How to navigate bankruptcy if the coronavirus wrecks your business – CNBC

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For small businesses struggling to survive during the coronavirus crisis, bankruptcy may end up beckoning.

While overall filings were down in April, the number of businesses that filed Chapter 11 bankruptcy which involves reorganizing debt and remaining in operation jumped 26% from a year earlier. And according to some experts, it won't be too long before the floodgates open to expose a glut of small firms seeking relief.

"All I'm doing all day long is fielding calls from businesses with anywhere from $25 million in revenue down to $50,000 and operating out of their house," said Charles Bullock, a bankruptcy attorney and a founder of Stevenson & Bullock in Southfield, Michigan.

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"They aren't ready to file now, they're trying to make it through shutdowns and stabilize their business before they attempt to reorganize it [in bankruptcy]," Bullock said.

In the first three months of this year, there were 5,952 business bankruptcy filings overall, up 6% from 5,614 in the same period in 2019, according to the American Bankruptcy Institute. In April, although combined filings (individual and commercial) dropped by a whopping 46%, experts say temporary factors caused it: economic stimulus money aiding both small businesses and individuals, as well as a pause in bankruptcy-spurring actions such as evictions, foreclosures and creditor collections.

Of course, that patience for non-payment won't last forever. Experts expect business bankruptcy filings to rise in late summer, after loans from the Paycheck Protection Programrun out and expanded unemployment benefits end (scheduled for July 31).

"Everyone I've spoken with is simply waiting until this period abates," said Richardo Kilpatrick, managing partner at Kilpatrick & Associates in Auburn Hills, Michigan. "The pipeline is full."

While bankruptcy is not the only option for a struggling business a firm could just dissolve due to little or no debt and few assets, for instance those with obligations that become unmanageable may discover bankruptcy is the best way to move forward.

First, if you expect your business to remain viable in the long-term but need relief from creditors now, a new option under Chapter 11 may be appropriate. This route allows a firm to remain operational and, generally speaking, renegotiate its debt and repay over a set amount of time, as well as take other steps to return to profitability.

Called Subchapter 5, this new route it took effect in February is for businesses with debt below a certain threshold (with some limitations). From now through next March, that cap is about $7.5 million. (Recently passed legislation raised it from $2.7 million for one year.)

This option is intended to make the bankruptcy process faster and less expensive for small businesses. It eliminates some costs and paperwork requirements, as well as allowing owners to retain their interest in the business, among other differences from typical Chapter 11 cases.

Nevertheless, a Subchapter 5 filing still comes with a hefty price tag: about $10,000 to $50,000, depending on the complexity of the case, said Stuart Gold, managing partner at Gold, Lange & Majoros in Southfield, Michigan. The filing fee itself is $1,717.

Before you get to the point of filing, however, you should consult with a bankruptcy professional to make sure it makes sense.

"You want to make sure you have a viable business that can survive and is in need of relief to warrant the fees," Gold said.

Meanwhile, a Chapter 7 bankruptcy involves a trustee liquidating the filer's assets and paying off creditors to the extent possible. While this is a common route for individuals, it may not be suitable for a business entity because it won't erase the firm's debt, said Cara O'Neill, a legal editor for Nolo.com and bankruptcy and litigation attorney in Roseville, California.

"Most business owners are concerned primarily with getting out from under their liability for business debt, and that's better done using a personal Chapter 7 or Chapter 13 filing," O'Neill said.

Even if your business is its own legal entity and kept separate from your personal finances, owners who provided a personal guarantee on their business debt are still on the hook even if the company goes into bankruptcy.

In that case, the way to potentially avoid your personal assets being seized i.e., your house, car, savings, etc. is to also file for personal bankruptcy.

"We'll see both the individual and the corporation file bankruptcy to get a fresh start or [stop] collection of any debt."

Charles Bullock

Bankruptcy attorney and a founder of Stevenson & Bullock

"That happens all the time," said Bullock, of Stevenson & Bullock.

"It could be a medium-sized business where the ownership group has been forced to guarantee debt, or an individual owner where the debt is overwhelming," Bullock said. "We'll see both the individual and the corporation file bankruptcy to get a fresh start or [stop] collection of any debt."

Most individuals file under either Chapter 7 or 13, which have filing fees of a few hundred dollars, and enlisting an attorney can add $1,200 to about $3,500, depending on where you live and the complexity of your case.

Both methods stop collection activity like calls from creditors or debt collectors, wage garnishments and, potentially, lawsuits from creditors. (Court judgments already in place are trickier to get rid of in bankruptcy, as are some other types of debt including student loans.)

However, there are differences in who qualifies and how debt is treated in each option. Chapter 7 generally is for people who lack enough income to repay their debt and have little in the way of assets. It also is the most common way to file individual bankruptcy.

This approach quickly erases many forms of debt, including from credit cards, medical bills, personal loans and, potentially, those personal guarantees. It does not, however, necessarily stop your car from being repossessed or prevent home foreclosure.

Chapter 13 generally gives you three to five years to pay back certain debt and keep the asset (i.e., house or car). It also prevents creditors from garnishing your wages or putting a levy on your bank account. For this filing option, you must have income, and your debt (both secured and unsecured) must be below a certain amount (about $1.6 million total).

For individuals with debt above that threshold, Chapter 11 might be the best choice. This is the least commonly used option for individuals.

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Disclosure: NBCUniversal and Comcast Ventures are investors inAcorns.

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How to navigate bankruptcy if the coronavirus wrecks your business - CNBC

Nearly a Third of Small, Independent Farmers Are Facing Bankruptcy by the End of 2020, New Survey Says – gvwire.com

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It seems an oasis of good news in a desert of bad: Small farmers who saw restaurant sales evaporate and farmers market sales erode, in the wake of COVID-19, have found alternative ways to sell produce. They contribute to boxes sold by shuttered restaurants, sell their own boxes out of their trucks, even offer delivery. And theyre selling retail, not wholesale, so the moneys good.

If chef and restaurateur Dan Barber asks how theyre doing, the unanimous answer is, Great.

But Barber has only to look a few weeks down the road to see bad news coming. The current model wont survive the peak summer harvest, says Barber, who for 16 years has run the farm and restaurant Blue Hill at Stone Barns, about 30 miles northeast of New York City, in addition to the 20-year-old Blue Hill, in Manhattan. Unfortunately, he has numbers to back him up. ResourcED, a project he and his colleagues created to sell market boxes at both restaurants, has launched a survey of small farmers, concentrated at first in the Northeast but expanding coast to coast. Between 30 and 40 percent of them predict that they wont be able to keep up with increasing volume.

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Nearly a Third of Small, Independent Farmers Are Facing Bankruptcy by the End of 2020, New Survey Says - gvwire.com

Employee Benefit Issues to Know In Bankruptcy – The National Law Review

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Bankruptcy is a term that tends to instill images of For Sale or Everything Must Go signs posted in windows, but this often is not the case. In fact, a bankruptcy filing is one way for a business to refocus its efforts and reorganize.

Indeed, throughout history, many Fortune 500 companies have at some point filed for bankruptcy, successfully reorganized and prospered. For this reason, a good bankruptcy lawyer approaches the process as a surgeon with a scalpel (rather than a sledge hammer). A company that files Chapter 11 bankruptcy will, in most cases, be a debtor-in-possession, and its management and board will retain control of the company so it can continue to conduct business during the pendency of its reorganization. In order to assist employers in understanding some of the bankruptcy nuances, we have prepared this alert identifying some of the most important employment and employee benefit issues in US bankruptcy cases.

Bankruptcy affords distressed companies many types of relief, but none is more immediate and profound than the automatic stay. One of the principal purposes of bankruptcy is to allow a debtor to have a breathing spell a respite from creditor pressure so that it can assess its strengths and weaknesses, take stock of all obligations and develop a plan to pay creditors while moving forward as a restructured company (or perhaps sell its assets and wind down). The automatic stay is effectively a broad, nationwide injunction triggered immediately upon the filing of a bankruptcy petition that stops almost all actions and proceedings against a debtor or its assets. This includes employment-related and other litigations, foreclosures, collection actions, enforcement of judgments and actions to perfect liens granted before the bankruptcy was filed.

Critically, the automatic stay will only enjoin actions against the debtor on the basis of its pre-bankruptcy actions. For example, a plaintiff in a wrongful termination action will have to pause its litigation against its debtors former employer, and their claim will become a general unsecured claim in the bankruptcy that would be paid pro rata with other unsecured creditors. If, however, the debtor wrongfully terminates an employee after the filing of the bankruptcy petition, the automatic stay will not prevent that employee from suing the debtor for its post-bankruptcy conduct.

While a company that files for Chapter 11 bankruptcy has the ability to remain in possession of its operations, the Bankruptcy Code imposes many restrictions, which, if not addressed, will hamper business operations. Typically, a debtor files a series of first-day motions, which will ask for immediate temporary relief to allow operations to continue. Examples of such requests include asking for court approval to (1) continue using existing cash management systems, (2) continue customer programs, (3) continue using existing insurance and (4) address payment of pre-bankruptcy employee wages and benefits.

Specifically, any pre-bankruptcy wages and benefits that employees have earned but for which they have not been paid are claims against the estate, which ordinarily would require each employee to file a proof of claim and await administration of the bankruptcy prior to receiving payment. This delay would substantially disrupt operations within the company employees who are not paid may not come to work, hampering the reorganization effort. Recognizing the importance of paying employees, the Bankruptcy Code gives payment priority to employee wages earned in the 180 days prior to the case being filed, capped at US$13,650 per employee. Because employees have this priority right to payment and because paying employees is integral to maintaining its workforce, a debtor will file a first-day motion asking for court approval to pay in the ordinary course prebankruptcy employee wages and benefits up to US$13,650. Courts regularly approve this motion, sometimes even for amounts exceeding the statutory cap, if the debtor can make a compelling case. The first-day wage and benefits motion is critical to a debtors soft landing and smooth transition into bankruptcy.

