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Daily Archives: October 17, 2022
Australia’s Star says regulator-named manager to run Sydney casino – Reuters
Posted: October 17, 2022 at 10:51 am
SYDNEY, Oct 17 (Reuters) - Australia's Star Entertainment Group (SGR.AX) said on Monday a regulator-appointed manager would be stepping in to run its Sydney casino after an investigation by an independent commission found it had failed to prevent money laundering and criminal activity.
The firm was fined A$100 million ($62 million) by the New South Wales Independent Casino Commission (NICC), which also suspended its license to operate the casino in Sydney, effective Oct. 21, Star said in a statement.
The commission appointed Nicholas Weeks as the manager, who will assume full control from Friday for the next 90 days to ensure the casino is compliant with all relevant laws.
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The suspension period will be crucial for Star to prove its merit to hold a casino license.
Weeks' authority as a manager of Star's assets are limited to the operational needs of the casino.
"The period during which the manager has control will enable the exploration between the NICC and the operator and TSEG (The Star Entertainment Group) of the possibility that the former operator may be capable of demonstrating to the NICC it may become suitable to hold a casino licence," the commission said in its notice to Star.
Keeping the casino operational is in public interest to protect the thousands of jobs at risk, the notice said.
The decision to slap Star with the maximum fine possible comes on the first day on the job for Star's new Chief Executive Robbie Cooke.
Star's shares on the Australian bourse are on a trading halt.
Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections. read more read more read more ($1 = A$1.6113)
(This story has been corrected to say licence suspended effective Oct. 21, not Oct. 2 in the second graph)
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Reporting by Roushni Nair, Renju Jose and Byron Kaye; writing by Praveen Menon; editing by Deepa Babington and Stephen Coates
Our Standards: The Thomson Reuters Trust Principles.
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Australia's Star says regulator-named manager to run Sydney casino - Reuters
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Sky River Casino to expand parking | News | egcitizen.com – Elk Grove Citizen
Posted: at 10:51 am
Elk Groves Sky River Casino will have a new, 250,000-square-foot parking area before Oct. 31.
This new, $1.6 million parking lot is being constructed by the 26-year-old Sacramento business, Martin Brothers Construction, which is owned by Elk Grove resident Felipe Martin.
He is also a candidate for the Elk Grove City Council District 2 seat in this Novembers election. His opponents are Rod Brewer and Michelle Kile.
In an interview with the Citizen last week, Martin mentioned that his company won the bid for the project on Sept. 23 and began working on the site two weeks later.
He noted that the purpose of the project is to help alleviate the issue with casino guests parking their cars on residential streets in the area.
This is one of the things that theyre doing to try to (relieve the concerns of neighbors), he said. Its a fast-track project and were going to be working on it very diligently to get it done that quick. So, it requires several crews, and manning up and getting it done.
The new parking lot will fill a 6-acre area on the southwest side of the casino property, which is owned by the Wilton Rancheria Sacramento Countys only federally recognized American Indian tribe. The new parking lot will have about 500 parking stalls, Martin said.
Martin added that his company was the runner-up on the project to build the casinos current, much larger parking lot.
This time around, they came back to us, got a price from us, got a price from (another company) and decided to utilize our bid, because we were more economical than they were, he said.
Martin mentioned that his company has many years of experience in constructing parking lots.
This is by far not a large project, he said. Its good-sized project, but weve done much larger projects than this (casino parking lot).
During its more than quarter-century existence, Martin Brothers Construction has built more than 200 parking lots, including the parking lot at the District56 center and Pleasant Grove Elementary Schools parking lot.
Martin told the Citizen that his companys ability to confidently perform fast-track projects like Sky Rivers new parking lot project is an example of the type of leadership he could bring to the City Council.
Sky River came to me and asked if we could do the parking lot, and we were able to accomplish what they wanted done in the time frame that they want it done, he said. And really thats important, because its all about the community. Theyre listening to what the community is saying and were able to perform and give the community what they need.
This is the type of leadership that you can expect is action in all essence. So, as I said, previously, vision without execution is hallucination. So, we need to make sure that we have a vision, execute on that vision, and make things happen for the city of Elk Grove.
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Sky River Casino to expand parking | News | egcitizen.com - Elk Grove Citizen
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Mississippi-based Foundation Gaming looking at buying the closed DiamondJacks Casino in Bossier City – Louisiana Radio Network
Posted: at 10:51 am
The long-shuttered DiamondJacks Casino in Bossier City looks to be on the road to reopening. State Gaming Control Board chairman Ronnie Johns says, if all is approved at the Boards December meeting, a new owner based in Mississippi will make a huge investment in getting the doors back open.
Complete renovation of the entire property, do away with the old legacy riverboat and build a first-class land-based casino, said Johns.
DiamondJacks closed in 2020 amid the impacts of the pandemic on business. Its owner, Peninsula Pacific, sought to move its license to St. Tammany Parish for a massive casino resort complex, but local voters rejected it, and so the company put the license on the market.
