly aware” of the need to begin regulating it, which he expects to happen “reasonably” soon. After legalization, Loveman believes it could take up to “12 to 14 months” for the first Internet poker websites to begin operations in the U.S.

    Loveman estimates the value of the U.S. online poker market to be $5 billion, and describes the estimate as “conservative.”
    Sources: Special thanks to the Twitter feeds of gaming reporters @HowardStutz and @CKrafcik.

    State elections in New Jersey, Lesniak, gambling on the ballot: State elections in New Jersey take place today, with 120 seats in the state Senate and Assembly at stake. Incumbent state Senator Ray Lesniak (Democrat) is up against Republican contender Helen Rosales. Lesniak is an advocate and supporter of legalized gambling in the state of New Jersey, and has introduced his own intrastate online gambling bill earlier this year. Lesniak is considered a favorite against Rosales, as is the Democratic party as a whole.

    The issue of legalized sports betting in New Jersey is also on the ballot for today. Results of a Rutgers-Eagleton poll released Oct. 19 showed a majority of likely voters (58 percent) approved sports betting.
    Sources: Philly.com, NJ.com

    QuadJacks – Tuesday, November 8, 2011

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