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Brazil Special Senate Committee Recommends Legalizing Gambling

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Brazil Special Senate Committee Recommends Legalizing Gambling

Brazil President Rousseff is facing impeachment as her country falls into economic despair, but gambling could arrived at her rescue.

Brazil is when again mulling gambling legalization, lawmakers into the cash-strapped country into the midst of economic devastation scrambling to find ways to fund the federal government without placing extra tariffs on residents.

The Brazilian Senate Commission for Regional Development and Tourism voted this week in support of Bill 186 of 2014, legislation that would authorize up to 35 land-based casinos and enable gambling enterprises to commence operations online.

Gambling enterprises were prohibited in the national country since 1946.

Illegal gambling in Brazil is estimated become a nearly $5 billion industry that is annual and legislators affirm tapping into that market is needed to offset a dismal financial year for the country. Moody Investors Service recently downgraded Brazil to ‘Junk Status’ citing an economy that is rapidly deteriorating ‘worsening governability.’

Public Advice

Legalizing gambling and Internet casinos seems to be a viable solution to make up at part that is least of the mounting budget deficit. Persuading residents to get behind gambling might be a more difficult task than in other countries.

Brazilians associate gambling with corruption, many believing the venues to be nothing significantly more than utilities from criminal syndicates to meet and exchang Continue reading

Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares

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Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares

Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to purchase a million shares and restores market faith in their business.

Wynn Resorts is having a good week.

Steve Wynn’s choice to buy up one million of his or her own company’s stocks appears to possess restored market faith in their business, and a previously delayed opening for his latest Macau venture has been once again returned to its opening that is original date.

The business’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake regarding the news that the mogul had spent around $63.9 million to acquire 1,003,977 shares regarding the available market, at $64.44 each.

It is a move that is incredibly bullish Wynn, who, despite the slump in Macau, clearly has faith in the long-term profitability of Wynn Palace Macau, the $4.1 billion mega-resort currently under construction on the Cotai Strip.

The market responded accordingly, and share costs climbed, finishing up at $69.91 during the close of trading on Friday.

Putting His Money Where His Casinos Are

The market always reacts well to bullish stock purchases, especially when they come through the brass that is top. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts remains a proposition that is strong long-lasting investors.

‘ In this full situation, not only is Steve Wynn bullish on his company, he’s placing his m Continue reading

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