Johns says Mississippi-based Foundation Gaming wants to invest $200-million in a total revamp of the Bossier City complex. He says all is proceeding well.
We anticipate having Foundation on the December agenda at the Gaming Control Board to approve that transfer of license and let them finalize the sale of the property, said Johns.
If the license transfer is approved, Foundation can continue plans for the construction and re-opening of the casino. Johns says he feels the deal with be approved and move forward, but it will still be until 2024 before the new owners are ready to open their doors.
Johns says when the casino reopens under new ownership, it will bring good jobs to the area.
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Bally’s Chicago casino looms over manufacturing in River West – Crain’s Chicago Business
Posted: at 10:50 am
More residential density combined with nightly casino visitors could wreak havoc on traffic in an area that already grapples with congestion, says Steve Kersten, president of WaterSaver Faucet. The company has manufactured fixtures for life science research labs at its plant on the 700 block of West Erie Street since 1972, when it was "very much an industrial neighborhood," he says. His property is directly across the street from Bally's proposed campus on a stretch of Erie that is slated to become a major access point for casino vehicle traffic.
A combination of the casino and new development coming to River West "will make moving around here very difficult," says Kersten, adding that Bally's and city officials he has met with have told him there are plans in place to alleviate the issue. "I just don't know what those plans are," he says.
Christopher Jewett, vice president of corporate development for Bally's, said in a statement that the company has had more than 50 meetings with community and business groups, including River West's longtime industrial operators. Jewett said Bally's has committed about $75 million for infrastructure improvements in the area and plans to implement mitigation recommendations from a traffic study completed last year.
"We expect Bally's Chicago will positively impact the neighborhood and existing and future residents, and part of that is making sure we are responsive to community needs now and into the future," the statement said.
A Lightfoot spokeswoman said in a statement that a "casino-based entertainment complex is an entirely appropriate project" for the area and noted city officials have met and will continue to meet regularly with local businesses during the casino's construction.
As for resolving potential conflicts, Lightfoot will rely on land use guidelines laid out in the 2017 North Branch plan and the city's power to approve or block new developments, the statement said.
It's far from the first time the city has dealt with a neighborhood transitioning from its industrial past. Emanuel looked to reshape several factory-laden corridors to help boost the city's tax base, most notably in the Fulton Market District. After the city allowed more density in that neighborhood, many old-line meatpackers and food wholesalers cashed out with big checks in hand from developers looking to transform their properties.
The North Branch of the Chicago River has seen more drama. After years of fighting with the city over environmental violations, General Iron was forced to shutter its riverfront plant in 2020 and built a new facility on the Southeast Side. But that saga showed the perils of forced relocations: The city denied the company a new operating permit earlier this year as Southeast Side residents pushed back against becoming a landing spot for such a gritty business.
Wilson, a native South Sider and fourth-generation owner of Bigane, says she hasn't received any offers for her 6.5-acre site and stresses she has no intention of leaving River West. But if a proposal came along that was too good to pass up, she would shutter the business entirely rather than try to build a new plant that residents somewhere else might not want. "Who wants to go through that?" she says.
For now, she's hoping the Bally's investments will help fund long overdue infrastructure upgrades in the neighborhood, and that current and future mayors will protect companies like hers as River West evolves.
"We have 75 to 100 people that work here. These are good jobs. You can support a family on these wages," Wilson says. "Those are things I think we want to encourage the city to keep."
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Bally's Chicago casino looms over manufacturing in River West - Crain's Chicago Business
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G2E Shows Off What’s Coming To Casinos This Year – PlayUSA
Posted: at 10:50 am
The Global Gaming Expo (G2E) returned to Las Vegas. Attendance for the annual casino gaming and industry conference was almost back to normal. There were nearly 25,000 in attendance at The Venetian Convention and Expo Center.
The number of people in Las Vegas for the event was nearly doubled from last year and just 2,000 people shy of 2019. G2E felt even more crowded but that could just be a perception compared to last year.
The G2E conference has two important tracks industry and expo.
The one that matters most to casino visitors is the expo. While the panels are useful for the industry to share their experiences, its much less interesting for consumers than the expo.
This tradeshow is where manufacturers of casino games, products and services showcase products theyll have available over the next year.
The expo floor at G2E is a lot like a casino. Its made up mostly of new but traditional slot machines.
However, casino operators at G2E also shop for everything you see inside of a casino. There are ATM/bill breakers, uniforms, different kinds of chairs, air filtration systems and more.
There are a lot of fascinating items available but well focus on things we saw and heard that you should expect to see in casinos sometime within the next year.
Aruze Gaming makes some of the most unique games for casinos. Last year the company revealed the Go Go Claw game during G2E. In 2018, the company shared a prototype of the Roll To Win craps game thats still relatively new in casinos across the country.
This year Aruze shook the amusement game tree again and released a Rock Paper Scissors casino game. The game is only available at Circa in downtown Las Vegas at this time. Not coincidentally, this is one of the first casinos to offer Go Go Claw after G2E last year.
Rock Paper Scissors operates like a slot machine using a random number generator. Players simply need to select rock, paper or scissors and they win or lose based on whichever selection the computer chooses. Thats it.
