Californian state shuts down Rancho Cordova card room
Concerning news reach us from California as the Magnolia House Casino in Rancho Cordova was shut down on behalf of California Attorney General Xavier Becerra due to illiquidity!
For the second time in the last six years, the California Gambling Control Commission issued an emergency order shutting down the Magnolia House card room after receiving a complaint that raises concerns about its liquidity.
What is the reason for the emergency order?
The emergency order states that the Magnolia House has broken the Californian gambling law regarding its finances.
We’ve issued an emergency order to close Magnolia House Casino for failing to comply w/ the law & attempting to ignore regulators.
If you want to operate a gambling establishment in this state, then you have to do your part to uphold the public’s trust. https://t.co/AVhL1QZpNc
— Xavier Becerra (@AGBecerra) January 6, 2020
In addition to that, it neglected to cooperate with the investigation of the California Gambling Control Commission.
The emergengy order lists five allegations against the casino and its operators:
- Underfunded chips-in-use account
- Use of third-party and patron funds in operations
- Failure to provide Information and documents requested
- Failing to reveal a fact material to qualification
- Unqualified for continued licensure
“Its finances revealed that it was seriously underfunded“
After the shutdown the attorney general’s office issued the following press release:
“Multiple reviews of its finances revealed that it was seriously underfunded, threatening significant losses to patrons and players. The Magnolia House was unable to maintain sufficient funds to cover the cost of patrons cashing out their chips. The card room will remain closed unless it is able to demonstrate that it has addressed its funding issues.”
The California Gambling Control Commission received a complaint
According to the Sacramento Bee newspaper website, the California Gambling Control Commission received a complaint, which led to the shutdown.
It is responsible for the licensing of all casinos in California as well as to protect the players and their funds.
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