Atlantic City Casinos to keep some slot jackpots

[SteveBourieOLD]

I saw the below article and, somehow, it doesn't quite seem right that the casinos should be allowed to keep the jackpots.

If the players built up the jackpots then I think it's only fair that the money should be paid back to the players.

A new rule that took effect Tuesday, April 5, 2011 lets Atlantic City's casinos terminate some multi-machine slot jackpots and keep money that would have been used to pay the jackpots. The casinos would have to give the public 30 days' notice; if no one wins by then, the casino can remove those machines and cancel the accrued jackpot. The previous regulations required them to transfer the jackpot to a different progressive, or multi-machine system.
AP via Argus-Press

[jj & cindy]

Re: Atlantic City Casinos to keep some slot jackpots

Steve, you must be a really nice guy, because my wife and I have a few more words for the Division of Gaming Enforcement in AC (you !#%*?#!) . My sister still lives in NJ. She has been gambling in AC for over 30 years and if a casino does this to her, on a progressive slot that she enjoys and feels she has donated half that progressive jackpot to, she will never gamble in that casino again. What are they thinkin’!?!?

When the article said, “Regulators say the change allows casinos to more quickly get rid of underperforming slot brands and replace them with others,” we looked at each other and said, “Are we stupid?” What about the tens of thousands they have already made on this “underperforming” slot machine, that they have enticed people to play by making it a progressive and now they’re going to “steal” the progressive jackpot but, don’t worry . . . . . . they PROMISE to “provide new, fresh slot product to the casino floor for consumers” on their way home from the bank. Who cares. . . . . the jackpot is in their pocket! And then David Hughes, the CFO of Trump Entertainment Resorts has the audacity to say, “he doubts casinos will make frequent use of their new freedom to cancel jackpots and keep the money.” Ohhhhhhh. . . . . . .well. . . . . now we can sleep better.

Being born and raised in NJ, it is noted for being the first in many things throughout history . . .not always good, obviously. We really think this is a desperate attempt by a State that is panicking.

[SteveBourieOLD]

Re: Atlantic City Casinos to keep some slot jackpots

You can read more about this in a story from the Atlantic City Press - http://www.pressofatlanticcity.com/n...cc4c03286.html

It seems that another new rule was enacted at the same time. Formerly, AC casinos were limited to progressive slots with a maximum of 50 million to one odds. That has now been raised to 100 million to one.

One would like to think that the casinos would not be removing progressive slot machines from their floors in order to keep the jackpots for themselves, but this new rule certainly seems to make that an attractive idea.

[onenickelmiracle]

Re: Atlantic City Casinos to keep some slot jackpots

This is just the way it is in America where anybody with money and influence can have any law passed or changed on demand. As far as casinos go, big winners are a minority nobody cares about. Only a few will ever win big lotteries or slot jackpots and none have ever used their money to lobby. These things go on because they only truly effect whoever wins them. Ideally legalized gambling should be run by the state governments who run them and not giving the profits to a middle man. I truly feel casino gambling is unregulated because they do not seem to regulate minimum paybacks to reasonable levels and people like Ed Rendell are the ones running the show. When he said "You're not getting it", I now take it to mean, we can do anything we want, because the people gambling will rationalize everything and will give us all their money no matter what we do.