There are other gaming manufacturers offering unique casino games but they dont have the track record of getting placement on casino floors in Las Vegas and around the country.
Year after year Aruze offers something different for casinos. The company dropped a new version of the extremely popular Shoot To Win craps machine that has been in casinos for years.
Buffalo slot machines are annually among the most popular in casinos. This year Aristocrat showed off three new Buffalo slot machines that will be in casinos sometime in the next year.
The company isnt reinventing the wheel with these games. The content of the games exists already. The combinations are new.
Buffalo Lightning Link, Buffalo Grand Wheels Of Reward and Buffalo Strike all use existing game mechanics. Adding the popular theme to the sought-after gameplay should result in happy casino visitors.
Theres no specific timeline for the release of these three games but they should all be in casinos by next summer. In the meantime, fans of this theme can play the newly released Buffalo Grand Delux, Ascension or Jackpot Carnival.
Wheel Of Fortune (WOF) from IGT is the most popular slot machine branded for a TV game show. There are seemingly hundreds of WOF-themed slots in casinos at any given time with new games released every other day (give or take a month).
IGT continues to release slot machines based on this and other game shows. This year the company released a Lets Make A Deal slot machine at G2E.
One of the unique game show slot machine concepts comes from Konami. The company showed off a Buzzr slot machine at G2E.
Buzzr is a digital TV station that showcases old game shows. The base Buzzr slot machine is a traditional video slot game. When a player hits a bonus the game randomly selects a feature based on the game shows Card Sharks, Family Feud or Beat The Clock.
I sampled the game in search of the Card Sharks bonus but only had the chance to try Beat The Clock. Sad trombone.
Another slot machine manufacturer, Everi, had a new version of its Press Your Luck slot machine at G2E. This game compliments its Snoop Dogg Jokers Wild slot machine which is still incredibly loud in some casinos.
Wheel of Fortune is the gold standard for gameshow slot machines with long-term staying power and popularity. Over the years there have been slot games for other games shows but none have had a long-lasting impact.
Slot players of a certain age prefer playing traditional reel slot machines instead of the video options that occupy the vast majority of the casino floor today.
It was refreshing to see that almost every major slot machine manufacturer had new reel slot machines on display at G2E. Some games use new themes while others are just updated versions of old games.
While its always fun to see a new Top Dollar slot machine, theres something special about the simplicity of the original single-line game. Its even better when the new version offers the Double Top Dollar feature.
As a reel slot machine player, its great to see the old themes get new cabinets. It might be even better that there are new themes with traditional gameplay.
Ill save my opinion on the games until I play and win or lose. Thats reely what matters. Punny typo intended.
Earlier this year Aristocrat announced it would be releasing NFL-themed slot machines. One would think that G2E would be a perfect place to reveal the game.
Not so fast, my friend.
The company had one prototype of its NFL slot machine. It was hidden inside of a helmet at its booth and protected at all times by at least two employees.
My group touring the booth wasnt offered even a peek inside the helmet to see what slot players could expect when the NFL-themed slot machines are released next year.
One thing we do know is the game will be a single machine with interchangeable themes for different teams. Players will be able to select their favorite team no matter where the casino is located.
For example, this New York Jets fan in Las Vegas can play a slot machine on the Vegas Strip that is themed for his favorite NFL team. Approximately a third of all NFL fans dont live in the city where their favorite team is located. This makes for a great solution so that anyone can enjoy the game.
Look for this to debut before the season next year.
IGT actually debuted a similar version of the new Peak Bartop With Sports Betting at G2E last year. As the name suggests, this is a bartop multi-game (video poker, slots, keno, etc.) machine that offers sports betting as well.
The regular (non-sports) Peak Bartop machines are already in casinos. The new version that offers sports betting should appear in casinos before the end of the year.
This game is so impressive that it won the award for Land-Based Product of the Year at G2E without actually being available in casinos.
The game is set up like a regular multi-game bartop machine. The sports betting section isnt even noticeable unless a player expands the screen.
Using the sports betting popout in the machine is similar to placing a sports wager on a kiosk. There are live and pregame options available. Players can make single-game wagers, futures bets, parlays, etc.
One thing that stands out with this game is that players can use the same money for both machine play and sports betting. For example, if a player puts $100 in a machine to play video poker while watching a football game they can place an in-game wager on that game on the sports betting application using however much theyd like to bet from whats left in the game.
They can resume playing video poker or another game with the remaining money.
The Covid-19 pandemic changed a lot of things around the world. Needless to say, this also impacts the casino experience.
While the pandemic may have accelerated some changes, most casinos today already had those changes underway.
Casino operators have been slowly changing the gaming floor for a few years prior to the pandemic. However, gaming regulations in many states required casinos to add space between machine games.
Some casinos opted to turn off some video poker and slot machines to create space. Others chose to reconfigure the gaming floor with smaller pods of machines spread out.
Casino designers think this is a trend that guests actually like and will continue in the future.
