Loveman stands behind the transaction of going private, despite the fact that in doing so, they increased their debt to over $20 billion since the January takeover. To help the casino resort through this tough time, Loveman will be leaning heavily on two private investors who are “deeply resourced.”

“They are deeply involved in the capital markets activities we’re involved with,” he said “They provide tremendous bandwidth and expertise to those activities on our behalf. They are really world-class in those areas and I lean on them extensively for counsel and advice and competence in those areas.”

The two private casino companies are Apollo and TPG, but Loveman states that these two companies aren’t involved in the day to day decision-making process of the casinos.

The large casino resorts that are public rely heavily on public stock offering, causing them to be subjected to the ebbs and flows of the economy. Through private investors, Harrah’s casino resort avoids the impact of a negative economy.

Other large companies that are public include MGM Mirage Casino resort as well as Wynn resorts Ltd. and Las Vegas Sands Corporation. These companies have made public the need for raising money through stock options. Harrah’s will try to pull some money through the public by attempting to sell $1 billion in new notes that mature in 2017. This is an effort to buy back more debt.

“For us, the public market, at this point in our history, it doesn’t bring much to us,” Loveman said. “There hasn’t been anything I’ve wanted to do that I’ve been unable to do because we’re not a public company.”

At this point love and stated that Harrah’s Casino Resorts have no intentions of selling off any of their properties as is the situation with MGM.

“In the case of MGM Mirage, a process was set up to market specific properties,” Loveman said. “Banks were hired and materials were prepared and delivered to people who might consider participating. We haven’t done anything of that sort. We have no explicit process, we have no advisers maintained to sell any of our assets.”

That being said, Loveman stated that Harrah’s would entertain offers from buyers who would be looking to purchase property that Harrah’s does not consider to be an asset to their overall Casino resort strategy.

Chief Executive Officer, Gary Loveman feels that the Harrahs’ Casino Resorts are not in the grave danger that experts claim. As both chairman and CEO, Loveman is in charge of one of the largest gambling companies in the world with 85,000 employees and locations throughout the world.

“(Being privately owned) provides an ability to focus on long-term viability and the health of the business,” Loveman said. “(Apollo Management and TPG Capital) bring a lot of resources and a lot of expertise to the company that in a typical independent company setting you don’t have.”

Many large casino companies opted to go into debt in an effort to use money for funding new expansion projects. This was a great idea until the economy crashed, sending the casino industry into a ghost town. Now with gamblers staying at home with online casinos, or just the mere fact that people don’t have the money to travel, the casino industry and these large companies are really starting to suffer.

Although Harrahs has taken a huge bite out of the debts they owe, they have a long road ahead of them. Within the past year, they have been able to cut their casino debt down by almost $3 billion. This payment of debt has also come at a cost. To top it off, the casino resort will see another maturing of approximately $600 million in debt in the upcoming year.

Loveman seems to be confident about his ability to pay off the debts in the upcoming years, even though they are staring down the barrel of debt which has accumulated to almost $24 billion. “We’re very comfortable with our liquidity,” the 49-year-old Loveman said. “We have a position, with respect to our liquidity, that is quite comfortable (given) our upcoming debt retirements in 2010 and 2011.”

Online Bingo software supplier, Virtue Fusion has taken the leading award from the 2009 Annual Online Bingo Summit in London. On June 16^th, the company was awarded the Best Bingo Software of 2009.

“We are absolutely thrilled with this honour which is a tribute to the vision of the company, its dedicated team of people and our focus on core activities,” said Bob McCulloch, Chief Executive Officer for Virtue Fusion.

Virtue Fusion Online Bingo clearly stands out from the rest as Joe Saumarez of Crown Bingo states, “We are delighted to see Virtue Fusion win this award. Their software is undoubtedly the best of breed and they only seem to be pulling away from the competition in terms of improvements.”

“Virtue Fusion’s platform goes from strength to strength, year in and year out. We work closely with VF to ensure the highest standards in their products and technology and we are never let down,” said Angus Nisbet, Gaming Director, Rank Interactive.

Other Online Bingo site have benefitted by adding the Virtue Fusion Software to their sites. “It comes as no great surprise to us that VFA has been named Best Bingo Software provider, ever since we started to use them we have substantially increased our business and share of the market,” said Anna Conley, Operations manager at William Hill.

“We are really delighted to see Virtue Fusion winning this award. It only confirms our thinking that they truly are a market leader in the provision of online bingo,” added Joshua Morris, Commercial Director Virgin Games.

The UniBet Group is expanding their horizons as they pony up money to save a film based on a Finnish historical figure. The online gambling company has recently saved the project was going to be shelved after lack of funding. The film features a historical figure Carl Gustaf Emil Mannerheim. The film required another $14.2 million in order to finish the product.

The film was produced under solar films along with Markus Selin and is set to begin shooting on August 17. The online gambling operator UniBet has allowed the product be finished as it features a Finnish character set inJoensuu, Askainen and Helsinki.

The film right now is the largest budget film will feature to come out of Finland was supposed to finish shooting in debut on January 15. The online gambling company stepped in most of funding dried up in effort to produce the film currently titled Mannerheim.

