New Jersey Governor Chris Christie is fed up with how leaders that are local governed Atlantic City’s economic crash.
New Jersey residents are fighting the state’s push to allow two gambling enterprises to be built inside their northern counties, but a recent poll shows that the figures are now beginning to shift away from opposition and towards help.
But even with that shift, there’s still a long way to get for legislators to conquer the support of 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 remain in tact, while 42 percent said they favor allowing the northern area expansion to maneuver forward. That’s a change that is drastic as recently as June, when 56 % opposed expansion and just 37 % favored it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘Due to the fact information on the legislature’s intentions become known, the public’s opinions will be affected.’
Atlantic City Bankruptcy
The issue in determining whether two casinos should be permitted to be built throughout the Hudson River from Manhattan is twofold.
Lawmakers in nj-new jersey are searching for new sources of revenue to finance expenditures and debt that is escalating. Locating casinos closer to the many millions of new york and North Jersey residents may likely do just that, however it would presumably also drastically cut into Atlantic City’s already economy that is dire.
Local leaders into 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 continuing state takeover of Atlantic City’s finances. 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 stated.
Christie’s veto has led Atlantic City Mayor Don Guardian to jeopardize bankruptcy. That could possibly hurt the state’s overall credit rating and increase borrowing rates for Trenton.
To file for bankruptcy, the state legislature and Christie will have to accept the action, which seems most unlikely.
‘My goal is to truly save Atlantic City and to avoid bankruptcy,’ Sweeney has said.
Atlantic City is $240 million in debt, $33.5 million short on its budget that is municipal owes the Borgata $160 million in home taxation overpayments. Permitting the town to file for bankruptcy would allow Atlantic City to pay for only pennies 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 challenge in Atlantic City. Brick-and-mortar casino venues now surround what was when the gambling that is sole of the East Coast, with Pennsylvania, New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at least in the minds of state lawmakers, is that local officials have inked little to overhaul investing and adjust to the market that is changing.
Atlantic City generated $5.2 billion in income in 2006. It earned less than half that, simply $2.56 billion, in 2015.
Sweeney thinks the town’s $262 million budget is negligent for the certain area with under 40,000 residents.
It’s shaping up to be always a rather exciting governmental year in nj-new jersey. Come November, not just will residents into the Garden State perhaps see their governor since the Republican nominee for president (although that still looks like a long shot at this juncture), they will also be confronted with a few decisions to make regarding just 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 in the continued increase of daily fantasy recreations through his business undertaking that is latest, PhilIveyDFS. (Image: Tom Donaghue/AP Pictures)
PhilIveyDFS, a brand new daily dream sports platform delivered by poker star Phil Ivey, will soon begin offering daily dream sports (DFS) contests on many different leagues including the NFL, NBA, MLB, and NHL.
Ivey is no stranger to games outside of poker, the game which has made him a family group 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 situations that have both involved protracted legal battles over payouts aided by the casinos included.
The latest Jersey native who now resides in Las Vegas is turning their attention to DFS in what he hopes will be his next business endeavor that is prosperous. Ranked fifth 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 relocate to invade DFS emphasizes the growing popularity of day-to-day fantasy competitions.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS isn’t building a platform from scratch or trying to form their very own standalone community of players. Instead, the poker star is teaming because of the iTEAM Network that provides a turnkey DFS platform for clients.
iTEAM provides software solutions for companies and brands enthusiastic about venturing into DFS that do not have the capabilities or player bases to sensibly launch their very own separate website. 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 with all the customer’s, which in this case are going to be Phil Ivey.
The platform connects player that is various to generate more substantial contests with larger payouts, a key necessity to be able to have any 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 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 interact directly with Phil.’
Although that type 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 day-to-day fantasy games is indeed complex. Lawmakers throughout the US are furiously attempting to decide in the event that marketplace is legal.
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 wants to penalize DFS operators to the tune of billions of dollars.
It is a predicament that is precarious remains unresolved.
DFS operators have been sent 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 actual operator. Which is one of the 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 managed to make it a fairly decision that is easy’ 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 case to claw back gambling losses from PokerStars on the grounds that rake does not equal winnings. (Image: casnocha.com)
Amaya will not be needed to pay off money lost by Illinois gamblers on PokerStars before Black Friday, a federal court has ruled.
The Court of Appeals for the Seventh Circuit week that is last the earlier judgement of an Illinois court that the nineteenth century law designed to presumably protect both players whom might have been swindled with a hustler back into the day, plus the families of destitute gamblers, may possibly not be invoked in a effort to claw back money from PokerStars.
The initial case had been brought by two Illinois moms, whom were seeking reimbursement for the money lost by their sons, along with other players. The foundation of these club player casino no deposit bonus codes claim can be an old statute nevertheless regarding the books called the Illinois Loss Recovery Law, which allows losing gamblers to sue winners for the return of the losings.
The law states:
Anyone whom by gambling shall lose to any other individual, any sum of cash or thing of value, amounting to the sum of $50 or many shall pay or deliver the same or any part thereof, may sue for and recover the cash or other thing of value, therefore lost and paid or delivered, in a civil action against the winner thereof, with expenses, in the circuit court…
Statute of Very Few Restrictions
The statute also theoretically permits parties that are third recover up to three times the amount lost. If a losing gambler will not sue the winner within six months, then ‘any person’ can claim as much as three times the winnings.
While the 2 mothers claimed their sons had lost $50 each playing at PokerStars, these people 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 in the original case criticized the suit for neglecting to meet the legal thresholds, and failing to cite any specific ‘winning players’ or the times on which the alleged losings happened. He also made the important difference that rake charged by PokerStars could not be defined as ‘winnings,’ and for that reason PokerStars wasn’t the ‘winner’ at all.
A three-judge panel in the federal appeals court agreed with this summary.
‘Their issue is that the defendants are maybe not the champions of any game that any associated with plaintiffs (or their sons) played,’ wrote Judge Richard Posner with respect to the panel. ‘Charging a fee for doing gambling is different then winning a gamble; a croupier who supervises a casino’s poker game just isn’t a gambler, let alone a winner.’
This is usually a point that seems to be lost on their state of Kentucky, that is attempting to sue Amaya for a $870 million for a basis that is similar using a similarly antiquated state law, except that in that instance, the money would head to the state if successful.
Amaya is taking heart from the federal judgment in Illinois.
‘we have been pleased with this choice which applies a modern good judgment approach 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.’