Similarly, casinos have been adding Stadium Gaming and Electronic Table Games (ETG) for the past five years or so. The pandemic sped this up and there are more non-slot or video poker machines than ever.
In fact, every Caesars casino on the Vegas Strip has a stadium gaming installation. Not all casinos have the space for large units but they all have some form of ETGs. Most casinos in Las Vegas at least offer a selection of individual or multi-player video gaming units for blackjack and other traditional games.
Last but not least, Covid-19 forced casinos to offer more digital products on and off the casino floor. Things like keyless entry and mobile payments became popular during the peak of the pandemic.
Just about every gaming manufacturer is offering casinos a cashless option for players. Depending on local regulations, this can be similar to adding funds to a game from a phone without visiting a casino. Of course, Nevada casinos require players to visit a casino in order to establish a cashless account.
Casinos are moving forward trying to make the experience similar to the rest of the world today where almost anything can be done from a phone.
Players can now gamble without using paper money. This account is often connected to a loyalty account so players earn rewards with their play. Players may no longer need to use a physical rewards card either.
Similar to being able to still use a key card to enter a hotel room, players can use a rewards card and cash if they prefer. Someday far in the future the entire casino experience will start using a mobile device.
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Best Ethereum Casino Sites 2022 – Washington City Paper
Posted: at 10:50 am
Are you a budding crypto casino fan? Well, good news for you. Cryptocurrencies have become increasingly popular payout methods on online casino sites. The rise of Ethereum and Bitcoin has seen many online casinos integrate them into their transactions.
Casinos are embracing blockchain technology because it is an anonymous and safe way of making online transactions. There are many more benefits to using Ethereum- we will discuss that further in the article.
Get a quick rundown of the best Ethereum casinos and everything you need to know about them.
Here is a list;
Here is everything you need to know about the best Bitcoin and Ethereum casino sites in 2022.
BitStarz is the most popular and the best cryptocurrency for the best reasons. It was the first online Casino worldwide to offer betting opportunities in cryptocurrencies and fiat currencies. The site boasts of more than 3,150 casino games that accept payouts in six different cryptocurrencies.
BitStarz was founded in June 2014 and was initially called BitStar.net. It was pretty popular as the first company to offer opportunities to play with Bitcoin. The casino was launched under SoftSwiss and Direx N management on the SoftSwiss Platform.
BitStarz has won many awards over the years, and rightfully so. It is one of the best Ethereum casinos offering safe and anonymous transactions.
BitStarz is ready to accept your Ethereum at any time! You can use it to deposit and withdraw for most of the games.
BitStarz has over 3,150 however, not all of them accept Ethereum. This is just a small number; there are thousands of other games you can choose to play with Ethereum.
The casino has a standard limit per transaction on Ethereum. The limit per transaction is 0.01ETH. You can convert your ETH to fiat currency and withdraw if you wish.
As we mentioned earlier, BitStarz has a wide variety of casino games. They have 3,150 games out of which 2,000 are compatible with Ethereum.
The games range from classic table games to card games. They also have high RTP games like Bison Trail and Wolf Gold. You can also find excellent roulette games.
You can get fortunate playing the jackpot slots on BitStarz as they promise huge wins. Players have been lucky to win millions of dollars on the jackpot games.
The site uses the services of huge gaming developers to provide games compatible with Ethereum. They use developers such as NoLimit, Evolution, and Pragmatic.
They offer plenty of bonuses and promotions. Players get up to 1 Bitcoin offer when they start.
You can also get some free spins without putting down any deposit. They have a no-deposit welcome bonus.
Additional promos include free spins on Wednesdays, Slot Wars, and a 50% reload bonus monthly.
Pros
Cons
Mbit is the best Ethereum casino for game selection. It has a very impressive catalog of games with more than 3,600 casino games. The site also has the best selection of games among online gambling sites.
You can play all the games with Ethereum. This means you can access more than 3,600 games, including roulette games and thousands of slots.
The minimum deposit for Etherium is 0.01, and the maximum you can withdraw is 100 ETH.
Mbit has a wide variety of games. You can find the games in 10 categories on the website. There are all games, table games, roulette, slots, blackjack, jackpot, dice baccarat, video poker, and other games.
The site offers more than 450 table games, 2,400 slot games, 270+ live casino games, and 2,000+ titles on the app.
The most popular titles at the casino include Aztec Idol, Moon Princess, and Big Win Cat. Other popular slots include CyberWolf, Crystals Dagger, For the Realm, and Book Of Ancients. The slots have many different themes that are sure to keep you entertained.
You can play classic variations of the roulette games such as European Roulette, American Roulette, and French Roulette. The casino also has a modern roulette version- Lucky Roulette.
The gaming operators also offer popular variations of the RNG black titles. Some titles include American Blackjack, European BlackJack, and Infinite Blackjack.
The casino has many gaming providers who work to bring you different selections of games. You are most likely to find your favorite provider on the site.
The casino offers you 110% up to 60 ETH when you make your first deposit. You also get 250 free spins.
