Casino Gambling is Hot: Gambling Debt Collection is Hot

Gambling on credit, considered a vice by some, is not judicially collectible based upon the Statute of Anne. This common law statute prevents the collection of gambling losses, unless expected by state statute. This article reviews and updates the findings of an unenforceability of gambling debt study conducted in 1989 just prior to the rapid expansion of gambling in the United States.

The Nevada Gaming Debt Collection Experience

In the discussion - The Nevada Gaming Debt Collection Experience - by Larry D. Strate, Assistant Professor, College of Business and Economics at the University of Nevada, Las Vegas, Assistant Professor Strate initially outlines the article by saying: “Even though Nevada has had over a century of legalized gaming experience, the evolution of gaming debt collection has been a recent phenomenon. The author traces that history and discusses implications of the current law.” The discussion opens with a comparison between the gaming industries of New Jersey/Atlantic City, and Las Vegas, Nevada. This contrast serves to point out the disparities in debt handling between the two. “There are major differences in the development of legalized gaming for both Nevada and Atlantic City. Nevada has had over a century of legalized gambling; Atlantic City, New Jersey, has completed a decade of its operation,” Strate informs you. “Nevada's gaming industry has been its primary economic base for many years; Atlantic City's entry into gaming served as a possible solution to a social problem. Nevada's processes of legalized gaming, credit play, and the collection of gaming debts were developed over a period of 125 years; Atlantic City's new industry began with gaming, gaming credit, and gaming debt collection simultaneously in 1976 [via the New Jersey Casino Control Act] .” The irony here is that Atlantic City, being the younger venue, had or has a better system for handling debt collection than do the historic and traditional Las Vegas properties. Many of these properties were duplicated in New Jersey, so the dichotomy existed whereby New Jersey casinos could recoup debt while their Nevada counterparts could not. “It would seem logical that a "territory" which permitted gambling in the early 1800’s would have allowed the Nevada industry to collect its debts as any other legal enterprise. But it did not,” Strate says. Of course, this situation could not be allowed to continue and Strate outlines the evolution. New Jersey tactfully benefitted from Nevada’s experience. “The fundamental change in gaming debt collection came through the legislature as the judicial decisions had declared gaming debts uncollectable by either a patron or a casino,” Strate informs you. “Nevada enacted its gaming debt collection act in 1983, six years after New Jersey,” Strate points out. One of the most noteworthy paragraphs in the entire article is this: “The fundamental change in 1983, and probably the most significant change in the history of gaming in Nevada since the enactment of the Open Gaming Law of 1931, was to allow non-restricted gaming licensees* to recover gaming debts evidenced by a credit instrument. The new law incorporated previously litigated terms with a new one, credit instrument.” The term is legally definable and gives Nevada courts an avenue of due process.

Variables affecting government debt: A comparison of certificates of participation, tax -exempt revenue bonds and tax -exempt general obligation bonds

This dissertation analyzed and compared variables affecting interest rate and yield of certificates of participation, tax-exempt revenue bonds and tax-exempt general obligation bonds. The study employed qualitative and quantitative analysis methods. ^ Qualitative research methods included surveys, interviews and focus groups. The survey solicited debt load information from 67 Florida school districts (21 responded) and addressed the question which districts used certificates of participation and why. Eight individuals with experience dealing with all three debt instruments were interviewed. A follow-up focus group of six school district financial officers gathered additional data. Results from the qualitative methods revealed school districts used certificates of participation based on millage authority amount available relative to overall tax base. Also identified was the belief of a significant difference in certificates of participation costs and the other two debt instrument types. ^ The study's quantitative methods analyzed 1998 and 1999 initial issues of Moody's AAA rated certificates of participation, tax-exempt revenue bonds and tax-exempt general obligation bonds. Through an analysis of covariance (ANCOVA), the study examined interest rates and yields while controlling for the covariates of credit enhancement, issue size, and maturity date. The analysis identified no significant difference between interest rates of certificates of participation and tax-exempt general obligation bonds (p < 0.05). There was a significant difference between interest rates of tax-exempt revenue bonds and tax-exempt general obligation bonds. This study discerned no significant difference between yield on certificates of participation and tax-exempt general obligation bonds. It identified a difference in yield between both certificates of participation and tax-exempt general obligation bonds compared with tax-exempt revenue bonds. ^ The study found COPs to have lesser overall costs than RV bonds. COPs also have a quicker entry into the market resulting in construction cost savings. The study found policy implications such as investment portfolio limitations and public choice issues about using COPs as a mechanism to grow government. ^