“We have been looking for a culture-related project for some time and Mannerheim is better than we could have imagined,” said Petter Nylander, Chief Executive Officer for Unibet.

UniBet online has been up with MTV3 Finland, a commercial broadcast station, which will then have the rights television for the launch of the feature film project. Alongside UniBet are other contributors such as: VR, Sinebrychoff, Neste Oil, Fortum, Muuttopalvelu Niemi and Helsingin Sanomat. Selin raised nearly $1.7 million from these non-film industry partners.

“We are currently checking the availability of the original cast, which should have started filming in March,” said Rampe Toivonen, Publicity Manager for Solar Films. “However, it is absolutely certain that Mikko Nousiainen will play the lead.”

This is an exciting new adventure for UniBet and the potential money that they can earn from producing feature films could help their company produce more revenue to incorporate into their online casino gambling. The recent report of the first quarter show that you know that is in great financial standing as their year on year rose by 87%.

There is currently a motion on the floor for the subcontractors in order to bring the suit back to the state of Nevada. “Many failed casinos and real property developments have sought bankruptcy protection in the District of Nevada. The United States Bankruptcy Court for the District of Nevada is uniquely familiar with the physical property, the local economic climate, the valuation of similar properties and the impact of gaming regulations on the restructuring or liquidation process,” the motion said.”A creditor or its counsel traveling to Miami for an argument or evidentiary hearing will be required to devote an entire day to travel. Even the earliest flight leaving Las Vegas does not arrive in Miami until after 2 p.m., thereby requiring such creditor to travel to Florida the day before the hearing, obtain a hotel and spend the remainder of the day after the hearing traveling back to Las Vegas,” they said. “Few creditors have the financial wherewithal to devote two full days to attending a hearing or alternatively to retain local counsel to appear on their behalf.

“Effectively precluding the participation of the majority of debtors’ creditors is particularly unjust as such creditors reasonably expected to be able to protect their rights in Nevada because debtors are Nevada companies that operated their business in Nevada, and because such creditors provided their goods and services within Las Vegas,” the motion said.

The contractors involved in the building of the Casino Resort are forming their own group now in an attempt to look out for their own interests. This is due to the fact that the company they work for, Turnberry West Construction is owned and operated by the Fontainbleau Casino Resort.

Other subcontractors in the suit are: Desert Fire Protection; Bombard Mechanical LLC; Bombard Electric LLC; Warner Enterprises Inc. doing business as Sun Valley Electric Supply Co.; Absocold Corp. doing business as Econ Appliance; Austin General Contracting, Powell Cabinet and Fixture Co. and Safe Electronics Inc.

As of this point, the courts have not ruled on whether or not the case will be heard in Florida, or if it will return to the premier location of the facility in Las Vegas.

Howard Karawan has taken the reigns over the project as Chief Operating Officer and Chief Restructuring Officer of the Fontainbleau Casino resort. He was responsible for the filings for bankruptcy on June 9^th and will continue to push for the Miami based trial.

“FBR is headquartered in Miami,” he said in a court filing. “All major decisions in respect of the project have been and are made by the Board of Managers of FBR. The Board of Managers has continuously exercised its ultimate control over the management, business activities (including the design and development of the project) and capital structure/financing of the debtors.”

“All critical decisions in respect of the project — operational and restructuring — are and shall be made in Miami. Accordingly, I am advised and believe that venue is proper in this district,” he wrote.

The Fontainbleau property, featuring casinos and other gambling venues is predicted to be worth over $2.9 billion and now is working on its restructuring program. The property is 70 percent complete and is located in the heart of Las Vegas on The Strip.

“These Chapter 11 Cases have everything to do with Las Vegas and nothing to do with Miami. Of (Fontainebleau Las Vegas LLC’s) approximately 1,730 identified creditors, only 93 are located in the entire state of Florida. By contrast, more than 700 identified creditors are in Nevada, not to mention the thousands of people employed or contracted to work on the Fontainebleau Las Vegas reside and work in Nevada,” they wrote.

“The disputes as to the validity and priority of the liens recorded by the secured creditors are governed by unique aspects of Nevada law, and any sale or foreclosure of the Las Vegas property would be conducted pursuant to and governed by Nevada law,” the subcontractors’ motion said.

“Familiarity in applying Nevada mechanic’s lien laws will be essential for determining the notice and apportionment issues for each lien claimant,” it said.

The Fontainbleau Casino Resort is undergoing a troublesome filing for bankruptcy and now their smaller creditors are complaining about being cut out. Recently, the Major Casino Resort project is now trying to file their case in Miami, Florida in what seems an attempt to skirt around paying back the smaller creditors who are crucial for the restructuring of their financial plan. The other option would be to file in Las Vegas, Nevada and include all these creditors.

By moving the trials to Miami, the Las Vegas based companies who contributed to the casino project will have the large task of flying to and from Miami throughout the trial as well as all the time wasted in preparations. The hope of the casino resort is to deter the company from participating in the lawsuit, by making it as difficult as possible. The lawyers representing the companies are claiming $111 million dollars.