They have regular promotions that run daily for three hours. These races are an opportunity to get on top of the board and stand a chance to win money and free spins.
Be sure to check the daily and weekly deals on the site. They also offer bonuses for referring people to the site.
Mbit runs a loyalty program that rewards its players. The program has 10 levels and offers different benefits at each. You can get daily cashback, reloads, free spins, and 24/7 customer support.
Pros
Cons
Red Dog Casino is a relatively new online casino, but it is steadily climbing the ranks. If you are a slot game fan, you may want to try this new site. So many users have left positive reviews on the site. They give new users up to a 245% welcome bonus.
The casino accepts Ethereum as a form of payment. They do not charge any extra fees for deposits and withdrawals.
The minimum you can deposit with Ethereum is $20, with no maximum.
Red Dog Casino provides an impressive selection of 100 slot games. Other varieties include video poker games and table games.
The casino offers a small but exciting selection of table games. These include:
The slot machine games are perhaps the biggest attraction to Red Dog Casino. Each slot game has a practice version that allows you to play for free. If you like the game, you can start playing for real money.
The slot games are many, but a few include: Mermaids Pearls, Paydirt, Jackpot Pinatas Deluxe, Frog Fortunes, and Popinata amongst others.
They also have a steady collection of video poker games; however, they are yet to provide any live dealer games.
The casino offers a 245% welcome bonus to new users.
However, other than that, they only offer a few bonuses at a time. They also have high rollover requirements, making it difficult to cash in on a bonus.
The bonuses can benefit frequent players who play throughout the day or week. Players can use the bonuses multiple times in a week.
Pros
Cons
7Bit Casino is best known for providing a wide selection of high-quality slot games. They have more than 1,200 slots for players to sample. Players can also bet and win real money. They accept Ethereum and other cryptocurrencies.
7Bit Casino has a fully optimized mobile version of the casino. This means you can play the game wherever you go on your iPhone. Android, or iPad. The site assures players of security on all their deposits and payments. Withdrawals for cryptocurrencies are instant.
7Bit Casino accepts Ethereum and provides instant withdrawal. They have a minimum deposit on Ethereum of 0.015 and zero maximum on withdrawals and deposits,
This is good news for people who want to place large bets and high rollers. This puts you in a better position to win big money at a go.
Unlike other crypto casinos, you do not have to withdraw cash in drabs and dribs.
7Bit Casino offers an impressive gaming diversity. They have more than 1,200 games put in different categories on the site.
You can search the game by title, and you can also view other games in different categories.
Alongside the slot games, players can enjoy poker games, baccarat, blackjack variants, and roulette games.
The games are pretty social and allow you to interact with other players. You can choose to go against other players in tournaments, and you can also choose to just play for fun.
7Bit Casino has great bonus offers for their players. They have a four-tier bonus offer for every time you make a deposit. The first deposit earns you 19 ETH. The second and third time you make a deposit, you get a bonus of 16 ETH and a bonus of 13 ETH on your fourth deposit.
The first and fourth bonuses make for 100% of the match deposit bonus. The second and third make 50% of their respective match bonuses.
They also have friendly races where players can compete for free spins and loyalty points. The race is called a Welcome Race, and the special tool is 500 spins and 15,000 loyalty points. Additionally, there is a 15% cashback daily for new players.
Pros
Cons
Wild Casino is among the newest Ethereum online casinos. The site was founded in 2017 and is managed under the same company as BetOnline.ag and Sportsbetting.
They have a fairly wide range of games, from roulette, blackjack, baccarat, slots, and table games, amongst others. There are more than 350 games, and the casino accepts different payment methods, including Ethereum.
Wild Casino accepts Ethereum as a form of payment. The minimum amount of ETH one can deposit is $50. This is higher than what other sites accept for other cryptocurrencies like Litecoin, Bitcoin, and ripple. These have a minimum deposit of $20.
Withdrawals for Ethereums are at $100,000. Unlike other Ethereum casinos, they also accept fiat currencies. You can convert your ETH to cash at any time if you wish to.
Wild Casino does not have an extensive selection of games, but they are pretty interesting. They only have about 350 games and are looking to add more games soon.
Players can select any of the games from table games, video poker, and a wide variety of slots.
Players also have an opportunity to experience the atmosphere of a real casino with live dealer games. Despite the small selection of games, the casino updates its games constantly to give you something new to try each time.
Table games include pontoon and baccarat. Video poker games include multihand games, pyramid poker games, and single-hand poker games. As for slots, you can find Coco Bongio, Rollin Trolls, and The Job.
The casino is solely focused on casino players they do not have any sports betting.
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Ethereum casinos are much better than their traditional counterparts. However, not all of them work the same or are outstanding.
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‘How’s Brexit going?’ British politics mocked at home and abroad – Reuters UK
Posted: at 10:49 am
ROME, Oct 17 (Reuters) - Britain's political and economic turmoil has been greeted with thinly veiled satisfaction among pro-European and leftist politicians abroad, with some commentators drawing parallels to chaotic Italy.
