Nj-new Jersey Governor Chris Christie is frustrated with how local leaders have governed Atlantic City’s economic crash.
New Jersey residents have already been fighting their state’s push to allow two casinos to be built inside their north counties, but a recent poll shows that the figures are now actually starting to shift away from opposition and towards help.
But even with that shift, there’s still a good way to go for legislators to make an impression on the support of the majority of their constituents.
A survey by Fairleigh Dickinson University released this week shows 50 percent of brand New Jerseyans remain opposed to casino expansion, meaning Atlantic City’s brick-and-mortar monopoly would stay static in tact, while 42 percent stated they favor allowing the area that is northern to move forward. That’s a change that is drastic as recently as June, when 56 per cent opposed expansion and simply 37 per cent preferred it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘Once the information on the legislature’s motives become understood, the public’s opinions will be affected.’
Atlantic City Bankruptcy
The difficulty in determining whether two gambling enterprises should be allowed to be built over the Hudson River from Manhattan is twofold.
Lawmakers in nj-new jersey are searching for brand new sources of revenue to finance expenditures and escalating debt. Locating casinos closer to the many millions of new york and North Jersey residents may likely do simply that, however it would presumably also drastically cut into Atlantic City’s already economy that is dire.
Regional leaders in the seaside gambling resort town are seeking extra state aid, but State Senate President Stephen Sweeney (D-District 3) recently introduced legislation for a state takeover of Atlantic City’s funds. Governor Chris Christie (R) sided with Sweeney this by vetoing three relief rescue packages week.
‘ The governor is not going to ask the taxpayers to continue to be enablers in this abuse and waste,’ Christie spokesman Kevin Roberts said.
Christie’s veto has led Atlantic City Mayor Don Guardian to threaten bankruptcy. That could possibly hurt the state’s overall credit rating while increasing borrowing prices for Trenton.
To file for bankruptcy, their state legislature and Christie will have to approve the action, which appears very unlikely.
‘My objective is to save Atlantic City and to avoid bankruptcy,’ Sweeney has stated.
Atlantic City is $240 million in financial obligation, $33.5 million short on its budget that is municipal owes the Borgata $160 million in home income tax overpayments. Permitting the town to file for bankruptcy would allow Atlantic City to cover only cents on the dollar on those debts.
Spend Money to Lose Money
Leaders in Trenton understand that competition from neighboring northeastern states has generated a financial fight in Atlantic City. Brick-and-mortar casino venues now surround what was once the sole gambling mecca of the East Coast, with Pennsylvania, brand New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at least in the minds of state lawmakers, is that regional officials have inked small to overhaul investing and adjust to the market that is changing.
Atlantic City created $5.2 billion in revenue in 2006. It earned less than half that, just $2.56 billion, in 2015.
Sweeney thinks the town’s $262 million budget is negligent for the area with under 40,000 residents.
It’s shaping up to become a rather exciting governmental year in nj. Come November, not merely will residents in the Garden State perhaps see their governor whilst the Republican nominee for president (although that still looks like a shot that is long this juncture), they’ll also be confronted with a few decisions to make regarding exactly how to rescue, or perhaps bid adieu, to Atlantic City while they’ve known it for decades.
Poker Pro Phil Ivey Expands His Empire with Daily Fantasy Sports Site
Poker pro Phil Ivey is gambling in the continued increase of day-to-day fantasy recreations through his latest company undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Graphics)
PhilIveyDFS, a casino-online-australia.net new fantasy that is daily platform brought to you by poker superstar Phil Ivey, will soon begin offering daily dream sports (DFS) contests on a number of leagues including the NFL, NBA, MLB, and NHL.
Ivey is no complete stranger to games outside of poker, the game which includes made him a household name not to mention a multimillionaire. The habitual gambler made headlines recently for side sorting cards while playing baccarat in both Atlantic City and London, in instances which have both involved protracted legal battles over payouts because of the casinos involved.
This new Jersey native who now resides in Las vegas, nevada is turning his attention to DFS in what he hopes will be his next prosperous business endeavor. Ranked 5th in all-time live poker earnings with nearly $24 million in live winnings and third all-time online with $10.4 million, Ivey is also notorious for losing vast sums during down streaks.
Considered one of the very poker that is talented the overall game’s ever seen, Ivey’s proceed to invade DFS emphasizes the growing popularity of daily dream competitions.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS isn’t building a platform from scratch or wanting to form his own standalone community of players. Alternatively, the poker celebrity is teaming because of the iTEAM Network that provides a turnkey DFS platform for clients.
iTEAM provides software solutions for companies and brands interested in venturing into DFS that do not have the abilities or player bases to sensibly launch their own site that is independent. That means that Ivey is hardly the business’s only client, of course.
