Bike Casino in Southern California Raided by Federal Investigators

Bike Casino in Southern California Raided by Federal Investigators

The Bicycle Casino is incorporating another chapter that is scandalous its notorious story. The Southern California cardroom and hotel outside of l . a . in Bell Gardens was raided by federal officials on Tuesday early morning, but law enforcement divisions are staying quiet on the details of the operation.

Governor Jerry Brown (D), left, attended the ribbon cutting of the Bicycle Casino’s hotel expansion in 2015 alongside Bike Managing General Partner and CEO Hashem Minaiy. Couple of years later, the owners are now allegedly entangled in a federal financial investigation.

The raid is being carried down by the usa Department of Homeland protection, and its particular Immigration and Customs Enforcement (ICE). According to regional media reports, the usa Attorney’s Office, IRS, Ca Bureau of Gambling Control, and the Financial Crimes Enforcement Network (FinCEN) are also involved.

ICE spokeswoman Virginia Kice stated, ‘Because the warrant is under seal, we aren’t able to comment on the nature or scope of the investigation.’

Nevertheless, Fox 11 in Los Angeles says the sting is in reaction to alleged money laundering allegations at the casino. All gambling has been shutdown as investigators sweep the Bike, because it’s affectionately known.

Since 1996, FinCEN has required gambling enterprises to file Currency Transaction Reports for any customer transacting $10,000 or higher in a day that is single.

Dirty Money Crackdown

All signs point to allegations of not properly tracking and reporting money coming in and out of the casino while the government isn’t saying the prime motive for their raid of the Bike. It is not the time that is first cardroom in the Golden State has been accused of such criminality.

FinCEN in recent years has put a focus on making sure casinos stick to the deal reporting process as stringent as banking and banking institutions.

In January of this year, Los Angeles’ Hawaiian Gardens Casino, which can be just a dozen miles from the Bike, was raided by federal authorities. FinCEN said Hawaiian Gardens failed to report large transactions and activity that is suspicious.

And final fall, the previous owners of the Normandie Casino were ordered to pay $2.4 million for admittedly violating federal financial reporting regulations. Owned by the Miller family members since 1947, the Normandie was sold to Larry Flynt who has since renamed it the Lucky Lady.

The Financial Action Task Force recently reported that casinos ‘have not merely increased their conformity . . while cardrooms in California continue to make cash laundering headlines . but have also invest place measures that are mitigating what’s needed associated with Bank Secrecy Act.’

Bike’s Scandalous Past

The Bike offers many different games including poker and blackjack. Six years after its opening in 1984, the government that is federal ownership of the casino after a jury discovered that $12 million of this property’s $22 million construction cost was funded by way of a drug network in Florida.

Original owner Sam Gilbert was accused of funneling drug money profits stemming from a cannabis enterprise that is smuggling Florida to create the casino in Ca. In trade for his unlawful activity, Gilbert received 60 percent ownership of the Bike.

The United States government sold its stake in the Bicycle Casino in 1996 for $25.3 million. The casino is now privately owned under the ongoing company title Bicycle Hotel & Casino LLC.

Indiana Casinos Fight to Stay Above Water, Look to State for Help

With decreasing revenues and fewer people gambling over the previous 10 years, Indiana’s 13 gambling enterprises are facing difficult times. Now they have been jointly lobbying the state legislature to bail them out.

Many state lawmakers aren’t so ready to start the checkbook up and so are evaluating methods to result in the facilities more self-sufficient.

Indiana casinos are facing a decline that is serious revenue as the number of gamblers has dropped significantly within the last few 10 years. They have been asking the state legislature for help. (Image: Hollywood Casino/Indiana)

Current House Bill AB 1350 is making its method through the governing human anatomy and is attempting to fulfill both the businesses therefore the Hoosier State’s requirement for income tax dollars. Senate Appropriations Chairman Luke Kenley, (R-Noblesville) told The Republic that the two must locate a real way to coexist.