New British finance minister Jeremy Hunt will set out tax and spending measures on Monday, two weeks earlier than scheduled, as he races to stem a dramatic loss of investor confidence in Prime Minister Liz Truss's government. read more
"How's Brexit going?" tweeted veteran Belgian politician Guy Verhofstadt, an ardent pro-European, on Saturday. "One thing is for sure: the mess didn't start in 2022 but in 2016," he added, in reference to Britain's referendum to leave the EU.
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There was a similar hint of schadenfreude in remarks by Spain's Socialist Prime Minister Pedro Sanchez, who slammed Truss's original tax cut proposals as Britain's crisis unfolded last week.
"The neoliberal path failed in the previous financial crisis, created a great deal of suffering and will again lead to failure for those who follow it as we have just seen in the UK," he told the Spanish parliament.
Truss on Friday fired her finance minister Kwasi Kwarteng to replace him with Hunt, and scrapped parts of the government's economic package after it sparked a financial market rout including a steep dive in the value of the pound.
With the Conservative party plunging in opinion polls, social media has been full of memes and jokes revelling in its woes.
"Did you hear Kwasi Kwarteng flew back from the U.S. first class? Apparently they didn't want him near Business or Economy" read one joke doing the rounds on Twitter in reference to Kwarteng's rushed return from Washington to be fired by Truss.
Outside Europe, U.S. President Joe Biden called Britain's plan to scrap the 45% top income tax rate a "mistake".
Biden, a Democrat, frequently criticizes conservative "trickle down" economic policies, associated in the United States with former President Ronald Reagan and Republicans.
"I think that the idea of cutting taxes on the super wealthy at a time when - anyway, I just think - I disagreed with the policy," he told reporters in Oregon on Saturday. read more
Even Britain's staunchly conservative newspaper the Telegraph, which backed the Brexit referendum, acknowledged in a column on Sunday that its economic goals had failed.
"Britain's transformation into the new Italy is almost complete," was the headline of the article which drew numerous parallels between the two countries' economic declines and political instability.
Britain has had four prime ministers in the last six years, a new trend akin to Rome's notorious revolving door governments.
Officials in Washington last week for International Monetary Fund meetings said the upheaval in London could prove a salutary lesson for high-debt Italy, which has just elected a right-wing coalition also promising unfunded tax cuts.
"We have a lesson to learn perhaps, because what happened showed how volatile the situation is and so how prudent we should be with our fiscal and monetary mix," EU Economics Commissioner Paolo Gentiloni, an Italian, told a news conference without naming Italy directly. read more
Other officials in Washington were more open, speaking on condition of anonymity.
"The UK example of how quickly and aggressively markets can turn on you, is likely to keep Italian policy cautious. I am sure Rome is watching carefully what is happening in the UK," one senior euro zone official said.
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Additional reporting by John Chalmers and Jan Strupczewski in Brussels, David Latona in Madrid and Jeff Mason in Washington, Editing by William Maclean
Our Standards: The Thomson Reuters Trust Principles.
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Economy in crisis, Tories in meltdown: how I have told the sad, strange story of Britain – The Guardian
Posted: at 10:49 am
Since the 1990s Ive been interpreting events in Britain for an American audience through my journalism. Sometimes its easy: Londons glorious renaissance, Tony Blairs rise. Sometimes its less easy: the strangeness of a special relationship where one side cares too much and the other too little, the post-imperial hangover that courses through British life.
And sometimes its hard: the puzzle of Brexit, the precipitous downfall of the Conservative party. It helps that for Americans still living through the Donald Trump saga, nothing is outside the realm of possibility any more. It also helps when I explain to them that those two latest chapters of British history are connected.
I tell them that from the 2016 referendum onward, Brexit increasingly gave the Tories a focus. Never mind that Brexit was the most divisive event in postwar Britain; over time, the struggle to make it happen unified the party. Boris Johnsons Get Brexit Done 2019 election campaign cemented the transformation and, as far as Brexit went, silenced Labour.
Within six weeks, however, the Tory tide would turn. Once Britain formally left the EU, the Brexit-imposed discipline within the Conservative party began to unravel. Admittedly, the pandemic would have thrown any government off course, but Johnsons conduct in office didnt help the Tory brand or party unity. Swamped by scandal, he was out. Enter Liz Truss.
As the US and the world looked on, Trusss first weeks in office did not exactly restore confidence in Downing Street. Suddenly, the new government was shredding the Tories reputation for fiscal prudence and sound economic management. Friends of mine in the States could barely believe what they were witnessing. Even Americans who are ideologically opposed to the Conservatives were shocked to see the party of Churchill and Thatcher flying off the rails.
The Truss-Kwasi Kwarteng Growth Plan 2022 started out as a budget at war with itself, with vast emergency spending sitting alongside big unfunded tax cuts. It was also at war with Bank of England monetary policy. That was bad enough. Then came U-turns, the defenestration of Kwarteng and the naming of a new chancellor, Jeremy Hunt, hardly an ideological soulmate of the libertarian prime minister.
