Station to get hit with hefty 6A fine?

Jun 17, 2003 8:27 AM

REGULATORS READY TO CLAMP DOWN! Nevada regulators are ready to assess a "substantial" fine against Station Casinos for failing to file hundreds of anti-money laundering reports.

That’s the word from a pipe close to the Control Board. "It won’t be near the $5 million assessed against MGM Mirage," the pipe said. "But it will be in the upper six figure range."

There’s no word from regulators about their sanctions against Stations, which, like The Mirage, failed to file the 6A forms, which are used to monitor cash transactions of $3,000 or more.

In the case of The Mirage, a former employee who was responsible for not filing upwards of 15,000 forms, faces criminal prosecution.

"There’s not a hint of a criminal investigation with Station," said the pipe. "But Nevada regulators are becoming fed up with these recurring failures to file. They’re using heavy fines to get the casinos’ attention."

 

A DOUBLE WHAMMY FOR BACCARAT: That’s what the Nevada Gaming Control Board’s gaming revenue report indicated. During the month of April, baccarat revenue was $16,076,000, a chilling decline of 59.30% from the previous year.

Not only were there fewer baccarat players, but during the period, the various houses played unlucky at the baccarat tables. The April win percentage was a mere 16.02% statewide. For the previous three months, the so-called "hold" in baccarat was 20.73%, while the previous 12-month period saw the hold at a generous 22.21%.

One of the reasons causing the drop in baccarat play may be the decision by some properties to eliminate that table game from their casino floors. A year ago, there were 28 properties that had baccarat tables but that number has dwindled to 20 casinos. On the Las Vegas Strip, three properties have eliminated their baccarat tables, leaving 15 to offer the exotic action.

 

AND THE MEMORIES LINGER ON: "Have you noticed that they are still talking about the Belmont?" asked one of our east coast punters.

"Funny Cide may have failed to win the Triple Crown but that hasn’t stopped his supporters from basking in his previous successes, and blaming his Belmont loss on everyone but the horse," he stated.

So, whom are they specifically blaming?

"For one, they blame jockey Jose Santos for the ride he gave him. They’re saying he choked him down for the first mile until he just wore him out. Also, they say he put the horse on the rail, which with the sloppy track, was the worst place on the racetrack for Funny Cide to be.

"Then they blamed the lovey-dovey combo of trainer Barclay Tagg and his girl friend exercise rider for working him in 57:00 and change four days before the Belmont. But, best of all, they all say, ”˜Wait for either the Haskell or the Travers”¦that’s when he’ll redeem himself against that Empire Crapper.’"

Loyal to the end, but time will tell.

 

BETTING HIS OWN BUCKS: Got to give credit to Vic Salerno, chairman and CEO of American Wagering Inc. (BETM). The company has been in bankruptcy for several months.

But earlier this month, Salerno, who with his partners founded CBS, the ticket-writing machines that revolutionized the sports betting industry, bought a reported 59,715 shares of BETM at an average share price of $0.24

Salerno must be looking at a light at the end of the tunnel and is showing his faith in the company by adding to his portfolio.