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Kazuo Okada’s Manila Casino Project Could Reach $4 Billion

Kazuo Okada’s Manila Casino Project Could Reach $4 Billion

Kazuo Okada, the Japanese billionaire and previous buddy of Steve Wynn, wants to turn Manila into the new Macau.

Kazuo Okada, the billionaire chairman of Universal Entertainment Corp and Tiger Resorts Entertainment Inc, could be upping their investment in Manila to $4 billion, as he seeks to transform the capital that is philippine ‘Entertainment City’ into the brand new Macau.

This would express Okada’s biggest investment of most time, said Takahiro Usui, COO of Tiger Resorts this week.

Usui also revealed that the fruit of this investment, a 993-room resort and casino resort scheduled to open in November, features a name that is new. The project formerly referred to as ‘Manila Bay Resorts’ has become ‘Okada Manila,’ which suggests the Japanese gaming mogul has learned a thing or two from his previous business partner-turned-foe Steve Wynn, and for the value of plastering your name across the front side of a casino.

Wynn Feud

Okada was a Wynn Resorts executive and a shareholder that is major the company, until he was ousted in 2012. The 73-year-old Japanese businessman, who made his fortune manufacturing Pachinko machines, had initially expected his old buddy Wynn to come up to speed utilizing the Manila project as he received a video gaming permit there in 2008.

Okada had bailed Wynn out to the tune of $455 million to greatly help finance the completion of Wynn Las Vegas and Wynn Macau, for which he received a 20 (more…)

USFantasy Sports Approved by Nevada Gaming Commission

USFantasy Sports Approved by Nevada Gaming Commission

Nevadans will soon be in a position to play a version of daily dream contests after USFantasy Sports was approved by the state’s Gaming Commission.

The USFantasy Sports pari-mutuel system that is betting by Las Vegas gaming veteran Vic Salerno is authorized by the Nevada Gaming Commission. The unanimous vote in support returns daily fantasy sports contests towards the Silver State, albeit in a refurbished arrangement.

USFantasy will significantly differ from DraftKings and FanDuel, the two DFS market leaders. Instead of picking a roster of players under a set salary cap restriction, USFantasy will mimic how pari-mutuel horse racing is currently wagered.

‘We are actively working with all the legislative and regulatory bodies of several states to propose the adoption of the USFantasy platform as a turn-key way to regulate, offer tax income, and gives a fair platform for fantasy sports,’ Salerno said. ‘We think that USFantasy has developed a great contest format that will appeal to all amounts of contestants.’

USFantasy is expected to be up and running in August.

Pari-Mutuel DFS

Therefore how exactly will USFantasy provide contests on professional sports? The learning curve will be quite minimal for anyone who is ever bet on a pony.

With football, the most popular DFS sport in America, contests will be predicated on certain positions such as quarterback, operating back, wide receiver, tight end, kicker, an such like. USFa (more…)

Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen

A hacker removed $50 million in Ether through the Decentralized Autonomous Organization, plunging investors into a panic, but some argue that no theft has taken place.

Ether, the digital currency that is billed while the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw in the Decentralized Autonomous Organization (DAO), delivering very same of $50 million Ether into the ether and the cryptocurrency investment community into a panic.

If this sounds bewildering, we’ll try to explain.

Ether is the money supported by the Ethereum blockchain, a platform designed to provide greater flexibility for decentralized peer-to-peer-traded currencies than projects developed on the top for the bitcoin protocol. Ethereum permits the creation of ‘smart contracts,’ which enables all types of business deals rather than just currency transfers.

The DAO is an organization that is completely leaderless on the Ethereum platform and run completely on computer code. It uses these smart contracts to create a venture capital fund devoted to sponsoring new cryptocurrency projects. All DAO decisions are taken via a vote of its users who use electronic tokens, purchased with Ether, to register their vote. In this way, DAO had raised $162 million to greatly help investment fledgling projects.

Remain Calm

But DAO users watched in horror, in real-time, on as a hacker exposed a software flaw to siphon $5 (more…)

Wynn Resorts Receives Environmental Approval for Boston Harbor Project

Wynn Resorts Receives Environmental Approval for Boston Harbor Project

Steve Wynn’s Wynn Resorts is beset by legal challenges but it still hopes to break ground on the Wynn Boston Harbor project this summer.

Wynn Resorts’ legal battle to get its $2.1 billion project in Everett, near Boston, off the ground received a boost on Friday as soon as the Massachusetts Department of Environmental Protection (DEP) recommended the company for a waterfront development permit.

The Everett project, which will be known as the Wynn Boston Harbor, is beset by appropriate challenges at every change, despite having been awarded state video gaming license by the Massachusetts Gaming Commission in late 2014.

Wynn has been sued by the City of Boston, as well as the City of Somerville, over the water from the chemical that is former on which project are built. Meanwhile, the City of Revere, where a competing Mohegan Sun proposition didn’t win over the gaming commission, has sued the gaming payment for failing to be won over by its competing proposal.

Although the Boston lawsuit was thrown out in December 2015 by a judge whom blasted it to be ‘spurious,’ and filled with ‘inflammatory descriptions,’ and ‘hyperbole,’ the Somerville challenge remained the only impediment to proceeding.

Contaminated with Arsenic and Lead

Construction was halted four months ago when Somerville’s mayor, Joseph Curtatone appealed the waterfront permit that had initially been approved by the DEP in January. The casino (more…)