Nj-new Jersey Governor Chris Christie is fed up with how local leaders have governed Atlantic City’s economic crash.
New Jersey residents have already been fighting the state’s push to allow two casinos to be built inside their north counties, but a recent poll shows that the figures are actually beginning to shift away from opposition and towards help.
But even with that shift, there’s still a way that is long go for legislators to conquer the support for the majority of their constituents.
A survey by Fairleigh Dickinson University released this week shows 50 percent of New Jerseyans remain opposed to casino expansion, meaning Atlantic City’s brick-and-mortar monopoly would stay in tact, while 42 percent said they favor allowing the northern area expansion to maneuver forward. That’s a drastic change from as recently as June, when 56 percent opposed expansion and simply 37 percent preferred it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘since the information on the legislature’s motives become known, the public’s opinions will be impacted.’
Atlantic City Bankruptcy
The difficulty in determining whether two casinos should be permitted to be built over the Hudson River from Manhattan is twofold.
Lawmakers in nj are looking for brand new sources of revenue to fund expenditures and escalating debt. Locating casinos closer to the many millions of nyc and North Jersey residents would probably do just that, however it would presumably also drastically cut into Atlantic City’s already serious economy.
Regional leaders within the seaside gambling resort town are asking for 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 week by vetoing three relief rescue packages.
‘ The governor is not going to ask the taxpayers to keep to be enablers in this waste and punishment,’ Christie spokesman Kevin Roberts stated.
Christie’s veto has led Atlantic City Mayor Don Guardian to jeopardize bankruptcy. That could potentially hurt the state’s overall credit rating and increase borrowing prices for Trenton.
To file for bankruptcy, their state legislature and Christie will have to approve the action, which appears most unlikely.
‘My objective is to save Atlantic City and also to avoid bankruptcy,’ Sweeney has stated.
Atlantic City is $240 million in debt, $33.5 million short on its budget that is municipal owes the Borgata $160 million in property tax overpayments. Permitting the town to seek bankruptcy relief 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 led to a financial battle in Atlantic City. Brick-and-mortar casino venues now surround what was after the sole gambling mecca of the East Coast, with Pennsylvania, brand New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at minimum in the minds of state lawmakers, is that local officials have inked small to overhaul investing and adjust to the market that is changing.
Atlantic City produced $5.2 billion in income in 2006. It earned less than half that, just $2.56 billion, in 2015.
Sweeney believes the town’s $262 million budget is negligent for the certain area with under 40,000 residents.
It’s shaping up to be a rather exciting year that is political nj. Come November, not only will residents in the Garden State possibly see their governor due to the fact Republican nominee for president (although that still looks like a long shot at this juncture), they will also be confronted with a series of decisions to make regarding exactly how to rescue, or perhaps bid adieu, to Atlantic City as they’ve known it for decades.
Poker Pro Phil Ivey Expands His Empire with Daily Fantasy Sports Site
Poker pro Phil Ivey is gambling regarding the continued increase of day-to-day fantasy activities through his latest business undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Images)
PhilIveyDFS, a brand new daily fantasy sports platform delivered by poker star Phil Ivey, will soon begin offering daily dream sports (DFS) contests on a variety of leagues including the NFL, NBA, MLB, and NHL.
Ivey is no stranger to games outside of poker, the game that has made him children name not forgetting a multimillionaire. The gambler that is habitual headlines recently for side sorting cards 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 business endeavor that is prosperous. Ranked 5th in all-time live poker earnings with nearly $24 million in live winnings and third online that is all-time $10.4 million, Ivey is also notorious for losing vast sums during down streaks.
Considered one of the most talented poker players the overall game’s ever seen, Ivey’s move to invade DFS emphasizes the growing popularity of daily dream competitions.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS is not building a platform from scratch or trying to form his standalone community that is own of. Alternatively, the poker star is teaming with all the iTEAM Network that offers a turnkey DFS platform for clients.
iTEAM provides software solutions for companies and brands thinking about venturing into DFS that do not have the abilities or player bases to sensibly launch their particular separate site. That means that Ivey is hardly the company’s only client, of program.
In fact, iTEAM hosts numerous DFS pages, you wouldn’t know it as the business replaces their branding using the customer’s, which in this situation will be Phil Ivey.
