Las Vegas Sands Chairman Sheldon Adelson’s bad decisions have cost the company hundreds of millions of dollars, and a court should take control of the company, a shareholder says in a derivative complaint in Clark County Court. William A. Sokolowski says he bought shares in Las Vegas Sands in February 2012, and that since then decisions largely made by Adelson and current and former board members have violated fiduciary duties to shareholders. Sokolowski wants the court to take control of the company and shareholders reimbursed for losses. The 78-page complaint accuses Adelson of “operating the company in an illegal manner,…

The California tribes blocking passage of the state’s latest online poker bill have proposed strict conditions for allowing PokerStars to get a license. In a letter to Assemblyman Adam Gray obtained by Gambling Compliance scribe Chris Krafcik (@CKrafcik), the seven-tribe coalition led by the Pechanga and Agua Caliente bands reiterate their longstanding opposition to Gray’s AB 2863 legislation but offer specific remedies to alleviate their concerns. The coalition has steadfastly objected to PokerStars participating in California’s online poker market due to the site having continued to serve US residents following the 2006 passage of the federal Unlawful Internet Gambling Enforcement…

Lottery is a game in which a participant pays a small amount of money which gives him/her an opportunity to get an ultimate prize. The amount raised by different participants is used to award the ultimate winner, to cater for the administrative expenses and the remaining amount of money is the profit that the organizer enjoys. The American lottery culture is not exclusive, for lotteries are practiced in very many countries legally. Initially, lotteries were raffle tickets which one had to buy to participate. These would take weeks for a final draw to be held. Today, nearly all states lotteries…

Lawmakers in New Jersey have agreed a deal to send financial support to the US state’s gambling resort of Atlantic City, following a sharp drop in casino revenue during recent years. Total casino revenue in the resort for the 12 months to December 31, 2015, came in at $2.2 billion (€2 billion), down from $5.2 billion in 2006, partially due to the closure of four of its 12 casinos in 2014. With some analysts predicting that revenue will fall again this year, the state has agreed to step in by approving a measure to extend bridge loans and grants to…

Wagering from all sources on Saturday’s Kentucky Derby day program was the second-highest in history, totaling $192.6 million and only 1 percent off the record set in 2015, Churchill Downs Inc. has reported. On-track wagering on the full Derby Day racing card, including the 142nd Derby, was up 2 percent to $23.5 million — just under the record $23.7 million in 2012. On-track wagering on the Kentucky Derby itself totaled $11.3 million, a decrease of 6 percent compared to last year, the track said. It should be noted that Churchill carded an extra race this year over the number of…

Review-Journal columnist John L Smith has resigned from the Las Vegas newspaper in protest at a ban on writing about its new owner, Sheldon Adelson. Until this week, Smith, who Adelson once attempted to sue for defamation, wrote a popular column in the paper on issues facing Las Vegas, from human interest stories to politics. Adelson sued Smith in 2005 over his book Sharks in the Desert. The lawsuit stated that “Smith deceptively manipulates language, quotations, and sources in order to concoct the smear that Adelson had dealings with the Boston Mob when Adelson was in the vending machine business.” The…