‘we are in essence lovers with this industry whether we like it or not,’ Kenley stated. ‘We want to keep them healthier, but we would like them to pay a lot of taxes towards the state of Indiana.’

Facing Stark Reality

Since 2007, the range people patronizing these companies has dropped down 40 percent to 16.7 million. Not surprisingly, income tax revenue has also dropped into the same time duration. It really is down 30 percent to $600 million.

10 years ago the state enjoyed significantly of a monopoly sufficient reason for casinos located near borders, were attracting out of town customers. Now with Ohio and Michigan providing closer choices, and Illinois considering a place near the Indiana line, the as soon as ironclad grip on consumers has loosened.

Sen. Jon Ford, (R-Terre Haute) sees this once the primary explanation an adjustment is going to possess to be made.

‘We’ve lost the Ohio border, we’ve lost the Michigan-Indiana edge, and now Illinois is aggressively coming after us,’ he stated.

Making More with Less

AB 1350’s main supply is eliminating the $3 per-person admissions tax imposed regarding the state’s riverboats and changing it with a tax that is supplemental at 3.5 per cent for a casino’s adjusted gross receipts. Officials state the tax is outdated and if some body is staying during the resort after which going into the casino, the resort is getting double taxed for a passing fancy person.

Legislators mostly agreed upon that component, but the hold funding that is harmless was contentious. Hold safe funding is the total amount of money directed at communities that have establishments in their area.

Originally there is a call to cut back the $48 million amount doled out to urban centers and counties, but it had been put back into the Senate version and a fight has developed on whether it should stay or go. It is yet to be viewed which side will win the debate.

Wynn Resorts Sues Elaine Wynn Over Secret Copied File Stash

Wynn Resorts is suing its former co-founder and director, Elaine Wynn, for punitive damages on the grounds that she superstitiously allowed her solicitors to copy computer difficult drives belonging to the company.

Elaine and Steve Wynn, pictured here in happier times, are engaged in a complete war that is blown of flowers over a 2010 shareholders agreement that bars Elaine from attempting to sell her almost 1 billion equity in Wynn Resorts. (Image:

It’s the salvo that is latest in a long-running war of the flowers between Wynn and her estranged husband, Wynn Resorts CEO Steve Wynn. Elaine is seeking to regain control of her 10 percent stake in the company she formed with her ex in 2000, currently worth almost $1 billion.

As part of these divorce that is final settlement 2010 the couple split their stakes in Wynn Resorts evenly, while Steve, as CEO, agreed to always reelect his ex-wife to the board of directors. In return Elaine Wynn agreed to a provision that she wouldn’t offer her shares without the organization’s authorization.

Relations Deteriorate

The settlement was initially amicable, nevertheless the fight kicked off in 2012 when Wynn Resorts sued its major shareholder, the billionaire that is japanese Okada, and ousted him from the board over allegations that he bribed a Philippine gaming regulators in order to secure a license for the project that eventually became the Okada Manila, which Wynn wasn’t involved in.

Okada coounter-sued, and sensing her minute, Elaine joined up with the lawsuit so as to extricate by herself from the shareholders agreement that banned her from selling her stocks.

Wynn Resorts resolved she was in breach of fiduciary duties to your ongoing company and ousted her from the board.

Elaine recently petitioned the Nevada Supreme Court for whistle-blower protection in connection to allegations of securities violations by Wynn Resorts, after being declined protection by the Las Vegas trial judge presiding over the case.

Covert Operations

But in the filing that is latest, Wynn Resorts claims Elaine’s allegations derive from privileged information that her previous her lawyers secretly copied from personal company files in 2013. They also claim lawyers produced image that is forensic of assistant’s computer.

‘ Whether Elaine and her agents covertly accessed even more information than they copied may never be known,’ the ongoing company said in the filing. ‘The computer systems were linked to Wynn Resorts’ corporate network and Elaine didn’t supervise her attorneys.’