In fact, iTEAM hosts numerous DFS pages, you wouldn’t know it as the organization replaces their branding utilizing the customer’s, which in this instance will likely be Phil Ivey.
The platform connects various player pools to generate larger contests with larger payouts, a key necessity to be able to have chance of rivaling market leaders DraftKings and FanDuel, which are both valued at over one billion bucks each.
‘Adding the Phil Ivey brand will substantially increase network-wide player liquidity and prize pools,’ iTEAM CEO Gabe Hunterton said. ‘ We now have currently started an aggressive advertising and execution plan in which PhilIveyDFS users will be able to compete immediately for more than $20,000 in weekly professional basketball contests and communicate directly with Phil.’
Although that type of award pool is absolutely nothing to sneeze at, it pales in comparison to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
Fighting the Law
The environmental surroundings surrounding daily fantasy games is indeed complex. Lawmakers throughout the US are furiously attempting to decide if the market is appropriate.
Some leaders say the contests should be permitted, others are asking for further investigation, and then there’s New York State Attorney General Eric Schneiderman, who would like to penalize DFS operators towards the tune of billions of dollars.
It’s really a precarious predicament that remains unresolved.
DFS operators have already been delivered out of town on a rail by Nevada’s Gaming Commission after the Silver State’s attorney general, Adam Laxalt, declared that it’s not legal.
But Ivey, by utilizing a third-party platform, is apparently hedging his wagers by having iTEAM as the operator that is actual. Which will be one of several reasons the poker player decided to go with this network.
‘I was honored to have multiple options but iTEAM Network’s focus on compliance and the core technology … ultimately caused it to be a pretty effortless decision,’ Ivey said.
Federal Court Rules for Amaya in Illinois Loss Recovery Case, Could Affect Kentucky Case Outcome Also
In Illinois, Federal Appeals Judge Richard Posner dismissed a situation to claw back gambling losses from PokerStars on the grounds that rake doesn’t winnings that are equal. (Image: casnocha.com)
Amaya will not be necessary to pay off money lost by Illinois gamblers on PokerStars before Black Friday, a court that is federal ruled.
The Court of Appeals for the Seventh Circuit week that is last the sooner judgement of an Illinois court that a nineteenth century legislation designed to presumably protect both players whom may have been swindled with a hustler back within the time, as well as the categories of destitute gamblers, may not be invoked in an work to claw back money from PokerStars.
The case that is initial been brought by two Illinois moms, who had been seeking reimbursement for money lost by their sons, in addition to other players. The foundation of the claim can be an statute that is old on the books called the Illinois Loss Recovery Law, which allows losing gamblers to sue winners for the return of the losings.
What the law states states:
Anybody who by gambling shall lose to any other person, any sum of cash or thing of value, amounting to the amount of $50 or many shall pay or deliver the same or any part thereof, may sue for and recover the money or other thing of value, therefore lost and paid or delivered, in an action that is civil the winner thereof, with expenses, in the circuit court…
Statute of Very Few Restrictions
The statute also theoretically permits third parties to recover up to 3 x the total amount lost. If a losing gambler will not sue the champion within six months, then ‘any person’ can claim up to 3 x the winnings.
While the 2 mothers claimed their sons had lost $50 each playing at PokerStars, these were, in fact, looking for to reclaim an undisclosed amount on behalf of other random Illinois losers too, possibly running into the millions.
The judge into the original case criticized the suit for neglecting to meet up with the appropriate thresholds, and failing to cite any certain ‘winning players’ or the dates on which the alleged losses happened. He additionally made the distinction that is important rake charged by PokerStars could not be defined as ‘winnings,’ and so PokerStars was not the ‘winner’ at all.
A three-judge panel in the federal appeals court agreed with this summary.
‘Their issue is that the defendants are perhaps not the champions of any game that any associated with the plaintiffs (or their sons) played,’ wrote Judge Richard Posner on behalf of the panel. ‘Charging a fee for doing gambling is not the same as winning a gamble; a croupier who supervises a casino’s poker game just isn’t a gambler, let alone a success.’
This is usually a point that seems to be lost on their state of Kentucky, that will be trying to sue Amaya for a $870 million for a similar basis and using a similarly antiquated state law, except that in that instance, the money would visit the state if successful.
Amaya is taking heart from the federal judgment in Illinois.
‘We are happy with this decision which applies a modern sense that is common to an out-of-date gambling law,’ said Eric Hollreiser, vice-president of communications for Amaya and PokerStars. ‘We certainly hope that Kentucky courts apply the same modern logic.’