The Study of Sonar for Imaging of the Solid-Liquid Interface Inside Large Tanks

Retrieval, treatment, and disposal of high-level radioactive waste (HLW) is expected to cost between 100 and 300 billion dollars. The risk to workers, public health, and the environment are also a major area of concern for HLW. Visualization of the interface between settled solids and the optically opaque liquid is needed for retrieval of the waste from underground storage tanks. A Profiling sonar selected for this research generates 2-D image of the interface. Multiple experiments were performed to demonstrate the effectiveness of sonar in real-time monitoring the interface inside HLW tanks. First set of experiments demonstrated that objects shapes could be identified even when 30% of solids entrained in liquid, thereby mapping the interface. Simulation of sonar system validated these results. Second set of experiments confirmed the sonar’s ability in detecting the solids with density similar to the immersed liquid. Third set of experiments determined the affects of near by objects on image resolution. Final set of experiments proved the functional and chemical capabilities of sonar in caustic solution.

Debt-growth linkages in EMU across countries and time horizons

This paper contributes to the literature by empirically examining whether the influence of public debt on economic growth differs between the short and the long run and presents different patterns across euro-area countries. To this end, we use annual data from both central and peripheral countries of the European Economic and Monetary Union (EMU) for the 1960-2012 period and estimate a growth model augmented for public debt using the Autoregressive Distributed Lag (ARDL) bounds testing approach. Our findings tend to support the view that public debt always has a negative impact on the long-run performance of EMU countries, whilst its short-run effect may be positive depending on the country.

The Consequences of Fiscal Stimulus on Public Debt : A Historical Perspective

Peer reviewed

The Consequences of Fiscal Stimulus on Public Debt : A Historical Perspective

Peer reviewed

The Choice of Debt Source by UK Firms

Peer reviewed

Inside convention hall at NOW conference, Atlantic City

General note: Title and date provided by Bettye Lane.

Inside convention center

General note: Title and date provided by Bettye Lane.

Basil Paterson, Secretary of State (left) and Mary Anne Krupsak inside convention center

General note: Title and date provided by Bettye Lane.

Optical emission of strained direct-band-gap Ge quantum well embedded inside InGaAs alloy layers

We studied the optical properties of a strain-induced direct-band-gap Ge quantum well embedded in InGaAs. We showed that the band offsets depend on the electronegativity of the layer in contact with Ge, leading to different types of optical transitions in the heterostructure. When group-V atoms compose the interfaces, only electrons are confined in Ge, whereas both carriers are confined when the interface consists of group-III atoms. The different carrier confinement results in different emission dynamics behavior. This study provides a solution to obtain efficient light emission from Ge.

Embedding colloidal nanoparticles inside mesoporous silica using gas expanded liquids for high loading recyclable catalysts

The ability to tune the structural and chemical properties of colloidal nanoparticles (NPs), make them highly advantageous for studying activity and selectivity dependent catalytic behaviour. Incorporating pre-synthesized colloidal NPs into porous supports materials remains a challenge due to poor wetting and pore permeability. In this report monodisperse, composition controlled AgPd alloy NPs were synthesised and embedded into SBA-15 using supercritical carbon dioxide and hexane. Supercritical fluid impregnation resulted in high metal loading without the requirement for surface pre-treatments. The catalytic activity, reaction profiles and recyclability of the alloy NPs embedded in SBA-15 and immobilised on non-porous SiO2 are evaluated. The NPs incorporated within the SBA-15 porous network showed significantly greater recyclability performance compared to non-porous SiO2.

Water sheet flow inside a flume to measure nutrient / sediment fluxes in a mangrove forest at SRS-6, Shark River Slough

This material is based upon work supported by the National Science Foundation through the Florida Coastal Everglades Long-Term Ecological Research program under Cooperative Agreements #DBI-0620409 and #DEB-9910514. This image is made available for non-commercial or educational use only.