Elaine, meanwhile, claims she was merely following a advice of her legal team, although she admitted she had perhaps not told Wynn Resorts that the information had been accessed and copied.

‘we relied on their counsel to follow their directions,’ she said in during a hearing final week. ‘ And they desired to image my computer, and therefore I cooperated with that request.’

Las Vegas Convention and Visitors Authority Defends Opulent Spending, But Not Everybody Is on Board

The Las Vegas Convention and Visitors Authority (LVCVA) is defending its investing practices this week following the city’s Review-Journal (LVRJ) news site, the most circulated news source in Nevada, published a report highlighting the us government agency’s extravagant budget and costs.

Las Vegas Convention and Visitors Authority Chairman Lawrence Weekly states his agency’s tax-funded investing is warranted in promoting the populous city, however some expenses look similar to lavish entertainment than genuine costs. (Image: Mark Damon/Las Vegas Information Bureau)

The LVCVA is tasked with attracting site visitors towards the Mojave Desert by showcasing Sin City’s world-class entertainment, dining, shopping, and more. A subdivision of the State of Nevada, the authority includes 14 principal officers, with six users coming from the private sector.

Based on disclosures that are financial by the LVRJ, the Las Vegas Convention and Visitors Authority invested nearly $700,000 on alcohol in the last 36 months, $85,000 on adult activity and showgirls, and thousands of dollars on concerts and shows. The news source claims to have reviewed over 32,000 pages of receipts.

Board users of the LVCVA defended such lavish spending as the cost it takes to attract marquee conventions and occasions.

Lawrence Weekly, who is a Clark County commissioner and chairs the LVCVA, explained of trying to entice decision makers, ‘You’ve got to give something to have something.’

He later tweeted, ‘Vegas means business. LVCVA are doing just that . . . Performing to keep us in that #1 spot.’

LVCVA on the Defensive

Finding someone completely not really acquainted with what Las Vegas is a task that is nearly impossible. That is at least what critics of the LVCVA argue.

Casino resorts also spend millions on marketing campaigns each year, sufficient reason for Vegas’ well-known reputation, whether or not it’s positive or negative, the truth is that the city does not need explanation that is much.

The Review-Journal found that Las Vegas spends $3.39 per visitor on marketing, second to only St. Petersburg, Florida, which spends $3.89. St. Petersburg is no Vegas, however, as many tend clueless as to which coast of the Sunshine State the populous city also resides on ( oahu is the Gulf, FYI).

The authority says its capability to remain the country’s top trade and convention show destination warrants such wining and dining. According to Applied research, a Nevada-based economic and gaming research firm, tourism created almost $60 billion for the Vegas economy in 2016.

The LVCVA also points to its award that is recent from Government Finance Officers Association (GFOA). The Chicago-headquartered organization reviews state and town economic management agencies, and for the 33rd consecutive year, awarded the LVCVA by having a Certificate of Achievement for Excellence in Financial Reporting.

‘To continuously win these . . . is a huge accomplishment,’ LVCVA member Bill Noonan said month that is last.

Tax Dollars at Play

The authority is largely funded through the Clark County hotel occupancy taxation. Of the estimated $705 million the tax is anticipated to come up with in 2017, 33.2 per cent of each and every dollar shall go into the coffers associated with the LVCVA. That trumps even the Clark County class region (13.1 percent) and Nevada school that is public (24.3 percent.)

Final November, the Nevada State Legislature approved a bill that increases the tax by 0.88 percent to 12.88 percent. The increase will be used to deliver $750 million to help build the home that is future of Las Vegas Raiders NFL franchise.

While nearly all funds are employed to market Vegas and cater to visitors that are potential LVCVA Chairman Weekly accepted $33,000 worth of meals and travel since 2014. Authority CEO Rossi Ralenkotter made $768,000 in salary, bonuses, and benefits in 2016, and former Mayor Oscar Goodman was paid $72,000 to appear at promotional events.


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