Bankruptcy is necessarily disruptive to a companys operations and often results in substantial uncertainty; accordingly, companies in Chapter 11 often experience trouble retaining essential employees and top management. To prevent attrition at the most critical levels, debtors may seek to implement key employee retention plans (KERPs) and/ or key employee incentive plans (KEIPs). There was a time when courts would approve a KERP enhanced payment for simply sticking with company by deferring to the business judgment of the debtor. This was a relatively low standard of review, which resulted in a perception of abuse. Ultimately, this perception led to stricter standards.

Section 503(c) of the Bankruptcy Code was enacted to stop the travesty of high-level corporate insiders who walk away with millions while the companys workers and retirees are left empty-handed. Section 503(c) restricts retention or severance payments to insiders, which are intended solely to induce them to remain with the debtor. It also prohibits any such payments to insiders and others that are outside the ordinary course of business and not justified by the facts and circumstances of the Chapter 11 case. Under this stricter standard, KERPs are more difficult to justify, and it is even questionable whether long-standing pre-bankruptcy KERPs will be honored in bankruptcy, if they are primarily retentive in nature.

The introduction of 503(c) and the limits on KERPs have given way to a preference for KEIPs. Rather than retentive in nature, KEIPs are designed to reward an employee for performance. For a KEIP to withstand scrutiny, it must be viewed as a payment for value, rather than a payment to simply stay with the debtor. Any KEIP seeking to side-step section 503(c) requirements must establish performance goals such as successfully reorganizing the company, meeting sales targets, etc. KERP/KEIP analysis in the bankruptcy setting requires detailed considerations beyond the scope of this article, and a company considering bankruptcy should raise these issues with their restructuring counsel prior to filing a bankruptcy petition.

In addition to the automatic stay, another significant benefit of Chapter 11 is that it allows a debtor to assume or reject its existing executory contracts. Executory contracts are those where performance obligations remain for both parties such that failure to perform would be deemed a breach. During bankruptcy, the debtor is entitled to use its business judgment to decide whether to assume or reject any executory contracts to which it is a party. Provisions in those agreements purporting to prohibit or restrict such rejection are unenforceable.

If an executory contract is assumed, it reaffirms the debtors decision to continue with that agreement, and the debtor must cure all existing defaults. If an executory contract is rejected, the agreement is not terminated, but it constitutes a breach by the debtor, which will relieve the non-debtor party from performance, and any damage claim that arises from that breach is treated as a pre-petition general unsecured claim. A contract must be assumed or rejected as a whole (i.e., it is all or nothing). Note that, generally, the deadline to make the decision to assume or reject executory contracts is made toward the end of the bankruptcy case. Pending that decision, the parties to executory contracts are generally obligated to perform under the contract.

Employment agreements are often executory contracts subject to assumption or rejection by a debtor. Typically, employment agreements are not assumed during the pendency of a bankruptcy case because it is uncertain how a case will resolve, and a debtor will not know if it wants to keep on any particular employee (e.g., there may be changes in management).

However, it is not uncommon for a debtor to terminate an employee that is subject to an employment agreement. In that circumstance, the debtor will seek to reject the employment agreement, which ordinarily will give rise to claims for breach by the terminated employee. Employment agreements are not the only executory contracts impacting the debtors employment operation. Contracts for payroll services, outside human resource management, and even collective bargaining agreements, are also executory contracts that may be assumed or rejected.

Among a debtors contract rejection powers is the ability to seek to reject collective bargaining agreements (CBA). This is a uniquely powerful tool that can allow a debtor to renegotiate and restructure substantial legacy costs. In order to reject a CBA, section 1113 of the Bankruptcy Code requires the debtor to present the authorized representative of the bargaining unit with a proposal containing what the debtor believes are the necessary modifications to the CBA to ensure that all affected parties (e.g., debtor, creditors and employees) are treated fairly and equitably. The debtor must also give the bargaining unit all necessary information to assess the proposed modifications. Then, the debtor and the bargaining unit must engage in good faith negotiations for a reasonable period. If no deal is reached, the court can approve the CBA rejection so long as (a) the debtor has fulfilled the various requirements set forth above; (b) the court determines the bargaining unit has rejected the proposal without good cause; and (c) the balance of the equities favors rejecting the CBA.

Note that even if a CBA is rejected, the debtor is not relieved of its duty to meet and bargain with the union the union remains the representative of the employees.

The federal Worker Adjustment and Retraining Notification Act (WARN) requires covered employers to give 60 days advance written notice of certain plant closings or mass layoffs to affected employees. Covered employers for WARN purposes are those with 100 or more full-time employees. Notice is generally required when 50 or more full-time employees experience an employment loss due to a plant closing or mass layoff. Some states have their own versions of WARN laws as well.

If WARN compliance is not top of mind for a distressed company as it is managing to a possible bankruptcy filing, it needs to be. It is critical to address these issues, as remedies for failure to provide timely WARN notice includes back pay for the period of the violation plus penalties and attorneys fees. Post-petition WARN violations are at risk of being treated as administrative claims while pre-petition violations have the same priority as other wage claims.

There are provisions in the WARN statute allowing the employer to shorten the 60-day notice requirement but, importantly, not to be excused entirely from providing notice.

The faltering company exception applies to a plant closing (but not merely a mass layoff) where, at the time notice would have been required, the employer was actively seeking capital or business, which, if obtained, would have enabled the employer to avoid or postpone the shutdown and the employer reasonably and in good faith believed that giving the required notice would have prevented the employer from obtaining the needed capital or business.

The natural disaster exception applies when employment losses triggering notice are the direct result of natural disasters (e.g., floods, earthquakes, storms, droughts and similar effects of nature).

The unforeseeable business circumstances exception (which is the one that will likely be relied upon the most during the COVID-19 pandemic) applies if the closing or mass layoff is caused by business circumstances that were not reasonably foreseeable as of the time that notice would have been required. Reasonably foreseeable means probable, not just possible, which means an employer should constantly reassess whether this exception applies. Unforeseeable business circumstances include an unanticipated and dramatic major economic downturn or non-natural disaster, as well as a government ordered closing of an employment site that occurs without prior notice.

Importantly, however, even if one of the WARN exceptions applies, the employer is still required to give as much as notice as is practicable and at that time must give a brief statement of the basis for reducing the notification period. Distressed companies need to be aware of and monitor their notice responsibilities under WARN (and state WARN laws if applicable) early on and continually reassess whether (and how much) notice is needed throughout the bankruptcy process.

One of the more important concepts regarding employee benefits is the controlled group rules. Both the Internal Revenue Code (Code) and the Employee Retirement Income Security Act of 1974 (ERISA) aggregate different entities that are part of a controlled group for purposes of determining both overall compliance and liabilities related to various employee benefit rules. The following is a sample of various employee benefits rules that are impacted by the controlled group rules:

Controlled group members are jointly and severally liable for pension plan obligations, such as single employer pension plan liabilities, multi-employer pension plan liabilities (such as withdrawal liability) and pension plan termination premiums.

Obligations to offer continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA).

The requirement to offer affordable healthcare coverage under the Affordable Care Acts employer mandate tax.

Prior to commencing a bankruptcy case, it is important to identify all members of the controlled group and their potential employee benefit plan implications. In other words, it might be important to be certain that all entities that are jointly and severally liable in a controlled group file for bankruptcy protection at the same time. There are generally two types of controlled groups a parent-subsidiary controlled group or a brother-sister controlled group.1

A parent-subsidiary controlled group exists when a parent company owns (directly or indirectly) at least 80% of another entity. Below is an example of a parent-subsidiary controlled group with Corporations A, B and C.

The second type of controlled group is a brother-sister controlled group, which is a bit more complicated than the parent-subsidiary controlled group. In the general sense, a brother-sister controlled group exists if both (1) the same five or fewer people own 80% of one entity and (2) the same five or fewer people together own more than 50% of another entity taking into account the ownership of each person only to the extent such ownership is identical with respect to each organization. The following is an example of the brother-sister controlled group analysis from the IRS:

Example: Adams Corp and Bell Corp are owned by four shareholders, in the following percentages:

In this example, the first test is met because the shareholders own 100% of the stock; however, a brother-sister controlled group does not exist because the second test is not met as shown by the following percentages:

When applying these rules, the Treasury Regulations provide certain ownership attribution rules. The application of the ownership attribution rules can result in a brother-sister controlled group if the ownership interest is deemed held by another.

One of the many considerations to take into account in a bankruptcy is how to handle pension plan liabilities. Prior to the introduction of 401(k) plans in the 1980s, many employers offered retirement benefits in the form of defined benefit pension plans. These pension plans can have significant underfunded liabilities. In addition, some pension plans were part of good faith negotiations between an employer and a union.

Similar to other employee issues discussed above, the automatic stay comes into play with respect to pension plan liabilities. As a reminder, the automatic stay applies to the debtor that filed and it would generally not apply to the pension plan and its underlying trust this is because the pension plan and trust are separate legal entities and are not debtors. However, it is often the case that a debtor is a plan sponsor or a participating employer. The automatic stay would not prevent a claim for benefits under the pension plan and underlying trust; however, the automatic stay could provide protection from the debtor being subject to Pension Benefit Guaranty Corporation (PBGC) liens and IRS funding deficiency excise taxes. Accordingly, it is important to identify the roles that a debtor may play with respect to a pension plan and to identify any outstanding pension plan liabilities prior to filing the bankruptcy.

A Chapter 11 debtor may seek to sell some or all of its assets. In most cases, this sale will take the form of an asset sale, such as a sale of a plant or facility. In rare cases, the sale will take the form of a stock/equity sale of the entity.

Similar to the non-bankruptcy setting, an asset sale ordinarily involves the termination of the employment relationship between the asset seller and the individuals employed at the plant/facility followed by the possible immediate employment of those individuals by the asset buyer. In that situation, the parties must be aware of what employee-related obligations are triggered, such as severance, payment of accrued vacation/paid time off, and obligation to offer COBRA coverage. In contrast, the employment relationship usually is not terminated in the case of a stock/equity sale. Therefore, it is important to keep in mind the structure of the sale.

