Bicycle Casino in Southern California Raided by Federal Investigators

Bicycle Casino in Southern California Raided by Federal Investigators

The Bicycle Casino is including another chapter that is scandalous its notorious story. The Southern California cardroom and hotel outside of Los Angeles in Bell Gardens was raided by federal officials on Tuesday morning, but law enforcement divisions are remaining quiet on the details of the operation.

Governor Jerry Brown (D), left, attended the ribbon cutting of the Bicycle Casino’s hotel expansion in 2015 alongside Bike Managing General Partner and CEO Hashem Minaiy. Couple of years later, the owners are now allegedly entangled in a federal financial investigation.

The raid has been carried down by the US Department of Homeland Security, and its Immigration and Customs Enforcement (ICE). According to media that are local, the united states Attorney’s Office, IRS, California Bureau of Gambling Control, and the Financial Crimes Enforcement Network (FinCEN) are also involved.

ICE spokeswoman Virginia Kice said, ‘Because the warrant is under seal, we are not able to comment in the nature or scope of the investigation.’

Nonetheless, Fox 11 in l . a . says the sting is in response to alleged money laundering allegations at the casino. All gambling happens to be shutdown as investigators sweep the Bike, since it’s affectionately known.

Since 1996, FinCEN has required gambling enterprises to file Currency Transaction Reports for any customer transacting $10,000 or higher in a day.

Dirty Money Crackdown

All sign Continue reading “Bicycle Casino in Southern California Raided by Federal Investigators”

Year 888 Profits Soar, Will Pay Dividend for Fifth Consecutive

Year 888 Profits Soar, Will Pay Dividend for Fifth Consecutive

It’s really a time that is good be a shareholder of 888 Holdings once the company announced Wednesday profits jumped 82 % as well as will yet once again be paying a dividend.

888 Holdings Chief Executive Itai Frieberger made the statement that the organization ended up being paying investors a dividend for the 5th year that is consecutive.

The stock rose seven percent in the London Exchange and reached an 11-year high.

Experts are extremely bullish on the company. Investec analysts rated the stock a purchase.

‘Given 888’s size and technology that is superior, as well as its growing Sport product vertical, we consider 888 as either a consolidator or key potential take-out target,’ the business wrote in a note.

Dividends Including Up

It is the fifth consecutive 12 months investors will view a return from the business enterprise. They have been recommending a last dividend of 5.1 cents per share along side yet another one-off 10.5 cents per share for 2016.

‘there’s no true point sitting on the cash,’ leader Itai Frieberger told Bloomberg Information. ‘we don’t get any value on that if we do. We’re relatively small and we have enough to complete what we should do.’

The payout was permitted by the strong performance associated with the sportsbetting and casino divisions.

Stumbles Not Falls

There were a few hiccups year that is last however enough to impact general performance of the web gaming group.

In August a deal to Continue reading “Year 888 Profits Soar, Will Pay Dividend for Fifth Consecutive”