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Charge dropped against ex-leader of Maine casino campaign

Posted by sara in Casino News

PARIS, Maine—Prosecutors have dropped a misdemeanor assault charge against the former leader of a referendum campaign to develop a casino in Oxford County.

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Rumford attorney Seth Carey stepped down from the campaign last month after being issued a summons for an assault that allegedly occurred in early March.

According to the Oxford County district attorney’s office, the decision not to prosecute was made after the state attorney general’s office determined that the case against Carey was not strong enough.

In addition to leaving the campaign, Carey resigned as president of Evergreen Mountain Enterprises, the corporation that would own and operate the casino if it’s approved by voters in November.

Carey is also the focus of an ethics complaint under review by the Maine Overseers of the Bar.

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CryptoLogic Profit Down 59% on Casino Jackpot Payout

Posted by sara in Casino News

May 12 (Bloomberg) — CryptoLogic Ltd., a maker of Internet gambling software for companies such as Playboy Enterprises Inc., said first-quarter profit fell 59 percent after accounting for a one-time benefit related to casino jackpot payments in 2007.

Net income for the three-month period ended March 31 dropped to $609,000, or 6 cents a share, compared with $1.48 million, or 10 cents a share, a year earlier the Dublin, Ireland-based company said in a statement today. Revenue declined 1.3 percent to $19.3 million.

Through the end of 2006, funds set aside to pay casino jackpot winners were in excess of what was needed, Chief Financial Officer Stephen Taylor said in a telephone interview today. An audit of the payouts resulted in a $4.5 million one- time benefit in the first quarter of 2007, he said.

“We set aside more money than was necessary,” Taylor said. “What we do now is review payouts and ensure that the provision reflects what we think the payout has been.”

CryptoLogic develops and licenses Internet poker, casino and bingo software to companies including 888.com, OPoker.com and Maharajah Club. It currently has 16 licensees and plans to add between two and four more in Europe and Asia by the end of this year, Chief Executive Officer Brian Hadfield said in a telephone interview today.

The software maker is listed on the Toronto Stock Exchange, the Nasdaq Stock Market and the London Stock Exchange and has a market value of C$277.5 million ($275.26 million).

CryptoLogic rose 20 pence, or 1.8 percent, to 1,120 pence at 10:40 a.m. in London.

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Bartlett scolds casino critics - Objections irrational and illogical, says tourism minister

Posted by sara in Casino News

Montego Bay, St James - In his most scathing remarks yet against the detractors of casino gambling, Tourism Minister Edmund Bartlett, on the weekend described their objections as irrational and illogical and maintained that the attraction would be controlled.

“Don’t be carried away by the notion that casino gambling is going to be rampant in Jamaica,” Bartlett insisted Saturday at his East Central St James Education Council annual Teachers Awards held in this tourist resort city. “You won’t see a casino in every corner of Jamaica.”

He said the notion that casinos would be set up on every corner of the island in a similar fashion to betting shops or cash pot outlets, leading to Jamaicans becoming addicted, was driving the irrational fears.

“I have no fear, and I want to dispel the fear that may exist,” a resolute Bartlett told a packed ballroom at the Rose Hall Resort and Country Club.

He was responding to chairman of the function, Sam Reid, who had earlier expressed hope that casino gaming would not be established under Bartlett’s watch as minister. Reid, who is principal of Farm All-Age School in Green Pond, St James, said such a move would result in the moral decay of the nation and further propel the all pervasive ‘get-rich- quick’ mentality.

But Bartlett maintained that, as pointed out by Prime Minister Bruce Golding, casino gaming was intended only as a part of the tourism product offering and would represent no more than 15 per cent of the total experience.

“The policy of including casino gaming as an input in the tourism experience in Jamaica is not intended to become a practice of every Jamaican,” said Bartlett. “The PM has made the point that gaming and casino would be no more than 15 per cent of the total experience.”

Bartlett said the first such entity, which the prime minister has mandated to be a minimum 1,000 rooms at a minimal investment of US$1.5 billion, is soon to be established in Montego Bay, regarded as the island’s tourism capital.

“The first one we are looking at, which the PM announced, is likely to be in Montego Bay, Rose Hall near here,” Bartlett explained. The developers, he added, had estimated the project to generate $13 billion annually and employ some 12,000 people.

Bartlett said the development would consist of a marina, an entertainment complex for high-class cabaret shows and musical productions, and fine dining.

“It’s an opportunity for more employment,” he added, explaining that in addition to direct tourism jobs, the project would result in additional employment in the transport and other associated sectors.

Casino gambling, he maintained, was an option the Government was committed to providing for its visitors. “Casino gambling is not for every Tom, Mary, Dick and Harry,” declared Bartlett. “It is for those who come here and want to enjoy this option.”"

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Developer of Shingle Springs casino loses $4.1M in Q1

Posted by sara in Casino News

Lakes Entertainment Inc. lost $4.1 million in the first quarter, down from a loss of $7.5 million during the year earlier period, according to a report released Thursday.

Lakes (Nasdaq: LACO), based near Minneapolis, is developing Indian casinos, including the Red Hawk Casino in Shingle Springs for the Shingle Springs Band of Miwok in El Dorado County.

The gaming management company had revenue of $5 million in the first quarter, up from revenue of $481,000 the year earlier. The increase in revenue came from management fees from a new casino, the Four Winds Casino Resort, owned by the Pokagon Band of Potawatomi Indians in Ohio. Lakes is also 61 percent owner of World Poker Tour Enterprises Inc.

Lakes and the Shingle Springs Band expect to open their casino in El Dorado County in November.

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