Rio ordered to return $471,000 in gambling losses

The administrator of a bankrupt Illinois company won a $471,250 judgment Thursday against a Las Vegas casino after complaining officials at the firm used company funds to pay gambling debts while it was insolvent.

The judgment was entered against Caesars Entertainment Corp.’s Rio hotel-casino in favor of William Brandt Jr., liquidating administrator of Equipment Acquisition Resources Inc. of Palatine, Ill.

Equipment Acquisition Resources (EAR) collapsed in October 2009 after it “engaged in a massive fraud by which it sold equipment at inflated prices and leased the equipment back from various lenders,” Brandt said in court papers.

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Millionaire’s $500,000 gambling debt before bankruptcy was fraud

Caesars Palace is suing the millionaire who owns the famed Beverly House estate in Beverly Hills, Calif., charging he fraudulently ran up $500,000 in unpaid gambling debts before filing for bankruptcy.
An attorney for Caesars Palace last week filed an adversary complaint in the Los Angeles bankruptcy case of businessman Leonard M. Ross.

Ross is known for owning the Beverly House, formerly known as the Hearst-Davies estate that was named for publisher William Randolph Hearst and actress Marion Davies.

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Caesars dealers OK 5-year deal with 18 pct raise

Dealers at Caesars Atlantic City overwhelmingly approved a five-year contract with the casino that will increase salaries by 18 percent over the life of the agreement.
The ratification vote by the United Auto Workers, which was completed Thursday, marks the second contract the union has reached with an Atlantic City casino, following a pact with the Tropicana Casino and Resort in August.

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