This article discusses high-level employment issues in bankruptcy, but it is essential to understand that a debtors administration of its case is subject to oversight from various constituencies, such as the Office of the US Trustee, financial stakeholders and the statutory committee of unsecured creditors (the Committee). The Committee is established at the outset of the case and is composed of a group of unsecured creditors who serve in a fiduciary capacity for the benefit of all unsecured creditors. In a Chapter 11 case, as long as there are creditors willing to serve on the committee, a committee will be usually be formed. The Committee allows unsecured creditors to have a voice in a debtors case and influence the outcome, while ensuring that the interests of unsecured creditors are protected. It has standing to be heard in court on any issue and it has broad powers, which make it an effective watchdog and relevant constituent in the case. The Committee is permitted to hire professionals (including counsel) at the debtors expense.

A successful Chapter 11 case typically requires a debtor to build consensus among its various constituent groups. To accomplish this, regular consultation with the Committee is essential. For example, a proactive debtor might request Committee input before seeking court approval of a KERP or KEIP so that the debtor can negotiate terms and perhaps avoid an objection. Managing its stakeholder and various constituent groups requires a debtor to play a game chess, and it is through this lens it should analyze its options and strategy, including those impacting employment issues.

1 Note In addition to controlled groups, entities may be required to be aggregated if they constitute an affiliated service group. An affiliated service group exists where certain common ownership interests exist between two entities and employees of those entities perform services for the other entity.

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JC Penney to reopen 153 stores as clock is threatening its bankruptcy reorganization – The Dallas Morning News

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J.C. Penney is reopening stores in Texas, Florida, Indiana and Ohio on Wednesday as the clock is ticking in the largest bankruptcy filed since the coronavirus pandemic shut down the economy.

Details have emerged about the chains difficult path for exiting Chapter 11. Penney will attempt to spin off its real estate into a separate company and permanently close stores while its still trying to reopen locations.

Two big deadlines loom if Penney is going to exit in November, the date it put on a proposed timeline.

But time is limited to meet various steps, and triggers are built into the lending agreements to convert the bankruptcy to a liquidation, either on July 14 or August 15.

By mid-July, Penney has to persuade the lenders financing its bankruptcy to give it the next $225 million of the $450 million of debtor-in-possession financing that it secured and is required to enter a court-led restructuring. The lenders will release that money if they support Penneys business plan to exit bankruptcy, which has to be filed in June. Then, in August, if Penney doesnt have the support of lenders to finance the retailer when it leaves bankruptcy, the agreement calls for the bankruptcy to convert to a liquidation.

The companys biggest lenders include H/2 Capital Partners, Sixth Street Partners, KKR & Co. and Ares Management Corp. Some of the investors overlap with leveraged buyouts of other retailers that ended poorly over the past decade.

Until earlier this month, Sixth Street was funded by TPG, which was part of the group that sold Neiman Marcus in a 2013 leveraged buyout sale of the Dallas-based luxury retailer to a group led by Ares. Neiman Marcus filed for bankruptcy this month, as did another TPG-led leverage buyout, J.Crew.

H/2 Capital is hedge fund that invests in real estate.

KKR led the leveraged buyout of Toys R Us, which ended up liquidating in 2018.

Penney is working on its business plan, which hasnt yet been filed with the court, but a preliminary version was filed Monday with the Securities and Exchange Commission. Penney said in that filing that it could permanently close as many as 242 stores of its 846 stores. Most of those locations, or 192 stores, are in leased space, and the remaining 50 are in buildings owned by Penney.

Before the pandemic, the proposed go-forward fleet of 604 stores had higher average sales and higher profitable sales.

Also, Penney proposes in its plan to sell a 35% stake in a separate new real estate company to raise cash. Thats actually part of its lending agreement. It also said its going to sell and lease back distribution centers to raise more cash. The plan calls for Penney to issue new stock in addition to the equity in the real estate investment trust.

Penney owns a lot of real estate, and that property is likely drawing interest. Some stores in dying malls are finding new life as online fulfillment centers.

Amazon, which has already converted some former mall stores into online operations, is looking at Penneys, according to a report Monday in Womens Wear Daily. Penney also has 11 distribution centers that would be in demand by lots of retailers, not just Amazon, as the industry makes a secular shift online.

Joshua Sussberg, Penneys attorney, said during a hearing Saturday afternoon in bankruptcy court that the company will work around the clock to deal with all the issues.

I am very worried about this, and why Im having a hearing on a Saturday, said U.S. Bankruptcy Court Judge David Jones during the webcast hearing with 300 people on the line. The judge approved customary first-day motions that allowed Penney to continue paying employees, utilities and other operating expenses, including the honoring of gift cards.

Jones, who is also presiding over the Neiman Marcus bankruptcy case in Houston, reminded the lawyers, management, advisers, lenders and creditors on the call that retail bankruptcies have to move quickly regardless of the strength of the debtor.

I want to see this work. You have 85,000 people (Penney employees) depending on all of your skill sets and talents, Jones said.

A total of 153 of Penneys 846 stores will be open this week, including 34 stores in Texas, 12 in Florida, 7 in Indiana and 11 in Ohio.

A few more local stores will open but not all of its stores in Dallas-Fort Worth. Stores will open Wednesday in Frisco, Burleson, Mesquite, Rockwall, Sherman and Waxahachie. Arlington, Fairview and Alliance Town Center in Fort Worth have been open since earlier this month.

Penneys stores are opening with reduced hours Monday through Saturday from noon to 7 p.m. and Sunday from 11 a.m. to 6 p.m. Penney has added pandemic-related new practices and training, including additional cleaning and Plexiglass shields.

Heres the list of Texas stores reopening Wednesday:

Longview Mall 3550 McCann Rd Longview

South Plains Mall 6002 Slide Rd-Bldg A Lubbock

Ingram Park Mall 6301 Nw Loop 410 San Antonio

Cielo Vista Mall 8401 Gateway Blvd W El Paso

Meyerland Plaza 730 Meyerland Plaza Mall Houston

South Park Mall 2418 Sw Military Dr San Antonio

River Hills Mall 200 Sidney Baker St S (Hwy 16) Kerrville

La Palmera Mall 5488 S Padre Island Dr Ste 4000 Corpus Christi

Parkdale Mall 6455 Eastex Frwy Beaumont

Sunset Mall 6000 Sunset Mall San Angelo

Richland Mall 6001 W Waco Dr Waco

Barton Creek Square 2901 S Capitol of Texas Hwy Austin

Mall De Las Aguilas 455 S Bibb St Eagle Pass

Killeen Mall 2100 S W S Young Dr Ste 2000 Killeen

Valle Vista Mall 2006 S Expy 83 Harlingen

Victoria Mall 8106 N Navarro St Victoria

Post Oak Mall 1500 Harvey Rd College Station

Town East Mall 6000 Town East Mall Mesquite

First Colony Mall 16529 Southwest Frwy Sugar Land

Woodlands Mall 1201 Lake Woodlands Dr Ste 500 The Woodlands

Stonebriar Mall 2607 Preston Rd Frisco

Rolling Oaks Mall 6909 N Loop 1604 E San Antonio

Burleson Town Center 877 Ne Alsbury Blvd Burleson

Baybrook Mall 100 Baybrook Mall Friendswood

The Rim 17710 La Cantera Pkwy San Antonio

Memorial City 300 Memorial City Way Houston

The Crossing At 288 2500 Smith Ranch Rd Pearland

Tech Ridge Center 12351 N Ih-35 Austin

Southpark Meadows 9500 S Ih-35 Ste H Austin

Plaza At Rockwall 1015 E I 30 Rockwall

Waxahachie Crossing 1441 N Hwy 77 Waxahachie

Brazos Town Commons 24201 Brazos Town Crossing Rosenberg

Sherman Town Center 610 Graham Dr Sherman

Stonecreek Crossing 800 Barnes St San Marcos

These Texas locations are offering contact-free curbside pickup only:

North East Mall 1101 Melbourne Dr. Hurst

La Plaza 2200 S. 10th St Mcallen

Music City Mall 4101 E. 42nd St. Odessa

Broadway Square Mall 4401 S. Broadway Tyler

Twitter: @MariaHalkias

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A Third Option Beyond State Bailouts and Bankruptcy – Reason

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Some states experiencing enlarged deficits due to Covid-19 are hoping for a bailout from Congress. Senate Majority Leader Mitch McConnell briefly suggests that state consider filling for bankruptcy as an alternative. Neither seems like a particularly attractive option, for a variety of reasons. But is there any alternative?

Professors John S. Baker Jr. and Robert T. Miller recently suggested a third option in theWall Street Journal, and it's not default. Perhaps counter-intuitively, they suggest the best approach for many states may be "more borrowing"albeit with contractual provisions that will make investors more willing to lend. They write:

States can put investors at ease by waiving their claim to sovereign immunity in the contract under which the bonds are issued. States routinely give such waivers, and courts enforce them.

States can do more. They can agree that the contract under which the bonds are issued will be subject to the law of another jurisdiction and that they themselves may be sued in courts of that jurisdiction. This helps attract investors, because just as creditors generally don't trust a court in a country with poor credit to enforce the terms of a bond contract against that country, many wouldn't expect, say, a California court to enforce a California bond contract. . . .

States could reduce the interest rates they would otherwise pay by providing bondholders with credit enhancements. The simplest one would involve offering some state property as collateral, which would require an additional waiver of sovereign immunity. Another would be to set up a "sinking fund," which would require the state to deposit a certain percentage of its tax revenue into a trust located in another jurisdiction for the benefit of bondholders.

Borrowing in the capital markets allows states to solve their own problems. It preserves states' sovereignty and avoids a federal bailout, which would perversely reward spendthrift states. Suddenly, states would have large real obligations enforceable against them, which would teach financial discipline.

