Sixty Chinese investors who were promised U.S. permanent resident cards for investing $545,000 USD in the SLS Las Vegas hotel and casino have sued the developers of the project, saying they never received the promised green cards.
The lawsuit alleges that the paperwork signed by the investors to participate in the visa program, known as EB-5, was in English and that most of the investors don’t speak English.
It says (the suit) that the investors were led to believe that they would get their permanent resident cards within 30 months but none has received a permanent resident card and only some now have temporary resident cards.
The lawsuit names several developers and managers of the project, including San Francisco-based Stockbridge Capital Group, SBE Entertainment, the hospitality company led by Sam Nazarian, and Alhambra immigration consulting firm Henry Global Consulting. (READ HERE: MASSIVE ARRESTS IN THE STATE OF COLORADO DUE TO THE CASINOS)
In a statement, Stockbridge Capital said it “is aware of recent litigation by certain alleged minority investors in the company’s second lien lenders and it believes such litigation is without merit. The company does not expect the litigation will deter the sale of the hotel project to Meruelo Group.”
Is stated in the suit: “To make matters worse, the SLS Hotel revenue was less than 50% of what was projected so the project had not created sufficient jobs to allow all investors, including some of the plaintiffs, to get green cards”
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Then Jay-Z, whose entertainment company Roc Nation is partnering with SL Green and Caesar’s on the Times Square casino bid, posted an open letter on Instagram, pleading with New Yorkers to pick him.
“This is too important of a moment in our city’s illustrious history” the letter warned. New Yorkers should go with an operator who puts them “at the top of their agenda.”
New Yorkers may be forgiven for having some doubts that a Times Square casino would really have their best interests at heart. Especially as the biggest sweetener — $115 million for diverse theater programs that include daycare for Broadway workers — seems aimed at softening up a group of Broadway owners who’ve been trying to block the Times Square casino.
(Nor is it the first time Jay-Z has been deployed to win over casino skeptics: “I remember one of the companies excitedly told me about Jay-Z. ‘He’s coming on board. Maybe you want to meet him?’” state senator Liz Krueger told Bloomberg earlier this year.)
It’s been a few months since New York opened the bidding process for the three downstate casino licenses, and billionaires have spent much of that time falling all over themselves to win New York City’s.
Right now, real-estate giants like Related and SL Green, hedge-funder/Mets owner Steve Cohen, real estate scion Steven Soloviev, and Coney Island magnate Joe Sitt have all thrown down a $1 million application fee to be in the running.
They’ll need to win over a six-member community advisory committee, then spend $500 million on the license and another $500 million in capital investment. It’s up to the applicants to figure out what kind of proposal and community perks package will persuade the committee to pick them, which leaves a lot of room for creativity.
Alberta has been confirmed as the latest Canadian province to consider opening up a regulated online gaming market, audiences at the Canadian Gaming Summit were told.
On Thursday, June 20, Dale Nally, Alberta Minister of Service and Red Tape Reduction, revealed that the province is officially moving forward with plans to open its own regulated market.
“Let me tell you a little bit about what our gaming site is going to look like,” Nally said. “It’s going to be very similar to Ontario, because we’re following their model. As far as I’m concerned, they build the roadmap. We’ll massage it a little bit but it’s been inspired by the experience in Ontario. It’s going to be an open and free market.”
Despite being the only regulated gaming operator in the province, Alberta Gaming Liquor and Cannabis, which operates the PlayAlberta brand, will not oversee the regulated operators in the province, Nally confirmed.
Nally noted that operators wishing to enter the province would likely feel uneasy about cooperating with the AGLC and sharing data and information with a group that is essentially a competitor.
Alberta could replicate Ontario’s approach to avoid this issue, where iGaming Ontario works separately from regulator Alcohol and Gaming Commission of Ontario to conduct and manage individual gaming operations in the province.
Building on existing relationships between Alberta’s land-based gambling industry and the First Nations, Nally mentioned that the First Nations in the province will be involved in the marketplace as well.
Nally provided no timeline for the market opening, but did ensure that the legal steps are already in place for Danielle Smith, Alberta Premier, to move forward.
The announcement follows on from a bill that was passed into legislature in Alberta last month to confirm the province’s ability to conduct and manage gaming as they see fit, opening the door for an open market.
Senate Bill S-269, introduced by Senator Marty Deacon, aims to establish a national framework for regulating sports betting advertisements in Canada. Deacon, a member of the Independent Senators Group, noted that previous efforts to legalize gambling did not address the subsequent increase in advertising.
With approximately 16 months left before the next election in October 2025, time is limited for Parliament to pass Bill S-269. The bill must progress through the Senate and the House of Commons before an election call, which would dissolve the current legislative session.
Deacon believes the bill needs to reach the House by Christmas to have a chance of passing in this Parliament. There is general support for the legislation, but the timeline remains tight.
The governing Liberals have expressed their anticipation for the bill’s arrival in the House.
Heritage Minister Pascale St-Onge acknowledged the widespread concern about the impacts of online gambling advertising on young people and other vulnerable groups.
The Bloc Québécois and Green Party also plan to review the bill when it reaches the House while the Green Party is still in the process of discussing the legislation within its caucus.
The NCAA has seen some success in its efforts to curb prop betting. Ten states – Arizona, Colorado, Louisiana (effective August 1st, 2024), Maryland, Massachusetts, New York, Ohio, Oregon, Pennsylvania, and Vermont – have all enacted bans on prop bets involving college athletes.
These bans vary slightly in scope, but all aim to eliminate the opportunity for wagers based on individual player performance. This growing list of states demonstrates a willingness to address the concerns raised by the NCAA and prioritize the integrity of college athletics.
"Sports betting issues are on the rise across the country with prop bets continuing to threaten the integrity and competition and leading to student athletes and professional athletes getting harassed. The NCAA has been working with states to deal with these threats and many are responding by banning college prop bets." Charlie BakerNCAA President
Three main states were noted in the CFG report In New Jersey, of the total GGR market, 22% ($996 million) goes to illegal online sports betting and 16% ($719 million) goes to illegal online casino gaming.
New York has injected most of its regulated GRR into the world of illegal gambling. 9% of the profits or $3.4 billion goes to online casino games and a further 27% is illegal online sports betting. Minnesota is the most surprising case, with a staggering $2 billion in unlicensed gaming revenue.
Of these ill-gotten gains, 38%, or $929 million, goes to illegal online sports betting, and 62%, or a whopping $1.5 billion, goes to illegal online casino games.
CFG founder Derek Webb said of the current rules to curb illegal gambling: “Legislation, regulation and tax rates that are relevant to the industry have not been greatly affected. Despite very different legal regimes, these three states continue to be home to more than 800 illegal operators who operate without regard for state laws”
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