GLG News by Lawyers (Australia)

The Las Vegas Sands (LVS) has staved off bankruptcy, but is betting its future on the Singapore casino being a great success.  That may be unduly optimistic, given legal restrictions and increased competition.

The Ninth Circuit just joined other courts, including the U.S. Supreme Court, in holding that a tribe cannot be sued unless the tribe waives its sovereign immunity or it is taken away by Congress.  There is growing pressure on Congress to change the law.  Meanwhile, any company that does business...

The proposed regulations for the Unlawful Internet Gambling Act would have required banks to become policemen.  The final regs only require financial institutions to due minimal due diligence on new commercial clients and to send out notices telling people not to break the law.  There also...

Las Vegas Sands (LVS) and MGM Mirage (MGM) are being squeezed for cash.  The governments of Macau and Singapore want their casinos to succeed.  But they have little loyalty to any American company.  They will approve the sale of assets, but won't change the rules to make it easier for...

Opponents of Lake Entertainment's (LACO) Ohio casino initiative have shown how desperate they are.  And they have every right to be, with polls showing voters favor allowing this casino by nine points.

The buyers' willingness to pay a $225 million kill fee and an interest free loan of $1.25 billion shows that things are as bad as they seem -- not for gaming, but for banks.  Penn Gaming gets an enormous influx of cash, making it even more attractive for future buyouts. ...

Lyle Berman, head of Lakes Entertainment (LACO), is running a smart campaign to get voters to approve a monopoly casino for Ohio.  History is against him.  But the economic downturn is a major boost, and the timing of the area's largest employer leaving could not be better.

Besides the short-term financials, there are good reasons for the deal to be completed.  One item that has not been mentioned in the news coverage is that gaming regulators hate being misled, and the gaming industry is fairly small.  If Fortress or its banks back out completely, they...

This is from Focus on the Family, openly opposed to all gambling.  The situation in Rohnert Park was unique, and the project still has a long way to go.

Plastic bag taxes remain a big issue internationally.  Now moves in Australia (where there is already an anecdotal take-up of woven bags) have placed the regulatory burden on retailers at the fore.  There is a political attraction in not imposing a tax, as is seen in the Australian Environment...