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A Third Option Beyond State Bailouts and Bankruptcy - Reason

Bankruptcies expected to soar, here’s what you need to know – WTVY, Dothan

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Dothan, AL (WTVY)-- A longtime Dothan attorney predicts the number of bankruptcies will soar in the next few months as the economic fallout from coronavirus deepens. The average wage earner is facing such dire times, Collier Espy told WTVY on Tuesday.

The number of unemployed changes daily, but hundreds of thousands in Alabama have lost their jobs during the pandemic. More than a billion dollars in jobless benefits, the bulk coming from federal stimulus funds, have been paid to Alabamians in recent weeks.

Eventually, those payments, up to $875 weekly, will either run out or be reduced, forcing many to make tough decisions.

I would say three to five months from now we'll see lots of bankruptcy filings, Espy predicts. He said in his life, including over 40 years as an attorney, he's never seen things this bad.

His advice is to avoid bankruptcy, if possible, but also said sometimes there are no alternatives. In my opinion (bankruptcy is) like surgery. You don't want surgery but if there is a condition that it's recommended to get better then (you have) surgery.

For those unable to meet their monthly financial obligations, Espy suggests taking care of essentials first. He recommends keeping sufficient funds to pay for automobiles, groceries, and gasoline, and utilities. Credit cards can wait.

Generally speaking, lenders can't, at this time, foreclose on home mortgages and evictions are not permitted under emergency law. However, those restrictions likely won't last long.

Financial experts recommend working with lenders, many of whom have promised leniency for those experiencing financial difficulty.

Espy said, if bankruptcy is the only option there are several ways to file, including some that would allow repayment of debts but with more manageable terms.

Nationally, the jobless rate is estimated to range between 17 and 20 percent, the highest since the Great Depression.

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Bankruptcies expected to soar, here's what you need to know - WTVY, Dothan

What Every Company Needs to Know About Insolvency, Workouts and Bankruptcy – Manatt, Phelps & Phillips, LLP

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With economic disruption affecting almost every industry and sector around the globe, a wave of insolvency, bankruptcy and workout issues will almost certainly appear in the coming weeks and months. Companies and individualswhether as lenders, borrowers, investors, vendors, landlords/tenants, sellers/buyers or stakeholderswill be facing these issues directly and with other companies and individuals and will be required to navigate challenges as well as seek opportunities. Preparing today for how to respond and address these issues is essential.

Drawing upon decades of experience and lessons learned from previous economic downturns, Manatts team of bankruptcy, restructuring and distressed assets professionals will provide guidance during this 30-minute webinar on what to expect during this period of economic uncertainty and will discuss cross-industry considerations for addressing the obstacles and opportunities presented by it.

Topics to be covered include:

Even if you cant attend our live session on May 28, click here to register now and receive a link to view the program on demand.

Presenters:

Carl L. Grumer, Partner, BankruptcyIvan L. Kallick, Partner, BankruptcyRichard J. Maire, Jr., Partner, Corporate and FinanceGrace D. Winters, Partner, Manatt Real Estate (Moderator)

For regular updates on the major challenges companies are facing, please visit our COVID-19 resources page, and subscribe for timely updates in your inbox here.

Date and Time

Thursday, May 28, 20201:001:30 p.m. PT4:004:30 p.m. ET

RSVP

Click here to register.

CLE

CLE credit is pending.

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What Every Company Needs to Know About Insolvency, Workouts and Bankruptcy - Manatt, Phelps & Phillips, LLP

Eye of the hurricane – America Inc faces a wave of bankruptcies | Business – The Economist

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Editors note: The Economist is making some of its most important coverage of the covid-19 pandemic freely available to readers of The Economist Today, our daily newsletter. To receive it, register here. For our coronavirus tracker and more coverage, see our hub

YOU WILL get business failures on a grand scale. So declared James Bullard, president of the Federal Reserve Bank of St Louis, on May 12th. Peter Orszag, a former official in Barack Obamas White House and now with Lazard, an investment bank, warned that the American economy could face a significant risk of cascading bankruptcies. How bad will things really get for America Inc?

The country has already seen a surge of corporate bankruptcies among big firms that puts 2020 on track to be the worst year since 2009, at the height of the global financial crisis. In recent weeks well-known firms ranging from Neiman Marcus, a department-store chain, and J Crew, a clothing retailer, to Golds Gym, a glitzy workout group, have gone bust. Hertz, a giant car-hire firm, and Chesapeake Energy, a pioneer of Americas shale industry, are both on the brink of bankruptcy.

As the American economy sinks further in the coming months, many more firms are sure to get into trouble. This raises three questions. What early-warning signs might reveal the scale of the coming wave of bankruptcies? How does the looming disaster compare to the pain endured during the financial crisis? And are there meaningful alternatives to outright bankruptcy?

First, to harbingers of doom. One is the upheaval in the market for speculative grade (or junk) bonds. In America, two-thirds of non-financial corporate bonds are rated junk or BBB, the level just above junk. In April, Goldman Sachs, another investment bank, predicted that over $550bn of investment-grade bonds will fall to junk status by October (adding roughly 40% by current value to the junk-bond market).

Edward Altman of NYU Stern Business School reckons that about 8% of all firms whose debt is rated speculative grade (about 1,900 in all) will default in the next 12 months. This figure could reach 20% over two years. He expects at least 165 large firms, those with more than $100m in liabilities, to go bankrupt by the end of 2020.

A measure known as the distress ratio also highlights the problem. Distressed credits are junk bonds with spreads of more than ten percentage points relative to US Treasuries. S&P Global, a credit-rating agency, reckons that distressed credits as a share of total junk bonds in America had grown to 30% by April 10th, up from 25% on March 16th. Of the 32 worldwide junk-bond defaults in April, a level not seen since the financial crisis, 21 took place in America. S&P Global estimates that the 12-month trailing default rate for junk bonds in America increased to 3.9% in April, from 3.5% in March. In Europe it rose to 2.7% from 2.4%.

A wave of defaults might unfold with varying severity across different industries. Thanks to the collapse of the oil price as well as other troubles in the shale patch, almost 70% of the speculative-grade debt in the oil-and-gas industry is at distressed levels. Five other sectors have ratios of 35% or higher: retail and restaurants, mining, transport, cars and utilities (see chart).

The upshot is that a second, bigger wave of bankruptcies is on the cards. How would that compare to past troubles? At the peak of the financial crisis, the global default rate for junk bonds was 10%. Moodys, a credit-rating agency, predicts that if the current crisis is more severe than the financial crisis, as now seems likely, the default rate could rise to 20.8% (see chart). The coming bankruptcy wave could be worse than during the financial crisis because it will be more widespread, reckons Debra Dandeneau, a bankruptcy specialist at Baker McKenzie, a law firm. But she thinks it will take some months to arrive: Were in the eye of the hurricane now.

Another big difference to the financial crisis arises from uncertainty. The nature of this pandemic makes it impossible to know when the economy might return to normal. As William Derrough, a restructuring specialist at Moelis & Company, points out, Its very hard to value a company that doesnt have clear cashflow and visibility on its future markets. Jared Ellias at the University of California at Hastings argues that lenders dont know whether to restructure out of court, grant forbearance or insist on Chapter 11 bankruptcy when you have no idea when a firm will make money again. Worried about the coming deluge of cases, he organised a group of experts that last week petitioned Congress to appoint more bankruptcy judges and increase budgets for law clerks and other staff.

It will be very difficult for courts to keep up with the onslaught, says Judith Fitzgerald, a former bankruptcy judge now at Tucker Arensberg, a law firm in Pittsburgh. Amy Quackenboss of the American Bankruptcy Institute, an industry body, reports that members are busy, which will translate into more filings later on. Larry Perkins of Sierra Constellation Partners, a restructuring firm, thinks a legal bottleneck is absolutely possible unless courtrooms evolve to digest it. Vince Buccola of Wharton business school thinks part of the solution lies in embracing faster pre-packaged bankruptcy deals and debt exchanges (lenders agreeing to swap less onerous new debt for old unserviceable debt) done out of court.

A looming wave of bankruptcy cases points to the third question: how viable are the alternatives? There is good and bad news. The financial crisis saw a massive liquidity crunch and financial-sector implosion. But as Bruce Mendelsohn of Perella Weinberg Partners, an investment bank, observes, this crisis is the opposite. Capital markets are strong and open with many firms able to access capital from government or from markets, butthe fundamental operations of businesses are disrupted.

There is a flurry of activity among investors pouring money into so-called rescue funds. According to Preqin, a data firm, distressed-debt funds are looking to raise nearly $35bn. General Atlantic, a private-equity firm, is in the midst of raising nearly $5bn to invest in otherwise-healthy businesses squeezed temporarily by shutdowns. Bill Ford, General Atlantics boss, thinks that outside the retail sector, where many business models will prove unviable, most firms will try to avoid bankruptcy and seek rescue capital instead.

All restructuring firms are hiring, notes Michael Eisenband of FTI Consulting. He observes that there are more types of creditor today than during the financial crisis, so there is more opportunity to get liquidity into firms in different ways. He reckons few want to force liquidation because if you can kick the can down the road, maybe a vaccine comes andthere is a better chance of getting a recovery for creditors. Many hedge funds and non-traditional lenders (though not stodgy banks) are opting for debt-for-equity exchanges. That is so they get the upside when the economy recovers, says Thomas Salerno of Stinson, a bankruptcy lawyer.

So the good news is that many squeezed firms staring at bankruptcy might be saved through restructuring. Mr Derrough, a veteran of financial crises, explains that this involves five steps: stopping the bleeding; evaluating the injuries; performing the necessary surgery; rehabilitating the victim; and returning it to health. The bad news is that America Inc is at the start of phase one. As he puts it, Most of what we are doing is blood transfusions. We havent even gotten to stopping the bleeding.

