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Business: Palms penalized for outside poker tournaments
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The famous Palms Casino Resort, just off the Las Vegas Strip, was fined US$100,000 by the Nevada Gaming Control Board for allowing outside firms to promote and operate two no-limit Texas Hold’em poker tournaments on their properties in 2007 in response to complaints from some tournament participants. State law only allows casino management to operated gaming tournaments at a licensed casino.
One of the events that the outside operators conducted was to be a poker tournament to raise money for a local children’s charity. Sources from the charity said that the group did not receive the funds raised by the event until more than three months had passed. Another event that the company promoted did not pay tournament winners their full shares after the event concluded. For those players that did not receive their full winning, Palms officials paid out the difference.
With the growing popularity of Texas Hold’em poker tournaments, many charitable groups have organized similar fundraising events revolving around playing the exciting card game. Some of those same organizations would prefer to host the event in a facility designed to hold such a gathering, such as one of Las Vegas’s most opulent and luxurious poker rooms as they would find at the Palms Casino.
The concern of the state gaming authorities, according to board member Randall Sayre, is that third-party organizers may take advantage of all entities involved – players, charities, and casino management – and "legitimize less-than-legitimate types of programs." The fear then becomes that the casinos become guilty by association when players see them doing business with tournament organizers that may not be entirely transparent in their dealings.
The substantial fine also significantly affects the casino’s bottom line. With the influx of tourist money slowed to a crawl and gaming revenues down all over the state, the Palms and their owners, the Maloof family, will feel the sting on their balance sheets for some time.
18-Nov-2009, 12:37
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