This story is far from over. From the outset, the reaction to the new governments fiscal event abroad was awful. Former US Treasury secretary Larry Summers said the worlds fifth-largest economy was behaving a bit like an emerging market. President Biden himself said that Trusss original plan was a mistake. The International Monetary Fund, which usually reserves its sermonising for developing economies, said: we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at cross purposes to monetary policy. Furthermore, the nature of the UK measures will likely increase inequality.
Still, with all the opprobrium heaped on Truss, its easy to forget that the damage began long before she got hold of Britains finances. Whats happening today cannot be separated from what happened in the last decade, leading up to Brexit. To explain those days to non-Britons, you have to wade into the weeds of British politics. There, we come upon Nigel Farage, who though never elected to parliament had an extraordinary influence on Westminster politics. Had it not been for the threat Farage and Ukip posed to the Conservative party, David Cameron may never have decided to call for a referendum. But, fatefully, he did.
As a dual US-UK citizen whos lived in London since 1996, the closest I could get to understanding a rationale behind Brexit was to see it in the context of what Blair once called post-empire malaise a vague if deep-seated yearning to regain the confidence and sureness of identity that, at least in the imagination, went hand in hand with running an empire. Take back control was surely part of that, fuelled also by heightened economic insecurity in the wake of the 2007-08 financial crisis and a concomitant unease about immigration.
Setting that logic aside, I have to say that virtually all the economic arguments in favour of Brexit looked specious at best and cynically misleading at worst. In that sense, Brexit is a kind of original sin that sits at the heart of todays UK economy. That should have been evident in the myriad dire economic forecasts blithely dismissed as remoaner scaremongering in the run-up to the 2016 referendum forecasts that turned out to be mostly accurate. And it should have been obvious as it was to the rest of the world in the downward trajectory of the Brexit pound, which fell from 1.50 to 1.33 to the dollar overnight after the 23 June 2016 vote and ultimately hit its lowest-ever recorded level of 1.03 on 26 September of this year.
Being liberated from the EU was never going to live up to the counterfeit promises made by the Vote Leave campaign before the referendum. Britains borders are no less porous than they were. The post-Brexit trade deals the UK has negotiated are insignificant compared with the loss of its largest trading partner. The jewel-in-the-crown deal with the US is not even on the agenda, as Truss admitted last month.
The pandemic, whose arrival coincided with Britains departure from Europe, camouflaged much of the toll Brexit was inflicting on the economy. But the harm is real. A year ago, the Office for Budget Responsibility was estimating that Brexits long-term impact on economic growth would be more than twice as damaging as that of Covid.
The effect on trade has been devastating. Modelling by the Centre for European Reform found that solely because of Brexit, British trade in goods was down during the first half of last year, ranging between 11 and 16% month to month. There is evidence that businesses face new and significant real-world challenges in trading with the EU that cannot be attributed to the pandemic, the House of Lords European affairs committee reported in December.
Ending the free movement of labour between Britain and the continent a Brexit cornerstone is hollowing out the workforce. According to the Office for National Statistics, the number of job vacancies stood at 1,246,000 in the third quarter of this year, up from about 823,000 before Brexit and Covid-19 set in. These shortages afflict businesses large and small, from cafes and pubs to farms and manufacturing plants.
Meanwhile, the OBR analysis from May shows a number of economic indicators all going in the wrong direction: as a result of leaving the EU, long-term productivity will slump by 4%, both exports and imports will be around 15% lower in the long run, newly signed trade deals with non-EU countries will not have a material impact, and the governments new post-Brexit migration regime will reduce net inward migration at a time of critical labour shortages. It has been some story to tell.
Theres a scene in the House Commons that keeps playing in my head. Its 2019 and Jacob Rees-Mogg, now Trusss business secretary, is speaking of the broad, sunlit uplands that await us thanks to Brexit. Then I contemplate where Britain is today: heading into a protracted recession under an enfeebled prime minister leading a wounded, fractious party. I hope Im proved wrong, and those sunlit uplands are out there over the horizon. No sign as yet. But Id be pleased to come back and tell everyone who has listened so far that I was mistaken.
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Amelia Staples: Londoners more concerned by Brexit’s impacts than other Britons yet keener to make it work – onlondon.co.uk
Posted: at 10:49 am
A national poll about the impacts of leaving the European Union reveals distinctive and in some ways surprising London attitudes
In the 2016 referendum, London stood out as the most Remain-supporting region in Britain. Yet, despite Londoners widespread opposition to leaving the European Union, they are more open-minded than we might think and are anxious to make Brexit work.
New national polling by YouGov for psychological think tank NOUS this month finds that Londoners within the sample are less fatigued by Brexit discussions than other regions across the country, with only 19% of Londoners not wanting to hear our politicians talking about Brexit anymore, compared to 27% of the rest of the UK.
However, Londoners are feeling the weight of Brexit. Currently, 63% of them believe Brexit has had a negative impact on Britain, compared to a 55% national average. Four in five Londoners believe the British economy has weakened since January 2021, with 68% of them attributing Britains predicted economic recession to Brexit.