Dig deeper:For our latest coverage of the covid-19 pandemic, register for The Economist Today, our daily newsletter, or visit our coronavirus tracker and story hub

This article appeared in the Business section of the print edition under the headline "Chapter 11s new chapter"

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Eye of the hurricane - America Inc faces a wave of bankruptcies | Business - The Economist

All the Fashion and Beauty Brand Closures and Bankruptcies Caused by the Pandemic – Fashionista

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Photo: Spencer Platt/Getty Images

As we're all now well aware, the Covid-19 pandemic has been particularly tough on the fashion industry, with sales down across the board. And given that many companies especially those with more traditional business models were already struggling to adapt to a new retail environment or keep up with more digitally savvy competitors (remember: there were also plenty of bankruptcies and closures in 2019), the stay-at-home-orders were enough to fully decimate a number of them.

Some, like J.Crew and Neiman Marcus, declared bankruptcy, which typically means they're hoping some financial restructuring or a new investor couldultimately help them stay in business if they're lucky. Others have been forced to close up shop entirely.

From smaller brands without the cushion to weather a major drop in sales, to large retail chains that were saddled with debt before all this began, read on for a digital graveyard of all the fashion and beauty businesses that succumbed to the coronavirus and its negative impact on consumer spending. We'll keep updating this list as more of this bummer news emerges.

J.Crew: Debt-saddled J.Crew filed for Chapter 11 bankruptcy protectionMay 4. CEO Jan Singer described the decision as a financial restructuring and "a critical milestone in the ongoing process to transform our business with the goal of driving long-term, sustainable growth for J.Crew and further enhancing Madewell's growth momentum."

Neiman Marcus: With a reported $4.8 billion in debt, Neiman Marcusfiled for Chapter 11 May 7, saying in court documents that it expects to emerge from bankruptcy in the fall.

John Varvatos: On May 6, menswear brand John Varvatos filed for Chapter 11 bankruptcy protection, citing falling sales. The brand hopes to stay in business as it restructures its finances.

J.Hilburn: Another brand in the bankruptcy club as of May 6is J.Hilburn, a Dallas-based custom menswear retailer. The company employs stylists who work directly with customers in showrooms throughout the U.S., and hopes there will be no business disruption while it restructures its finances.

True Religion: The once-ubiquitous denim brand filed for bankruptcy for the second time in three years on April 13. It hopes to explore a sale or restructuring.

Bldwn: This Los Angeles-based contemporary brand (which originally launched as Baldwin in Kansas City and focused on denim) was an early victim of the pandemic, announcing a total closure March 25. According to a rep for the brand, investors decided to shut it down and all employees were let go.

The Modist: The Modist, an innovative online luxury retailer based in Dubai and focused on modest fashion, announced on April 2 it would be closing its doors permanently. According to the brand, the hit it took from the pandemic left it with no other options.

Elizabeth Suzann: On April 28, Nashville-based sustainable clothing brand Elizabeth Suzann announced that the company "as we know it" would be closing, with all employees leaving and its studio being vacated once existing orders were completed. Though, it sounds as if the founder could be back to work in some capacity by fall, TBD.

Anthom: New York designer boutique Anthom announced Friday, May 15 that it has permanently closed its brick-and-mortar doors. For now, it will continue operations online.

UPDATE, Monday May 18:

J.C. Penney: Long-struggling department store chain J.C. Penney filed for Chapter 11 bankruptcy protection on May 15. The company said it's working with its lenders on a restructuring plan to reduce debt and will explore a possible sale. It plans to continue operations and begin opening stores as it's deemed safe.

Centric Brands: This licensee company, which recently bought Zac Posen and produces products for Tommy Hilfiger, Under Armour, Calvin Klein and more filed for Chapter 11 on Monday May 18. It is working with lenders on a financial restructuring and plans to continue operations throughout the process.

UPDATE, Tuesday May 19:

Jeffrey: Nordstrom Inc., which bought a majority stake in the luxury boutique Jeffrey in 2005, has decided to permanently close all of its three locations. In turn, Jeffrey Kalinsky, who also acted as Nordstrom's designer fashion director, is retiring. According to the company, the decision to eliminate all Jeffrey stores as well as 16 Nordstrom stores was a response to the pandemic. In a statement, Kalinsky said: "Nordstrom has been an incredible partner to me and to the Jeffrey brand. While I'm disappointed in their decision to close Jeffrey stores, I understand it is the right decision for the business given the circumstances of this global crisis."

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All the Fashion and Beauty Brand Closures and Bankruptcies Caused by the Pandemic - Fashionista

A wave of bankruptcies is coming in Europe – The Economist

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Editors note: The Economist is making some of its most important coverage of the covid-19 pandemic freely available to readers of The Economist Today, our daily newsletter. To receive it, register here. For our coronavirus tracker and more coverage, see our hub

EUROPEAN BUSINESSMEN who filed for bankruptcy used to be treated harshly. The word bankrupt derives from banco rotto, the practice in medieval Italy of smashing the benches that merchants sold their goods from if they did not pay their debts, to force them to stop trading. Until the mid-19th century defaulters were thrown into debtors prisons. Bankruptcy proceedings are now less violent, but in many European countries they mostly end in liquidation rather than restructuring.

The fear of multiple bankruptcies and mass unemployment because of measures imposed to contain the covid-19 pandemic is the main reason European governments are subsidising businesses on a vast scale. No healthy company should go bankrupt because of corona, promised Peter Altmaier, Germanys economy minister, in mid-March when he announced extended credit lines, liquidity guarantees and grants for German businesses amounting to 750bn ($807bn). At the end of March the German government suspended insolvent firms obligation to file for bankruptcy until the end of September (and perhaps until March 2021)provided they can prove their troubles were caused by covid-19. France, Spain and other European countries have introduced similar exemptions.

These emergency measures are buying time. Bankruptcies and unemployment have not yet risen sharply. According to the Institute of Economic Research in Halle (IWH) bankruptcies in March and April in Germany were no higher than in the same months last year. Yet rescue measures probably just postpone a surge in bankruptcies, says Steffen Mueller of the IWH. Mr Mueller thinks zombies will be swept away later this year, but worries that even healthy companies may not survive.

Governments have learned a lesson from the global financial crisis. Bankruptcies increased by 32% in western Europe in 2008. Ludovic Subran of Euler Hermes, a Paris-based credit insurer, is forecasting a rise of 19% compared with 2019 to 178,365 insolvencies this year. The corporate carnage was so brutal in 2008 because of the credit crunch, explains Mr Subran. A sudden slump in the availability of loans sealed the fate of many firms. This time EU governments have reacted far faster by pumping liquidity into the economy. Moreover, the rate of bankruptcies was very low between 2002 and 2007 whereas this time Europe has seen a clean-out in the past five years, with many firms going bust.

Mr Subrans forecast seems optimistic considering that some industries suddenly lost all their business. The most vulnerable firms are in the hospitality, transport and non-food retail sectors. They were among the most insolvency-prone businesses before the covid crisis. Germanys Karstadt Kaufhof, an ailing department-store chain, and Frances Orchestra Prmaman, a troubled clothing retailer, both filed for receivership in April. In Britain Carluccios, a restaurant chain, Brighthouse, a rent-to-own retailer, and Laura Ashley, a fashion chain, tumbled into administration in March.

The other weak link is Europes 25m small and medium-sized enterprises (defined as firms with fewer than 250 staff), which employ over 90m people. According to SMEunited, a European lobby group, 90% of Europes small firms are affected by the pandemic and 30% of them say they are losing 80% of sales or more. CPME, Frances small-business federation, says 55% of small firms are concerned about bankruptcy. The French governments 7bn solidarity fund for small companies has already been tapped by 900,000 firms.

Behemoths have been rescued by the state, as so many jobs depend on them. France and the Netherlands are providing a taxpayer-funded bail-out of about 10bn to salvage Air France-KLM from bankruptcy. Germany will follow with a bail-out for Lufthansa. Small businesses will suffer most in spite of short-term work schemes, cash payments, delays to tax deadlines and credit guarantees. But never before have governments done so much to try to help them avoid the Schuldturmthe prison tower that was the destination, in the past, for those who couldnt pay their debts.

Dig deeper:For our latest coverage of the covid-19 pandemic, register for The Economist Today, our daily newsletter, or visit our coronavirus tracker and story hub

This article appeared in the Business section of the print edition under the headline "Buying time"

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A wave of bankruptcies is coming in Europe - The Economist

Best 5 Online Gambling Real Money Sites – $1000 Promo

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Finding the best online gambling sites is a major challenge, especially in places where there are no regulations and licensed online gambling real money site. In this article, you will discover more about the three best real money gambling sites.

Sportsbook, poker rooms, and casinos that operate online are usually called internet gambling sites or online gambling real money sites. They are powered by software that creates various ways to gamble.

When it comes to online gambling for real money, it is always crucial to choose the most secure sports betting site. Bovada is certainly one of the safest and best gambling sites on the Internet. The platform offers several online sports real money betting options. Also, Bovada features a simple live betting platform for gamers who like in-game betting. Moreover, the desktop interface is easy to navigate.

If you are looking for more real action in your life, the site has a full-scale online casino with all the adventure you could ever need. While Bovada does have a lot of real money gaming options as compared to others, it has sufficient games for semi-serious and casual players. You will find all the best and popular games. Also, the casino has features mini-games that you can play from love betting platform.

Whether you are betting on football, basketball, baseball or any other sport MyBookie gives you a host of actions. In fact, the site provides the wagering on various things including whether or not there will be a presidential election or white Christmas. The game lets you bet on goofy things. So, is my bookie a reliable money gaming platform? Lets find out:

MyBookie is run and managed by some of the most skilled and experienced individuals in the gaming industry. To begin with, the customer support is incredible. The customer reps know how to treat customers. MyBookie is a registered operator and authorized as a platform for real online gaming. They have been existence for some time now and continue to enhance their products.

You can access MyBookie from anywhere in the world. You can bet on mobile without downloading apps, this is a good thing because you do not need to worry about space when playing on your mobile device. MyBookie is convenient for players who are always on the go.

BetOnline is famously known for its sportsbook. The site is a one-stop shop for all your gaming needs.

