In Debt To Online Casino
- Top 5 Gambling Court Cases. Al Geabury attempted to get out of paying the multi-million pound debt by claiming he was a renowned gambling addict and the casino should never have allowed him to.
- Online Casino That way, they will achieve much greater fun, and continue playing a lot more while at the same time becoming accustomed with all of the gambling hall games.Felsch was chided by his fellow cheaters for Online Casino his blunders in center, which they deemed too obvious.Yet, if two players go all-in and all 5 community cards are revealed, the 7 and 2 will beat the 2 aces 11.
I have never heard of a formal program that allows anyone to get their gambling debt paid but I have witnessed some people enter into debt settlement agreements with a casino to payoff money owed to the casino. If you’ve borrowed money from credit cards to fuel your gambling then that does not involve the casino.
My question involves collection proceedings in the State of: California
Hi everyone, I am not sure if this is the right section for my situation. If Moderators can move me to the right topic selection would be most appreciated.
So.. I played some online casino slots for about a month and I was contacted by my credit card company about these charges. The suspicious merchants that they were enquiring about did not seem like I purchased those items. The merchants were all numbers and was listed as a phone company from China and the other one was a flower or shoe stores ( can't remember but it was really bizarre retailers). So, I told the credit card company I do not remember using my credit card for a phone bill in China and retailer from China. However, I realize later on that those charges are from the online casino that I used. I stopped playing online casino now but the thing is, they have my information since they requested a verification form with my gov't issued I.D and credit card. I scanned it over to them with the form they requested. Now.. I'm not sure what should I do? I was considering calling my credit card company and tell them the truth that it was an online casino transaction that I made, but they charged it under ridiculous merchant names and type of merchant. But, I'm afraid that I might get arrested or fine for breaking the law since my friend told me online casino are illegal. I did not know that at the time I was playing. The casino says that they are audited by some agency to ensure it is not a scam. (by the way, I was drunk the first time I played and enjoyed playing slots at my convinence and yes, I know I am stupidly guilliable) My second option is to pay when they hire a collection agency to get what I owe. I am not a dishonest person and if I did authorized those transaction, I will pay for it.
Since they have a gov't issued I.D of mine and a credit card picture with the form they requested. What should I do? I am currently leaning towards telling the truth to my credit card company about these transaction and hopefully they will reverse the adjustment. But, will I be facing prosecution since I unknowingly committed an illegal offense? I am worried because of the information they have on me and telling my card company the truth could bring more trouble. I don't have much money left.. and currently, I am jobless. I am a student and had a gambling addiction to slots.
I also have some questions about the legitimacy of an collection agency for an online casino that are illegal to operate in the U.S. Does this make their services illegal and thus, my transaction should have been declined in the first place?
So to sum it all up
Should I be worried of legal actions against me from the online casinos? They are located outside of U.S
Should I contact my credit card company and tell them the truth about the transaction and hope they would not report me to the authority? ( I do not want to go to jail when I am so close to graduating and having a record would make finding a job difficult). Another option, I could lie about the transaction and say I did authorize a transaction with a flower retail and phone company in China. But, that seems to me to be kind of suspicous. I don't want the credit card company to think I'm funding illegal activities or money laundering etc.
Should I wait for the collection debt/agency to contact me or worse, sue me?
Lastly, how bad of a situation am I in since I sent personal info ( picture of I.D and credit card with signature on their form) I know that I was stupid for doing this but I had $250 in my account that they disabled and I want my money back, so i did what they asked for)
Any help would be much appreciated. If possible, if you may guide me to legal guidelines on how to handle my situation would be most helpful.
I do not want to commit fraud or anything of that nature, so please do not advise me with any of those options.
Thank you for your time on reading my post.
HARTFORD, Conn. – The warning from the ratings agency could not have been more direct: The parent company of the Mohegan Sun faces a 'wall of debt' due early this year as the casino, struggling with rising competition and a weak economy that's hammered consumer spending, tries to refinance hundreds of millions of dollars in loans.
The Mohegan Tribal Gaming Authority has $505 million in loans outstanding and another $250 million due April 1, Keith Foley, an analyst at Moody's Investors Service, recently told investors. The gaming authority, parent company of casinos in Uncasville, Conn., and Wilkes-Barre, Pa., also has about $21 million in interest payments due Feb. 15, he said.
Mohegan Sun announced this month that fourth-quarter net income rose significantly, to $46.7 million, compared with a net loss of $26.3 million in the same period in 2010. But it also said it failed to reach an agreement to refinance debt, though lenders waived a possible default.
'They get to live another day,' Foley said in an interview.
Executives at Mohegan Sun did not respond to a request for an interview.
Mohegan Sun is not alone as several Indian-run casinos — some with plans for expansion that have been put on hold — struggle to refinance debt after being caught short when the economy went into recession in December 2007.
Foxwoods Resort Casino in eastern Connecticut seeks to restructure debt, and the Mescalero Apache tribe restructured $200 million in bonds last year for casino resort property in New Mexico. A spokeswoman said Foxwoods is in debt talks, but would not provide details.
An advantage that Indian-run casinos have over their commercial counterparts is that they cannot file for bankruptcy and creditors can't foreclose on their properties because tribal governments are sovereign, said Clyde Barrow, director of the Center for Policy Analysis at the University of Massachusetts at Dartmouth.
Valerie Red-Horse, an investment banker and financial adviser who worked on the Mecalero Apache deal, called it the 'best model out there,' in part because it preserved the casino's financial distributions to tribal members and tribal government while bond holders kept their stakes, she said.
Some tribes have been forced to agree to cut their distributions until debt is paid down, Red-Horse said. Making sure distributions continue is a 'very delicate subject. It causes a lot of angst among tribes,' she said.
Financial problems at the casino, the Inn of the Mountain Gods, were due in part to the slowing economy and faltering tourism, she said.
Indian-run casinos expanded rapidly because they are strong economic development tools for the tribes that run the casinos, said Peter Kulick, a Lansing, Mich., tax and gaming lawyer. The businesses survived economic downturns in the 1970s and 1980s and were seen as immune to recessions, he said.
'In the last go-round, that's not the case,' he said.
Kulick and Barrow said competition is the newest threat to casinos, even as revenue is now rising as the economy slowly improves.
'There are some real pockets of recovery going on right now,' Barrow said.
Massachusetts legalized casino gambling in November, but it will be years before the three casinos authorized will be operating.
New York Gov. Andrew Cuomo announced this month that he would work with the Genting Group, one of the world's largest gambling companies, to transform the Aqueduct horse track into a megaplex that would eventually include the nation's largest convention center, 3,000 hotel rooms and a major expansion of a casino that began operating in October.
For Connecticut's two casinos, 'Aqueduct could be pretty substantial competitive pressure,' Barrow said.
'I don't see real revenue growth for Connecticut's casinos, he said.
Declining or stagnant revenue is bad news for Connecticut state government, which takes 25 percent of what the casinos pull in. State revenue from the two casinos reached their peak in 2007 at more than $411 million, said Kevin Lembo, Connecticut's comptroller who tracks state revenue from all sources.
That's declined to $342 million in the state's budget year that ended last June 30, down $69 million, or 17 percent.
In Debt To Online Casino Money
'The loss of revenue is one obvious and immediate impact for the state,' Lembo said. 'What happens to jobs? What happens to future development plans? These are areas of concern for everyone at this point.'
Lt. Gov. Nancy Wyman said the health of the two casinos is critical because they are destinations in southeast Connecticut, drawing tourists who also visit vineyards along the shoreline, the Mystic Aquarium and other sites.
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'This is a big thing for us,' she said.