The working platform links different player pools to generate larger contests with larger payouts, a key necessity in order to have chance of rivaling market leaders DraftKings and FanDuel, which are both valued at over one billion dollars each.
‘Adding the Phil Ivey brand will substantially increase player that is network-wide and prize pools,’ iTEAM CEO Gabe Hunterton stated. ‘ We have already started a marketing that is aggressive execution plan in which PhilIveyDFS users should be able to compete immediately for more than $20,000 in weekly professional basketball contests and interact directly with Phil.’
Although that kind of reward pool is absolutely nothing to sneeze at, it pales in contrast to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
Fighting the Law
The environment surrounding daily fantasy games is indeed complex. Lawmakers across the US are furiously wanting to decide if the marketplace is legal.
Some leaders state the contests should be permitted, others are asking for further investigation, and then there’s New York State Attorney General Eric Schneiderman, who wants to penalize DFS operators towards the tune of billions of dollars.
It’s a precarious predicament that remains unresolved.
DFS operators have previously been sent out of city on a rail by Nevada’s Gaming Commission after the Silver State’s attorney general, Adam Laxalt, declared that it is not legal.
But Ivey, by making use of a third-party platform, is seemingly hedging his wagers by having iTEAM as the actual operator. Which can be one of many reasons the poker player opted for this network.
‘I ended up being honored to have multiple options but iTEAM Network’s focus on compliance and the core technology … ultimately managed to get quite a easy decision,’ Ivey said.
Federal Court Rules for Amaya in Illinois Loss Recovery Case, Could Kentucky Case Outcome that is affect Also
In Illinois, Federal Appeals Judge Richard Posner dismissed an instance to claw back gambling losings from PokerStars on the grounds that rake does not equal winnings. (Image: casnocha.com)
Amaya will not be necessary to repay money lost by Illinois gamblers on PokerStars before Black Friday, a court that is federal ruled.
The Court of Appeals for the Seventh Circuit last week upheld the earlier judgement of an Illinois court that the nineteenth century legislation designed to presumably protect both players who could have been swindled by a hustler back within the day, as well as the families of destitute gamblers, may not be invoked within an effort to claw back money from PokerStars.
The initial case had been brought by two Illinois moms, who had been seeking reimbursement for money lost by their sons, also other players. The foundation of their claim can be an statute that is old on the publications called the Illinois Loss Recovery Law, which permits losing gamblers to sue winners for the return of their losings.
The law states:
Anyone whom by gambling shall lose to any other person, any sum of money or thing of value, amounting to the amount of $50 or more and shall pay or deliver the same or any part thereof, may sue for and recover the cash or other thing of value, so lost and paid or delivered, in a civil action against the winner thereof, with expenses, in the circuit court…
Statute of very limitations that are few
The statute also theoretically permits third parties to recover up to 3 x the total amount lost. If a losing gambler doesn’t sue the winner within six months, then ‘any person’ can claim up to 3 x the winnings.
While the two mothers claimed their sons had lost $50 each playing at PokerStars, these were, in fact, seeking to reclaim an amount that is undisclosed behalf of other random Illinois losers too, possibly running into the millions.
The judge into the original case criticized the suit for failing continually to meet with the appropriate thresholds, and failing to cite any certain ‘winning players’ or the dates on which the alleged losings happened. He also made the crucial distinction that rake charged by PokerStars could not be defined as ‘winnings,’ therefore PokerStars had not been the ‘winner’ at all.
A panel that is three-judge the federal appeals court agreed with this summary.
‘Their problem is that the defendants are perhaps not the winners of any game that any of the plaintiffs (or their sons) played,’ wrote Judge Richard Posner on behalf of the panel. ‘Charging a fee for engaging in gambling is different then winning a gamble; a croupier who supervises a casino’s poker game just isn’t a gambler, let alone a success.’
This is often a point that seems to be lost on hawaii of Kentucky, which will be trying to sue Amaya for the $870 million for a comparable basis and using a similarly antiquated state law, except that in that situation, the money would go to the state if successful.
Amaya is taking heart from the federal judgment in Illinois.
‘Our company is happy with this choice 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 club player casino codes 2018 apply the same modern logic.’