BetOnline is a legit and one of the best online gambling sites. So, do not believe a couple of people who may bash the site because they might have lost cash and are not happy. Apart from being secure and offering on-time payments, BetOnline offers numerous real casino games and money betting options.

Players from all the 50 states can play on BetOnline. Few websites allow players from anywhere in the world to play on their platform. Customers have had incredible success with credit card deposits. Thus, the site is easy to grade for accessibility.

Great banking options is another commendable feature of BetOnline. You can deposit money on the site and withdraw from anywhere in the world. For many other sites, withdrawing money has been a major problem, especially for US gambling.

Quality sportsbook is a feature not so many real sports betting sites offer. If you are looking to play on a real American sports platform, consider using BetOnline as it offers a great number of international money gambling markets.

While registering on the best online gambling casino may not be a requirement for non-American bettors, it is a must for all the US bettors because there is only a handful of legit sportsbook, and BetOnline is one of them.

With more than a decade in the gaming business, many banking options and betting options and good reputation, gamers should consider registering on best online gambling casino, and that is BetOnline.

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Best 5 Online Gambling Real Money Sites - $1000 Promo

Best 3 Online Gambling for Real Money Sites 2020 | Casino …

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Many people ask what are the top three sites for online gambling. Real sports wagering websites give you the opportunity to make it happen according to your goals and cash flow and that is why the top sites require a security deposit from their users. The general opinion is Bovada, MyBookie, and BetOnline. The best online gambling sites for real money is another category than online gambling sites for fun. What distinguishes the sites mentioned above is they are all sports betting sites.

If you are interested in online gambling for real money then all three sites will be what you are looking for. One of the prerequisites for online gambling real money is each website requires you make a deposit into a personalized account. After an initial deposit, it is easy to choose to implement your strategies at these websites.

Online gambling real money is a wonderful way to learn how your strategy works overall since you have instant gratification on your strategies results. Your winning will be deposited into your personal account. The best gambling sites depend on customer satisfaction and online reviews. These sports games can have perks and rewards, while responsible wagering will help each person put their wagers into perspective into what it means to be a responsible gambler.

The best online gambling casino will be the one you find can cater to your needs and the deposit fits within your budget. Real opportunities await those who think clearly about their strategies and the possibilities of winning at sports wagering. The sky is the limit for those who have this passion for having fun while making some profit.

The best online gambling sites all encourage responsible gambling. You can easily find a place where there is real gambling taking place at the best online gambling casino as well as at gambling websites. Visit the above three websites and see what amount of money they require before you put a strategy to work. Look at the amount of money you will make as well as the key strategy that will help you reach your money goal.

Many people who are interested in playing sports online for money will look at the real possibilities of their strategies making money for them as opposed to the money they dream of making with their strategy. Making money online thru sports wagering is fun. Real sports for real people. Real sports waging takes into consideration family and sun and combines them both into a way to make the responsible wagerer come out ahead and have time to return to other sports wagering in the future.

These are the best online places anyone can visit and have fun with their favorite sports teams and share their passion with so many others who love seeing their favorite teams win. No one is surprised why the top websites that offer sports wagering have thousands of customers signing up for their own personal accounts and spend time putting their newest strategies into play. Winners attract winners and those who win at these sites are those who have developed strategies that show results game after game.

Lastly, the top three sites, #1, #2, and #3, all offer what is very popular today in online businesses called a referral system that pays you for referring others. Bovada, MyBookie, and BetOnline will even pay you to refer your friends. If you know friends, family, or co-workers who have the same passion for Sports wagering then it is a win-win situation and you will be rewarded for extending a welcome to your friends to join you at any place you can do Sports Gambling on the www.

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Gov. Jim Justice: Wheeling Island Casino, Other Gambling Venues Can Re-Open in Early June – Wheeling Intelligencer

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CHARLESTON Gov. Jim Justice Monday announced the removal of counties from the hotspot list, the opportunity for local governments to apply for grant funding and a list of additional businesses set to reopen over the next few weeks during his pandemic briefing on Monday.

As part of that announcement, the governor said gambling at Wheeling Island Hotel-Casino-Racetrack and other state facilities could restart June 5.

Justice said Monongalia, Marion, Harrison, Jefferson and Berkeley counties would be removed from the executive orders that tightened social distancing restrictions in the state stay-at-home executive order.

Hotspot counties are required to limit groups to no more than five people and businesses and entities are required to have employees work from home as much as possible. Those counties will now be under the newer safer-at-home order, which allows for groups no larger than 25 and strongly encourages people to remain home whenever possible and wear masks.

The counties will continue to be monitored by state health officials using new criteria for designating certain counties as coronavirus hotspots. The new County Alert System will identify surges in COVID-19 transmission using a seven-day rolling average of non-facility-related coronavirus outbreaks in communities.

If positive tests reach an unidentified threshold, the Department of Health and Human Resource Bureau of Public Health would investigate and make a determination whether to put the county on high alert, resulting in additional resources and tighter restrictions on social distancing. The county would remain on high alert until a consistent decrease in community spread is seen.

Justice also announced city and county governments can now apply to the state for grants to cover coronavirus-related expenses. The funding is coming from part of the $1.25 billion the state received from the C.A.R.E.S. Act. Cities and counties can apply for grant funding at grants.wv.gov or call 1-833-94-GRANTS.

Also Monday, Justice announced additional businesses that can reopen over the next couple weeks.

Justice said malls can reopen on Thursday in week four of Justices West Virginia Strong reopening plan. State health officials have worked with malls to develop guidelines for malls to re-open safely. Those guidelines can be found at governor.wv.gov.

Other businesses re-opening Thursday include whitewater rafting and ziplining, indoor dining at 50-percent capacity, large specialty retailers, state park campgrounds for in-state residents only, outdoor recreational rentals, spectator-less outdoor motorsports, the Hatfield and McCoy trail system, and tanning businesses. Fitness centers, gyms, recreation centers, and sports training facilities can re-open today.

Starting May 26, cabins and lodges at state parks will reopen for in-state guests only. Other businesses reopening May 26 include indoor and outdoor bars at 50-percent capacity, museums, visitor centers, and zoos. Spas, massage businesses, and limited video lottery retailers can re-open Saturday, May 30. Casinos can re-open June 5. Additional guidance will be available at governor.wv.gov.

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Gov. Jim Justice: Wheeling Island Casino, Other Gambling Venues Can Re-Open in Early June - Wheeling Intelligencer

UK gambling addiction much worse than thought, says survey – The Guardian

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Gambling addiction rates may be much higher than previously thought, according to research that also warns nearly half of those with a problem are not getting any help.

In a survey commissioned by the GambleAware charity, YouGov estimated that up to 2.7% of adults in Great Britain, or nearly 1.4 million people, were problem gamblers. Experts urged caution over the figure, insisting that the true addiction rate is likely to be closer to the health survey figures of 0.7% cited by industry regulator the Gambling Commission.

But the findings still indicate that the number of problem gamblers defined as scoring more than eight on the Problem Gambling Severity Index (PGSI) may be significantly above current estimates. YouGov questioned 16,000 people for the survey.

The report also found that as many as 7% of adults, or 3.6 million people, report having been negatively affected by someone elses gambling problem.

Overall, the research suggests that nearly 5 million British people have experienced harm linked to gambling, even accounting for the overlap between problem gamblers and those they affect.

Both GambleAware and the Gambling Commission said it was likely that YouGovs findings overestimated the addiction rate, highlighting a review of the data by survey sampling expert Prof Patrick Sturgis.

Sturgis, a former GambleAware trustee, said both the YouGov survey and the health survey figures were likely to contain flaws, with the true rate of problem gambling likely to be closer to the commonly used 0.7% figure than YouGovs 2.7% estimate.

But he said the higher figure could not be ruled out and added that previous research had probably somewhat underestimated addiction levels. The findings are likely to fuel calls for stronger measures to address gambling addiction, amid increased concern about the added risk posed to frequent gamblers isolated at home due to coronavirus.

Labour MP Carolyn Harris, who chairs a cross-party group of MPs examining gambling harm, said the report was deeply concerning.

While the rate of 2.7% could well be an overestimate, the health survey data seems to be a significant underestimate. This new data suggests that addiction levels are far higher than has been previously thought.

Policymakers, the regulator and gambling support services must take note of these important findings and ensure that the correct provision and regulation is in place to support gamblers in the UK.

The report also found that nearly half of all addicts were not receiving treatment, with poorer people, women and those from a BAME background the worst affected.

A lack of awareness of services and the stigma associated with gambling problems were both cited as significant barriers to accessing treatment and support.

While women are less prone to developing a gambling disorder, those who do are three times more likely than men to refer to practical barriers such as cost, time or location as a reason for not accessing treatment or support.

Matt Gaskell, clinical lead for NHS gambling clinics in the north of England, said the report should lead to significant changes in how treatment and support is offered and delivered.

There is a significant gap between very high levels of gambling harm and the provision of help, and this gives a useful guide as to how and where to plug some of these gaps, he said.

The sense of shame and stigma that provides a barrier to coming forward for support is compounded by the narrative, perpetuated by the gambling industry and others, that emphasises individualised responsibility for harms.

My patients feel that they are entirely to blame. The public know that smoking cigarettes is dangerous, and this helps us to be compassionate about tobacco addiction and seeking support for this.

It will help if the public are similarly aware of the addictive nature of gambling products.

The Gambling Commission said the report had provided invaluable additional information about the gaps in current treatment provision across Great Britain. It pointed to 9m it had diverted towards treatment services, funded by penalties levied on gambling firms that breach the terms of their licence.

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UK gambling addiction much worse than thought, says survey - The Guardian

Gambling addiction: Symptoms, triggers, and treatment

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For many people, gambling is harmless fun, but it can become a problem. This type of compulsive behavior is often called problem gambling.

A gambling addiction is a progressive addiction that can have many negative psychological, physical, and social repercussions. It is classed as an impulse-control disorder.

It is included in the American Psychiatric Association (APAs) Diagnostic and Statistical Manual, fifth edition (DSM-5).