Londoners are also the most likely to report negative impacts on Britains trade with the EU post-Brexit. A majority of 54% said there had been a decline in trade with the EU, compared to 47% of the country at large, and more Londoners (68%) reported fewer goods being available in shops since Brexit.
On top of this, Londoners are experiencing the impacts on travel more acutely too. With a highly international population served by a number of airports, Londoners travel to EU countries more than people in other regions. As can then be expected, a total of 65% of residents in the capital the highest proportion in the country believe that travel has become more difficult post-Brexit, compared to 47% in the Midlands and Wales, the regions that report the least change in travel habits in the UK.
These negative personal experiences very likely play a role in Brexits deeper unpopularity in the capital, but also inform Londoners determination to make Brexit work.
It is clear that Londoners want change. Only 11% believe we should continue our current relationship with the EU. A clear majority, 59%, would like to revisit the terms of the Brexit deal. Contrary to stereotypes that London is out of sync with the rest of the country, some 55% of the national population also believe that the terms of the Brexit deal should be revisited in a sign of wider discontent with the situation as it stands.
Londoners are more open minded than we think about the issue, despite common assumptions that they live in a liberal bubble. They are more unsure than the people of any other region whether they identify as Leavers or Remainers, and identify less as Remainers than they did at the time of the referendum. The new Prime Minister should take note of the capitals open willingness to work with Brexit rather than against it.
Amelia Staples works for NOUS (formerly Global Future).
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How Brexit nearly scuppered the festival of Brexit – The Guardian
Posted: at 10:49 am
For some, the whole project was supposed to be a celebration of Britains departure from the EU. Which means there is more than a little irony in the fact a main concern of the festival of Brexit organisers was the impact of leaving itself.
Disruption to the supply of workers and materials, as well as increased costs, emerged as one of the risks overshadowing the project, according to records.
The 120m festival was controversial from the moment it was first announced by Theresa May in 2018, but this week was in the firing line once again after the spending watchdog said it is investigating after a series of rebrandings Unboxed: Creativity in the UK amid concern visitor numbers were less than 1% of early targets.
Though the festival failed to win over many who voted remain in 2016, some in the arts sector are suspicious the latest attacks have been led by Tory politicians, with some already on record as being unhappy at an apparent drift from the original idea of a post-Brexit festival that would showcase the best of British creativity.
Days after Julian Knight, the Tory chair of the Commons culture committee, said the project had been a catastrophic failure, its organisers remained guarded while there was no sign of its chief creative officer, the arts impresario Martin Green.
Among the few festival partners to speak out in defence of the festival was Liz Pugh of the outdoor arts organisation, Walk the Plank, who argued that the festivals legacy and true value would become apparent in the longer term and would outweigh the current focus on spending.
At the moment there is a feeling that the bean counters are not happy with how many beans there are, and that roots it very much in a financial and economic framework. Of course there needs to be accountability and value for public money, but we should allow for the other benefits as well, said Pugh. Her company was involved in the production of 20 large-scale outdoor artworks in secret locations across outstanding landscapes.
The festival, which runs until mid November, was unprecedented in the way arts companies had come together with collaborators in science and technology, creating internships and roles for students in the midst of a pandemic, she said, adding that they wouldnt have anything to do with it if it had been about Brexit.
I think that in years to come there will be many exciting things happening in the arts, and beyond, that came out of conversations that started during Unboxed, said Pugh.
Phil Batty, executive director of Unboxed, also pushed back agains Knights claims, adding: The project isnt an unmitigated disaster. It has really gone out of its way to engage people in all corners of the UK.
Like others involved in the 120m project, Batty believes there will be a strong success story to tell the National Audit Office (NAO) as well as a legacy in the form of job creation and investment across the arts sector even if its efforts were hampered by being associated with Brexit.
From the outset, it was never designed to be a Brexit festival that was never in a brief we were given. We were set two objectives by all the governments of the UK. The first was to bring people together. The second was to celebrate creativity, he added. Batty reiterated final visitor numbers will be far in excess of the figure of 240,000 frequently cited this week as the number that had visited events.
Brexit appears at no point in the published minutes of meetings convened over the past two years by the festivals board of committees and audit committee though it makes an indirect appearance in those from a meeting in September last year, which state: A new risk around logistics including purchasing commodities form the EU and the changing macro environment was identified including supply chain, tech and production, goods like timber, technology chips and labour market.
Other minutes show organisers continued to monitor a range of risks to the project, though only a sliver of the discussions are recorded. Those from a meeting in April last year, referred to the festivals branding, stating: It was noted that there are political sensitives to be considered.
Minutes from a meeting last January refer to reputational risk concerning the geographic spread of live events, but add: All committee members felt the conversation to debate new locations had passed and would now be a distraction from delivery. The chair would inform the board that the focus is now on reach of current activity.
Other records, such as a list of big ticket areas of expenditure which will be a focus of the NAO investigation, show how the project was a boon for a small group of consultants, particularly those working in branding, advertising and marketing.
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How Brexit nearly scuppered the festival of Brexit - The Guardian
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