Money Matters - Simplified


Man denied $57mn casino jackpot, offered free meal instead

Imagine winning mega millions at a casino only to be told it was an erroneous jackpot!

5 Stocks to Sell for 2011

It's almost time to sell! December is normally the month famous for its tax selling -- i.e., selling stocks that have fallen in value to get tax deductions.

Tribal casino announces employee layoffs

Hartford-- A tribal casino in Connecticut says it will lay off 475 workers by the end of the month, the first layoffs in the establishment's 15-year history.

The owners of the Mohegan Sun say revenues and profits have fallen steadily during the recession as gamblers and resort visitors cut back on their spending, The Hartford Courant reported Tuesday.

Unlike its chief competitor, the Foxwoods Resort Casino, which has laid off thousands of workers since the fall of 2008, Mohegan Sun had managed its workforce through attrition, resisting financial advice to take more aggressive measures, resort executives said.

Hotel creates lunar cake for Aldrin

Las Vegas -- A Las Vegas hotel and casino said it created a 600-pound cake with a lunar lander replica in the center for astronaut Buzz Aldrin.

Officials at the Luxor, which hosted "An Evening with Buzz Aldrin," said they closed the event Saturday by presenting the cake to the 80-year-old astronaut, who was the second man to walk on the moon, the Las Vegas Review-Journal reported Monday.

Luxor bosses said workers spent almost 600 hours crafting the cake and the process will be featured on an upcoming episode of TLC's "Fabulous Cakes."

Aldrin noted the electric-powered "Earth" revolving around the huge cake was traveling in the wrong direction.

"Small detail," he said. "Wrong way."

Police: Man claimed defibrillator was bomb

Las Vegas -- Las Vegas authorities said they arrested a man who walked into a casino strapped with a defibrillator he claimed was a bomb.

Police said Richard Sellers, 61, had the defibrillator vest strapped to his chest when he entered Arizona Charlie's at about 9:49 a.m. Saturday and told a security supervisor the item was a bomb, the Las Vegas Review-Journal reported Wednesday.

"Someone put this on me and said if he didn't win $1,000 in five minutes he was going to blow up the casino," police quoted Sellers as telling the security supervisor.

Sellers eventually admitted the vest was not dangerous after a two-hour standoff with a SWAT unit, police said. He told officers he worked alone.

Florida tribe in casino tax dispute

Miami -- The Miccosukees Indian tribe in Florida says casino revenues distributed to tribal members are not subject to federal tax, court papers show.

The tribe says it taxes the casino, then distributes the taxes collected to about 650 tribal members. As such, the tribe argues, since it is already a tax, it cannot be taxed a second time as income tax, The Miami Herald reported Monday.

But the IRS says the distributed funds from a business that is exempt from federal tax constitutes income that is subject to federal tax laws.

Thinking Online Casinos? Here's Something

You know what I like best about online casinos? It is the fact that they have done away with the need of physically being present in a casino. I’m sure that even you will agree with this.

At a time, when you don’t want to waste time traveling to and fro a casino but would nonetheless like the excitement and rush of adrenalin a casino offers, online casinos are indeed the best option.

The web has indeed made it easy for us to sit back at home and visit casinos online. But there is so much information on the web that it is a difficult task to determine which are the best online casinos.

Casino company files for bankruptcy

Wilmington, Del. -- A company operating casinos in Colorado, Indiana and Mississippi filed for Chapter 11 bankruptcy this week, court records indicate.

A federal bankruptcy judge in Delaware gave Majestic Star Casino LLC permission to continue paying its employees and bills while it undergoes restructuring, the Gary (Ind.) Post-Tribune reported Thursday. The company can also continue to provide comps to its best customers.

"We accomplished a great deal in the first few days of our Chapter 11 restructuring," Chief Executive Officer Don H. Barden said.

Wynn to invite IPO for Macau operations

New York, September 21 -- Wynn Resorts Ltd. is seeking to raise as much as $12.6 billion in Hong Kong listing of its Macau casino assets, according to The Wall Street Journal which cited unnamed people familiar with the matter.

Donald Trump intends to repossess casinos

New Jersey, Aug 5: Real estate magnate Donald Trump has his eyes on Trump Entertainment Resorts Inc (TRMPQ.PK). However, what stands between him and his dream are the bondholders of the bankrupt casino.