Problem gambling is harmful to psychological and physical health. People who live with this addiction may experience depression, migraine, distress, intestinal disorders, and other anxiety-related problems.

As with other addictions, the consequences of gambling can lead to feelings of despondency and helplessness. In some cases, this can lead to attempts at suicide.

The rate of problem gambling has risen globally over the last few years. In the United States in 2012, around 5.77 million people had a gambling disorder that needed treatment.

Because of its harmful consequences, gambling addiction has become a significant public health concern in many countries.

Some of the signs and symptoms of problem gambling include:

Gambling is not a financial problem, but an emotional problem that has financial consequences.

It also impacts the way in which the person with the disorder relates to his or her family and friends. For instance, they may miss important events in the family, or they might miss work.

Anyone who is concerned about their gambling might ask Can I stop if I want to? If the answer is no, it is important to seek help.

For a diagnosis of gambling addiction, The DSM-5 states that a person must show or experience at least four of the following during the past 12 months:

Gambling can lead to a range of problems, but the addiction can happen to anyone. No one can predict who will develop an addiction to gambling.

The activity can be described on a spectrum, ranging from abstinence through recreational gambling to problem gambling.

Gambling behavior becomes a problem when it cannot be controlled and when it interferes with finances, relationships, and the workplace. The individual may not realize they have a problem for some time.

Many people who develop a gambling addiction are considered responsible and dependable people, but some factors can lead to a change in behavior.

These could include:

Studies have suggested that people with a tendency to one addiction may be more at risk of developing another. Genetic and neurological factors may play a role.

Some people who are affected by gambling may also have a problem with alcohol or drugs, possibly due to a predisposition for addiction.

The use of some medications has been linked to a higher risk of compulsive gambling.

Secondary addictions can also occur in an effort to reduce the negative feelings created by the gambling addiction. However, some people who gamble never experience any other addiction.

Some factors increase the risk. These include:

For someone with a gambling addiction, the feeling of gambling is equivalent to taking a drug or having a drink.

Gambling behavior alters the persons mood and state of mind.

As the person becomes used to this feeling, they keep repeating the behavior, attempting to achieve that same effect.

In other addictions, alcohol, for instance, the person starts developing a tolerance. An increasing amount of alcohol is necessary for the same buzz.

A person who has an addiction to gambling needs to gamble more to get the same high. In some instances, they chase their losses, thinking that if they continue to engage in gambling, they will win back lost money.

A vicious circle develops, and an increased craving for the activity. At the same time, the ability to resist drops. As the craving grows in intensity and frequency, the ability to control the urge to gamble is weakened.

This can have a psychological, personal, physical, social, or professional impact.

Neither the frequency of gambling nor the amount lost will determine whether gambling is a problem for an individual.

Some people engage in periodic gambling binges rather than regularly, but the emotional and financial consequences will be the same.

Gambling becomes a problem when the person can no longer stop doing it, and when it causes a negative impact on any area of the individuals life.

In general, treatment is split into three types:

Casinos and lotteries provide the opportunity to gamble. A gambling addiction occurs when a person can no longer control the compulsive behavior.

Any type of gambling whether racing, bingo, card games, dice games, lottery, slots, and sports betting can become problematic. However, some types of gambling have particular characteristics that may intensify the problem and the consequences.

Reports indicate that a significant risk factor may be a fast speed of play. Types of games where there is a short time between placing a bet and seeing the results present a higher risk for players. This happens with slot machines, for instance.

Gambling is widespread. Increased accessibility, for example, through online gambling, calls for greater awareness and appropriate legislation.

Anyone who provides gambling services has a responsibility to develop policies and programs to address underage and gambling addictions.

Research, treatment, and prevention of problem gambling should be encouraged.

If a person suspects they might have a gambling problem, there are a variety of self-tests available on the internet.

Those tests will not give a diagnosis and do not replace a face-to-face evaluation with a trained clinical professional, but they can help people decide whether to seek formal evaluation of their gambling behavior.

A clinical professional will provide a detailed assessment and develop an adequate treatment plan, based on the individuals needs.

Treatment and assistance may need to address various aspects of the persons life, family, education, financial issues, any legal problems, and professional situation.

Anyone who suspects that they have a gambling addiction should seek help. A health provider will be able to refer the person to an appropriate treatment provider.

Advice from the APA for those who care for a person with a gambling addiction includes the following:

Anyone who is concerned about problem gambling can obtain confidential support 24/7 through the National Problem Gambling Helpline on 1-800-522-4700.

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Gambling addiction: Symptoms, triggers, and treatment

These 5 Gambling Stocks Could Help You Hit the Jackpot – Investorplace.com

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Its hard to feel lucky when a pandemic spreads across the globe. The novel coronavirus sank a number of betting and gambling stocks. Its possible that some of them wont survive, but others should rebound sooner or later.

Taking a stake in gambling stocks is, like the games themselves, speculative. But there may be compelling value propositions in certain stocks that have been beaten down. Here are five to consider:

These gambling stocks are handpicked for having either strong momentum or turnaround potential. So, are you ready to spin the big wheel and see if you hit the right numbers?

Source: Andy Borysowski / Shutterstock.com

The world-famous Las Vegas Sands brand of resorts and casinos can be spotted throughout Asia and the United States. And LVS stock was a fairly low-risk investment during times of economic prosperity.

But as they say, markets come in cycles. The economy is in a down cycle and LVS stock has struggled to regain its footing since the steep decline in March. However, thats allowed the stocks trailing 12-month price-earnings ratio to get down to around 16, indicating an attractive valuation.

Plus, the company is adjusting to the downbeat economic climate by scrapping its plan to secure a gambling license in Japan. Thats probably a smart move, and it might also be a smart move to accumulate LVS stock shares today.

Source: Jason Patrick Ross/Shutterstock.com

To see what strength during adversity looks like, check out CZR stock. The price bottomed near the $3.50 level in March but has steadily worked its way back up towards the $10 price point.

Pre-pandemic price levels show that CZR stock is capable of going higher than that. Besides, the share-price comeback is pretty amazing considering the fact that Caesars shuttered all of its North American properties on March 17.

Sometimes stock prices can be a litmus test of a companys resiliency. In the case of CZR stock, if it can recover steadily despite massive casino shutdowns, consider what could happen to the share price when the gambling business picks up again.

Source: Shutterstock

Not all gambling stocks are affordable, but GMBL stock can be part of your portfolio for less than $5 per share.

That being said, its important to know that the 52-week range for GMBL stock is $2.40 to $15.75. In other words, this ones a fast mover sometimes.

Yet Esports Entertainment may have an edge over most traditional gambling companies today. This companys focus is on licensed next generation online gambling with a focus on esports betting.

Having online operations could be a major advantage during a pandemic. Plus, Esports Entertainment was the first online gambling company trading on an American stock exchange, so its an early entrant into what could be a very lucrative niche.

Source: Ken Wolter / Shutterstock.com

As an owner of 29 gaming and entertainment properties in the United States, Boyd Gaming might not be a household name. But the company has over 24,000 employees and has been around since 1973, so Boyd Gaming is truly a mainstay in the gambling business.

Like most other companies in the sector, Boyd Gaming has fallen on hard times. For 2020s first quarter, the company posted a net loss of $18.3 million along with disappointing quarterly revenues of $680.5 million.

All that being said, value investors might feel that BYD stocks decline is an overreaction. The shares quickly tumbled from nearly $35 to less than $8. At the time of this writing, the stock is still trading at less than half of its February peak.

Risk-tolerant investors might consider adding shares at this heavily discounted price.

Source: Casimiro PT / Shutterstock.com

If youre looking for a diversified company in the gambling stocks space, take a look at Penn National Gaming. From gaming and racing properties to video-gaming terminals and plenty of slot machines, this company runs the gamut in the gambling space.

Theres no point in trying to deny that Penn National Gaming had a challenging first quarter of 2020. But as CEO Jay Snowden put it, Penn Nationals exciting long-term growth story remains fully intact as the company continues to develop projects like the Barstool Sports betting app.

In fact, that app could send Penn National Gaming in a whole new, pandemic-proof direction. Snowden cites Barstools explosive growth on the TikTok platform, where it now has over 9 million followers. Thats an impressive reach, and it could be the key to higher long-term prices in PENN stock.

DavidMoadel has provided compelling content and crossed the occasional line on behalf of Crush the Street, Market Realist, TalkMarkets,FinomGroup,Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.As of this writing, David Moadel did not hold a position in any of the aforementioned securities

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Spelinspektionen: online gambling in decline amid Covid-19 – iGaming Business

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Online gambling rates in Sweden have declined since the outbreak of the novel coronavirus (Covid-19), according to new data from the countrys Gambling Authority (Spelinspektionen).

The data, part of the of the first of a series of monthly reports Spelinspektionen was tasked with producing during the crisis, found that overall betting and gaming turnover in March and April was 5.9% and 5.4% year-on-year respectively. This contrasts with January, when online gaming turnover was up 21%, and February, for which a 9% increase was recorded.

The authority did note, however, that some of the comparability may be affected by the fact that Swedens market only opened at the start of 2019.

The regulator said that while casino play increased, the decline in sports betting was drastic enough to ensure that overall online betting and gaming was down 6% for the year to date.

Virtually all betting activities except horse racing ceased in the middle of March, when most major sporting events were canceled as a result of the coronavirus pandemic, Spelinspektionen said. An example of this is the turnover of two major gaming companies with a focus on betting decreased significantly by 40% and 51% in March 2020, compared to March 2019.

Several of the larger companies that are more focused on online casino games fared significantly better. As a whole, the category of online gaming and betting sales decreased by 6% in March 2020 compared to March 2019.

However, the authority added that 55% of online licensees reported growth in turnover for March, based on tax returns, while 58% did so in April.

This decline in play casts doubt on the reasoning behind online casino restrictions proposed by Swedens Minister for Health and Social Affairs Ardalan Shekarabi and set to come into effect on 1 June.

