Best Canada Casinos Online - December 2014 News Archive

This section lists news stories added here to Best Canada Casinos Online on December 2014.

BestCanadaCasinosOnline - News Archive - December / 2014

Canadian Firm In, Out of Revel Deal Added: December 29, 2014 #p The sale of the Revel Casino Hotel in Atlantic City continues to be plagued with problems. And a Canadian company has been involved in the fracas. #/p #p The casino is in bankruptcy, like others are in Atlantic City, and so a judge is right in the middle of any negotiations and/or other actions regarding a sale. There was in fact an auction process conducted, and it had been won by Brookfield Asset Management, a firm based in Toronto that had bid $110 million for it. But the costs that were involved with the casino's power plant soon became a major issue, and this brought about a dispute that eventually led to Brookfield pulling out of the deal. #/p #p And to further complicate things, Glenn Straub, a developer who is headquartered in Florida, and who was awarded the casino by default as his $95.4 million bid was the runner-up, is now balking because he says the auction process was not conducted fairly. Whether that is true or not is something that has yet to be determined, but there will be a hearing on January 5, at which Straub's request is going to be considered. #/p #p What Straub seems to be contending is that he was not properly notified of the presence of another bidder, and if he had known about it he would not have gone higher than his own original $90 million "stalking horse" bid that was designed to set the "floor price." What he is seeking is a discount, and a steep one at that. Straub is looking for a price of $87 million, which would represent $8.4 million in savings for him. He wants a $3 million breakup fee deducted from the bid because Revel happens to be holding onto the $11 million (10%) deposit Brookfield had made. #/p #p Straub has made some more significant assertions; namely that the same law firm that was in charge of the sale also represented Brookfield, spawning a conflict of interest and allowing Brookfield to dictate the terms under which the auction was conducted. Straub is looking to turn the Revel into something else, and among the proposed uses was to establish a "genius academy" that could function as a sort of high-level think tank assembled to solve society's problems. We kid you not. #/p #p The Revel was only open for about two and a half years before declaring bankruptcy twice and finally closing its doors this past September. It is one of four different Atlantic City casinos to close during 2014. #/p
Canada: Bill C-290 May Be Up For Vote in January Added: December 22, 2014

Bob Runciman, who sponsored Bill C-290 in the Canadian senate, says that this piece of legislation, which has been in limbo for some time now, may finally be coming up for a vote sometimes in January. Most people aren't exactly holding their breath, but it is perhaps worthwhile to explore the ramifications of such a bill, along with those in the professional sports community that would line up in favor of it and those that would oppose it.

Amaya Gaming Subject of Investigation as Stock Drops Added: December 15, 2014

Amaya Gaming has been the talk of the online gambling industry for some time now. As most people know, this is a company that has had an aggressive acquisition strategy, and Poker Stars is the crowning jewel in their portfolio, in a deal made in June brought that monster on board. With that, Amaya immediately became the world's largest poker operator, perfectly positioned to become a "big player" in any number of jurisdictions, including New Jersey. Canadians are well aware that this company is based in Qu├ębec, and now Amaya is being investigated by securities regulators there over some of the trading activity that surrounded their Poker Stars acquisition.

PlayOLG Launches For Customer Previews Added: December 8, 2014

Ontario Lottery & Gaming has finally unveiled its long-awaited online gaming site, PlayOLG.ca, which will be available to some selected users in sort of a beta capacity until the grand launch in January. Through this website, customers will be able to buy lottery tickets, but also engage in certain online casino games, and it may be the most ambitious of any venture a province has sanctioned.

UK News Story Talsk of PEI's Failed Grand Plan Added: December 1, 2014

One thing that many Canadian citizens probably do not know is that Prince Edward Island had some very lofty aspirations when it came to the online gambling industry. In fact, their plans seemed to go well beyond becoming just another province running its own gaming site, but seemingly to attract many people who are interested in doing business, as sort of an international gambling hub.