vpFREE2 Forums

Could This Happen In Nevada?

#1

In a message dated 12/7/2004 10:05:40 AM Central Standard Time,
luckylucy39@earthlink.net writes:

I know it is rude and crude of me to get back on the subject but this
incident with the MO Gaming Commission is not the worst. A few years
ago they hit Station Kansas City with $1 million fine. I don't
remember the exact details but there was a dispute and the CEO of
Station would not come to Missouri in person to meet with the
Commission but sent a representative and a company lawyer instead.
The Commission considered it an insult and slapped them with this huge
fine. At that point Station in effect said they didn't need this crap
and pulled out of Missouri, selling their casinos to Ameristar. In
fact they got rid of all their non-Nevada holdings and now concentrate
on Las Vegas.

OK now we have those who knock the Missouri Gaming Commission with Station's
canned reason on why they pulled out of Missouri. I don't know all the facts
but I believe they were about to be nailed for a number of illegal activities
in obtaining their original right to operate in Missouri. They did what many
Casino Companies have done and washed their illegal activity by a sale or trade
of properties.

[Non-text portions of this message have been removed]

#2

I've wondered for a long time why so many casinos are sold over and over again if they are so profitable. Maybe this is part of the answer?

Jaycee5351@aol.com wrote:In a message dated 12/7/2004 10:05:40 AM Central Standard Time,
luckylucy39@earthlink.net writes:

I know it is rude and crude of me to get back on the subject but this
incident with the MO Gaming Commission is not the worst. A few years
ago they hit Station Kansas City with $1 million fine. I don't
remember the exact details but there was a dispute and the CEO of
Station would not come to Missouri in person to meet with the
Commission but sent a representative and a company lawyer instead.
The Commission considered it an insult and slapped them with this huge
fine. At that point Station in effect said they didn't need this crap
and pulled out of Missouri, selling their casinos to Ameristar. In
fact they got rid of all their non-Nevada holdings and now concentrate
on Las Vegas.

OK now we have those who knock the Missouri Gaming Commission with Station's
canned reason on why they pulled out of Missouri. I don't know all the facts
but I believe they were about to be nailed for a number of illegal activities
in obtaining their original right to operate in Missouri. They did what many
Casino Companies have done and washed their illegal activity by a sale or trade
of properties.

[Non-text portions of this message have been removed]

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[Non-text portions of this message have been removed]

#3

I've wondered for a long time why so many casinos are sold over

and over again if they are so profitable. Maybe this is part of the
answer?

Jaycee5351@a... wrote:In a message dated 12/7/2004 10:05:40 AM

Central Standard Time,

luckylucy39@e... writes:

> I know it is rude and crude of me to get back on the subject but

this

> incident with the MO Gaming Commission is not the worst. A few

years

> ago they hit Station Kansas City with $1 million fine. I don't
> remember the exact details but there was a dispute and the CEO of
> Station would not come to Missouri in person to meet with the
> Commission but sent a representative and a company lawyer

instead.

> The Commission considered it an insult and slapped them with

this huge

> fine. At that point Station in effect said they didn't need

this crap

> and pulled out of Missouri, selling their casinos to Ameristar.

In

> fact they got rid of all their non-Nevada holdings and now

concentrate

> on Las Vegas.
>

OK now we have those who knock the Missouri Gaming Commission with

Station's

canned reason on why they pulled out of Missouri. I don't know all

the facts

but I believe they were about to be nailed for a number of illegal

activities

in obtaining their original right to operate in Missouri. They did

what many

Casino Companies have done and washed their illegal activity by a

sale or trade

of properties.

If a casino, other corporation, or individual committed crimes in
the State of Missouri (or any other state for that matter), then
physically leaving the state would not preclude prosecution. In the
case of individuals, an extradition traety would be invoked; in the
case of corporations, a similar interstate agreement exists. The
management of a company can be subpoena'd across state lines, and I
believe that refusal to obey such a subpoena is in itself a federal
offense. The Enron and other recent corporate nausea started in a
single state, and then spread to every other state where the
companies in question did business.

So the tactic of "abandoning ship" in order to escape sanction for
illegal acts is a poor one at best. What it does, is safeguard
corporate assets from seizure; but all that has to be done to put
those assets back at risk is for the complainants to re-file in the
state that those assets have been moved to.

···

--- In vpFREE@yahoogroups.com, Donald Ross <hedonist144@y...> wrote:

#4

Hi there

True. However, "abandoning ship" works well for issues in license
violations and state rules and regs that have nothing to do with
crimes. In these cases one might lose right to get approval for
licensing.

Just a thought......Jeep
.
.> If a casino, other corporation, or individual committed crimes in

···

the State of Missouri (or any other state for that matter), then
physically leaving the state would not preclude prosecution. In the
case of individuals, an extradition traety would be invoked; in the
case of corporations, a similar interstate agreement exists. The
management of a company can be subpoena'd across state lines, and I
believe that refusal to obey such a subpoena is in itself a federal
offense. The Enron and other recent corporate nausea started in a
single state, and then spread to every other state where the
companies in question did business.

So the tactic of "abandoning ship" in order to escape sanction for
illegal acts is a poor one at best. What it does, is safeguard
corporate assets from seizure; but all that has to be done to put
those assets back at risk is for the complainants to re-file in the
state that those assets have been moved to.

#5

Sometimes they don't so much abandon ship as get heaved overboard;-) Binion
was forced to sell his boat in IL because he couldn't get licensing approval
from the gambling regulators.

···

_____

From: whitejeeps [mailto:whiteje…@…com]
Sent: Friday, December 10, 2004 3:11 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Could This Happen In Nevada?

Hi there

True. However, "abandoning ship" works well for issues in license
violations and state rules and regs that have nothing to do with
crimes. In these cases one might lose right to get approval for
licensing.

Just a thought......Jeep
.

[Non-text portions of this message have been removed]