The rules include a SEK5,000 (401/459/$495) weekly deposit limit and a SEK100 cap on bonuses. These rules have already drawn criticism from stakeholders across the Swedish gambling industry, as well as the European Gaming and Betting Association (EGBA). Spelinspektionen, meanwhile, said the rules could benefit illegal operatorsrather than enhancing player protection.

The Spelpaus self-exclusion scheme, meanwhile, saw a continuous increase in self-exclusions, with the regulator not noting a growth or slowing in the rate of this increase. As of 14 May, 51,674 people had voluntarily blocked access to gambling sites.

Spelinspektionen added that many of these rules would be difficult to implement by 1 June, echoing the concerns aired by many operators earlier this month.

The Authority wishes to point out that the proposed rules may affect key parts of the licensees' technical systems, Spelinspektionen said. These changes can be both time-consuming and require re-certification of the systems. This entails a great risk that many licensees will not be able to meet the new requirements within the proposed time.

The Authority added that players could deposit far more than SEK5,000 in a single week through playing with various different operators. It said that it was not possible to institute a national register or deposits or losses in order to monitor player activity between operators.

In terms of new measures to strengthen player protection, Spelinspektionen said introducing a B2B supplier licence could help substantially in the fight against online gambling. This suggestion has already been put forward by Svenska Spel and Betsson in their submissions to the consultation held by the Swedish government on its proposed new controls.

Spelinspektionen sees several benefits of introducing such a scheme as soon as possible, it said. Such an arrangement would also reduce the administrative burden for the licensees by shifting the emphasis of the certification procedure to the gaming software providers.

In addition, the regulator said that a debt register, as proposed by the Swedish Financial Supervisory Authority (Finansinspektionen) could be more important for the protection of players than many other measures.

This register would, according to FI, allow for creditors to get a comprehensive picture of consumer debt, which Spelinspektionen said would make it more difficult for players to borrow money to gamble.

A major problem with gambling is the over-indebtedness that burdens many people, Spelinspektionen said. With a well-functioning credit check, this type of indebtedness could be avoided.

It also noted that enforcement of rules prohibiting marketing to self-excluded customers could be improved if the Authority and the Swedish Consumer Agency (Konsumentverket) were able to share more data.

The regulator added that it has been collaborating with law enforcement authorities in Sweden and elsewhere to fight illegal gambling sites, but said it was too early to mention progress in this area. It said it had identified 20 new operators who may be eligible for a possible injunction for illegally targeting Swedish players in the coming months, on top of 11 operators who have already received injunctions.

In addition, it said it had conducted a survey in order to understand links between affiliate marketing and unlicensed gambling sites.

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Spelinspektionen: online gambling in decline amid Covid-19 - iGaming Business

Gambling Today: Bettors Couldn’t Wait To Wager on the Ponies as Tracks Reopen – Sports Illustrated

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Sporting events being conducted without spectators are something well be talking about for generations. The first industries to see this transpire are the UFC, NASCAR and horse racetracks around the country.

As we highlighted last week, many tracks around the country reopened this past weekend. The results were nothing short of amazing as tracks saw handles increase at record levels. Its another indication that bettors are back and willing to come out strong following the COVID-19 shutdown.

While the only noise you can hear are horses, hoofbeats and the track announcer, the handle numbers reveal sizable audiences around the country were interested in wagering on the races from the comforts of their homes.

According to Churchill Downs, $14,278,726 was bet on Saturday's 11-race card, up 183.7 percent from the $5,032,253 handled on a comparable date in 2019. Churchill was strengthened by a national television audience tuning in on FOX Sports 1 and 2.

Thoroughbred racing at Charles Town racetrack witnessed a record handle for a non-Charles Town Classic Day on May 14, as $4,330,203 was wagered on the nine-race program. The amount wagered represents the fifth-largest handle in the track's near 87-year history, trailing only the Charles Town Classic events held in 2013, 2015, 2016 and 2019.

Santa Anita came back strong on Friday, the first time racing had been held at the Southern California racetrack since March 22. The handle was $11,207,076 for nine races, a huge increase over the same days in 2019, when Santa Anita handled $6,974,738 for eight races.

The track saw a 184 percent increase compared to the last Friday the track operated prior to the coronavirus shutdown. On Saturday, the track did $14.3M in handle compared to $6.1M on the last Saturday (March 21) before the shutdown.

Churchill Downs announced back on March 16 that the 146th running of the Kentucky Derby was moved from May 2 to September 5. On Saturday horse racing fans got some more great news when it was announced that another leg of the Triple Crown, the 145th Preakness Stakes, has been rescheduled for October 3. Traditionally held at Pimlico Race Course on the third Saturday in May, the Preakness was postponed April 3 because of the coronavirus pandemic.

"Under normal circumstances, I would be standing at Pimlico ... presenting the Woodlawn Trophy to the winner of the 145th Preakness Stakes," said Maryland Governor Larry Hogan. "But as we all know these are not ordinary circumstances. However, I am proud to make this announcement on behalf of the state, the Maryland Jockey Club and Maryland's historic racing industry.

At a time when there were no live American sporting events outside of the UFC and NASCAR, horse racing was front-and-center and there is no doubt fans were ready for the sport to return to tracks nationwide.

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Gambling Today: Bettors Couldn't Wait To Wager on the Ponies as Tracks Reopen - Sports Illustrated

Sam’s Town Hotel and Gambling Hall set to reopen May 21 – WATN – Local 24

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Announcement comes days after Mississippi Gaming Commission allowed casinos to reopen

TUNICA COUNTY, Mississippi

NEWS RELEASE FROM BOYD GAMING

Sams Town Hotel and Gambling Hall to Reopen May 21

May 18, 2020, Tunica, Miss. Sams Town Hotel and Gambling Hall today announced it will reopen to the public on Thursday, May 21.

The property will resume operations on Thursday at 11 a.m. with a limited number of amenities. Casino gaming will be temporarily limited to slot machines only.

As we reopen our doors, the health and safety of our customers, our team members and the community will be our highest priority, said Vince Schwartz, Senior Vice President of Operations for Boyd Gaming. Throughout our property, we will implement comprehensive safety protocols approved by local, state and federal health officials. We are excited for the opportunity to reopen Sams Town, and we look forward to offering our customers an enjoyable and safe entertainment experience.

Upon re-opening, Sams Town will practice Boyd Clean, a set of comprehensive protocols aimed at protecting the health and safety of its team members and guests. These protocols, which will be followed at all Boyd Gaming properties nationwide, include:

Mandatory face coverings and temperature checks for all team members;

Social distancing requirements and capacity restrictions across all customer and team member areas, including casino floors and restaurants;

Enhanced cleaning and sanitation of all high-touch surfaces, including door handles, gaming machines, table games, handrails and elevator buttons;

Increased placement of hand sanitizer dispensers throughout our properties;

Required training for all team members on our safety protocols.

For additional information on the Boyd Clean initiative, visit http://www.boydgaming.com.

In compliance with state requirements, property amenities will be operating under limited capacity and operating hours. A full list of current amenities and schedules is available on the propertys website at http://www.samstowntunica.com.

About Sams Town Hotel and Gambling Hall, Tunica

Sams Town Hotel and Gambling Hall, Tunica is the place for entertainment on the Delta. More information on Sams Town can be found at http://www.samstownstunica.com, on Facebook and Twitter. Sams Town is a property of Boyd Gaming. Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service. For additional Company information and press releases, visit http://www.boydgaming.com.

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Sam's Town Hotel and Gambling Hall set to reopen May 21 - WATN - Local 24

‘I lost 700000 but it’s not too late to find help’ – Ex-gambler helping others – Echo

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PUTTING a tenner on a dead cert at the Grand National or the north London derby can be tempting for all of us, but for those with gambling addictions it feels impossible to say no.

Despite the nationwide lockdown, betting sites have been advertising virtual sporting events to make up for the cancellations, making it even harder for an addict to quit and recover.

Matt Blanks knows all about the struggles in overcoming a gambling addiction, after he lost 700,000 and attempted to take his own life two years ago

The 35-year-old from Southend is now working for the organisation who helped him recover from his gambling battle, Bet Know More.

Matt explained his story to the Echo and said how lockdown is impacting habitual gamblers.

He said: It all came to a head in the summer of 2019. I tried to take my own life. I thought everyone would be better off without me.

I started gambling when I was 11. I wasnt in a good place, my mum and dad had just got divorced.

My grandad used to show me the horse racing and we put bets on the races together in the betting shops.

I won my first bet at 33 to one. I was hooked from then. My first experience of gambling was a successful one and grandads friends then used to give me money to bet.

Once I turned 15 I started betting independently and nobody used to ID me.

I then started working in the betting shops from when I was 18. It was the dream job for me and I stayed in them for 16 years.

My friends were then heavy gamblers and used to put huge bets on. I then felt obliged to do the same to fit in.

I was in so much debt I couldnt see a way out. From the moment I tried to end my own life, it acted as a moment of clarity.

I then reached out for help, and then two months later I was volunteering for the organisation.

Bet Know More is an organisation which helps those with gambling addictions quit and fully recover.

It is in partnership with Gamstop, a free service which puts controls in place to help restrict online gambling activities.

Matt described how those with gambling addictions will struggle to stave off their cravings and recover properly during lockdown, adding: If they want to put a bet on, theyll find anything to gamble on.

Theres a lot more people struggling at the moment but weve had less calls.

Peoples recovery is in jeopardy, theyre at risk of a relapse.

If theyve been furloughed, theyve got less money coming in and theyre stuck at home.

They want to make up the shortfall by gambling.

Those with no travel costs feel like theyre better off and feel like theyve got more money to spend.

People are isolated and by themselves, isolated and scared.

Those with addictions are scared and worried about sport coming back which could be as soon as next month.

Bet Know More are helping addicts recover by using Zoom instead of face-to-face meetings.

If you need help contact 0800 066 4827.

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'I lost 700000 but it's not too late to find help' - Ex-gambler helping others - Echo