“These are sophisticated debtors with substantial operations, assets, and liabilities that have retained sophisticated bankruptcy counsel, and have made a strategic decision to file their Chapter 11 cases in an improper venue in an apparent effort to preclude their creditors from economical and meaningful participation in these Chapter 11 cases,” lawyers for the subcontractors charged in court papers.

“These Chapter 11 cases were improperly filed in this court. Even if venue is technically proper, debtors’ selection of a venue across the country from its assets and its operations suggests a calculated effort to exclude its creditors, its employees, and the local community from its reorganization proceedings by substantially increasing the cost of participation,” the attorneys wrote.

The subcontractors for the Gambling Resort, Fontainbleau have obtained the services of Gordon Silver, from Las Vegas, and Boca Raton, Fl. Based Shraiberg, Ferrara & Landau. According to Fontainbleau their senior executives are based out of Miami, therefore making a case for the Florida trials.

A young couple at Slotland.com recently hit the online jackpot taking home with them $169k. After calling in sick to work, NYNYMAN decided to take it easy and try out the new online slot MegaSpin at Slotland.com. “I had tried MegaSpin once or twice before, and I really love the simple layout and strategy. I especially love that each winning spin lets you spin the Mega Reels for the chance to multiply your guaranteed win,” he said.

Within an hour the lucky winner hit the online casino jackpot. “When I spun 3 Wild Stars I started jumping out of my chair, thinking I’d hit the Big One. I was actually only halfway to winning the jackpot. Now I had to spin the Mega Reels and get 3 more stars. Impossible, I knew, but I was hoping for a nice multiplier on the Mega Reels, at least, to make that $150 win even larger.”

“The first spin on the Mega Reels brought me a cherry, grapes and a star that gave me another chance to try to multiply my $150. Three more spins brought me three more losing combinations, but each time there was a star somewhere on the reels to buy me another chance.”

“The next spin seemed to go in slow motion. I watched as the first reel stopped on a star and then the second reel stopped on another star. When third real also stopped on a star I realized I’d won $169,923 and I couldn’t stop shaking.”

The newlywed couple had found out earlier in the week that they were about to have a baby and they were concerned about their financial status with a new born on the way. The timing could not have been more perfect.

One of the hottest tickets today is anything having to deal with Marvel Comics. Marvel has produced numerous hit TV Shows, Movies, and of course, comic books. Through this comic book crazy, a cult following has led to great revenue generated both online and off for these Marvel characters.

Online casino gambling companies have decided to capitalize on the Marvel craze by adding numerous slot machines featuring these famous characters.

Cryptologic is leading the way with Marvel comics as they continue to expand their arsenal of games. Due to their respect that they have earned in the online casino industry, CryptoLogic has been chosen as the exclusive developer for Marvel Entertainment. The current agreement for the online characters will extend through 2013.

“CryptoLogic’s exclusive partnership with Marvel has been daringly different for our industry as, together, we have brought some of the world’s favourite characters to the world’s top Internet casinos,” said Brian Hadfield, President and Chief Executive Officer for CryptoLogic.

“It’s exciting to extend a deal that has been mutually successful and profitable and to strengthen CryptoLogic’s competitive advantage in the branded gaming space. We look forward to working with Marvel to deliver an even more compelling experience for every player every day.”

This is the third extension of the online casino contract since its original deal in 2005. “We are very pleased to be extending our relationship with CryptoLogic,” said Simon Philips, President Of Worldwide Consumer Products for Marvel.

“It has proven that it is able to translate Marvel’s world-renowned superheroes into hugely successful Internet casino games and we are confident that it will continue to fully leverage these properties on a global level.’

GigaMedia has been hit hard by this depressed economy as it has seen a 60 percent drop in the first quarter of 2009. EverestPoker.com is the man online gambling site for GigaMedia which only drew in $4.8 million in the first quarter.

One of the many reasons for the drop in online revenue for GigaMedia is attributed to the idea that the Euro is weak compared to the US Dollar. These factors caused a huge drop in revenue from last year of $51.2 million down to $44.4 million.

“In the first quarter, our Everest software business faced greater than expected challenges from the macro-economic downturn and the weakness of the Euro, slowing our business in Europe,” said Arthur Wang, Chief Executive Officer for GigaMedia.

“We have responded with a set of cost reductions and efficiencies, which will protect the financial strength of the business as well as prepare for a return to growth as a leaner, tighter organisation.”

The revenues for the online gambling site have dropped 17 percent to $31.7 million in this first quarter, but the fourth quarter should prove to be profitable according to historical trends.

“The good news is that we believe we have hit bottom in this cyclical downturn and that the second half will see renewed strength in Europe. And in Asia we are looking at our best year ever with strong top and bottom-line growth.”

“We remain confident in the strategic position of our poker and casino software business and are excited about the new games we are launching in Asia this year,” said Thomas Hui, President and Chief Operating Officer for GigaMedia.

“Our core businesses remain healthy and well positioned to deliver strong long-term growth.”

Even with the drop in revenues the online casino gambling companies are feeling confident that they are going to have a smooth fourth quarter transitional revenue increase.