New Jersey Governor Chris Christie is frustrated with how local leaders have actually governed Atlantic City’s economic crash.
New Jersey residents are fighting the state’s push to allow two gambling enterprises to be built in their north counties, but a recent poll shows that the numbers are now starting to shift away from opposition and towards support.
But even with that shift, there’s still a long way to get for legislators to make an impression on 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 move forward. That’s a drastic modification from 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. ‘Once the information on the legislature’s motives become understood, the public’s opinions will be affected.’
Atlantic City Bankruptcy
The problem in determining whether two gambling enterprises should be allowed to be built over the Hudson River from Manhattan is twofold.
Lawmakers in nj are searching for new sources of revenue to invest in expenditures and debt that is escalating. Locating casinos closer to the numerous millions of nyc and North Jersey residents would likely do just that, however it would presumably also drastically cut into Atlantic City’s already economy that is dire.
Local leaders in the seaside gambling resort town are seeking additional state aid, but State Senate President Stephen Sweeney (D-District 3) recently introduced legislation for the state takeover of Atlantic City’s funds. Governor Chris Christie (R) sided with Sweeney this by vetoing three relief rescue packages week.
‘ The governor will not ask the taxpayers to keep become enablers in this waste and abuse,’ 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 while increasing borrowing prices for Trenton.
The state legislature and Christie would need to approve the action, which seems very unlikely to file for bankruptcy.
‘My goal is to save Atlantic City and to avoid bankruptcy,’ Sweeney has said.
Atlantic City is $240 million in debt, $33.5 million short on its municipal budget, and owes the Borgata $160 million in property income tax overpayments. Permitting the town to seek bankruptcy relief would allow Atlantic City to pay for 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 gambling that is sole of the East Coast, with Pennsylvania, New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at minimum within the minds of state lawmakers, is that neighborhood officials have inked little to overhaul investing and adjust to the market that is changing.
Atlantic City generated $5.2 billion in revenue in 2006. It earned less than half that, just $2.56 billion, in 2015.
Sweeney believes the city’s $262 million budget is negligent for an area with under 40,000 residents.
It’s shaping up to be always a rather exciting political year in nj-new jersey. Come November, not just will citizens within the Garden State perhaps see their governor while the Republican nominee for president (although that still looks like a long shot at this juncture), they’ll also be faced with a number of decisions to make regarding how to rescue, or perhaps bid adieu, to Atlantic City while they’ve known it for many years.
Poker Pro Phil Ivey Expands Daily Fantasy Sports Site to his empire
Poker pro Phil Ivey is gambling on the continued increase of day-to-day fantasy recreations through his latest company undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Graphics)
PhilIveyDFS, a brand new daily dream sports platform presented by poker star Phil Ivey, will soon begin offering daily fantasy 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 a household name not forgetting 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 with the casinos involved.
The brand new Jersey native who now resides in Las vegas, nevada is turning his attention to DFS in what he hopes will be his next successful business endeavor. Ranked 5th in all-time live poker earnings with nearly $24 million in real time 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 very talented poker players the game’s ever seen, Ivey’s go on to invade DFS emphasizes the growing popularity of day-to-day dream competitions.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS isn’t building a platform from scratch or wanting to form their very own standalone community of players. Alternatively, the poker celebrity is teaming with all the iTEAM Network that provides a turnkey DFS platform for clients.
iTEAM provides software solutions for companies and brands thinking about venturing into DFS that don’t have the abilities or player bases to sensibly launch their very own separate website. That means that Ivey is hardly the company’s only client, of course.
In fact, iTEAM hosts numerous DFS pages, as the company replaces their branding with the client’s, which in this case will be Phil Ivey though you wouldn’t know it.
The working platform connects different player pools to generate bigger 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 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 communicate directly with Phil.’
Although that types of award pool is nothing to sneeze at, it pales in contrast to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
Fighting the Law
The surroundings surrounding day-to-day fantasy games is certainly complex. Lawmakers over the US are furiously attempting to determine in the event that marketplace is appropriate.
The contests are said by some leaders 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 vast sums of dollars.
It’s a precarious predicament that remains unresolved.
DFS operators have previously 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 using a third-party platform, is seemingly hedging his bets by having iTEAM as the operator that is actual. That will be one of many reasons this network was chosen by the poker player.
‘I had been honored to have multiple options but iTEAM Network’s focus on compliance and the core technology … ultimately managed to make it a pretty effortless 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 a case to claw back gambling losses from PokerStars on the grounds that rake does not winnings that are equal. (Image: casnocha.com)
Amaya will not be needed to pay off money lost by Illinois gamblers on PokerStars before Ebony 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 a 19th century legislation made to presumably protect both players whom could have been swindled by a hustler back into the time, as well as the families of destitute gamblers, may possibly not be invoked within an work to claw back money from PokerStars.
The case that is initial been brought by two Illinois mothers, who had been seeking reimbursement for the money lost by their sons, along with other players. The foundation of these claim is an statute that is old regarding the books called the Illinois Loss Recovery Law, which allows losing gamblers to sue winners for the return of their losings.
The law states:
Anybody whom 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, so lost and paid or delivered, in a civil action against the winner thereof, with costs, in the circuit court…
Statute of Very Few Limitations
The statute also theoretically permits parties that are third recover up to 3 times the total amount lost. If your losing gambler does not sue the winner within six months, then ‘any person’ can claim as much as three times the winnings.
While the two mothers claimed their sons had lost $50 each playing at PokerStars, these were, in fact, seeking to reclaim an undisclosed amount on behalf of other random Illinois losers too, possibly running into the millions.
The judge within the case that is original the suit for failing to meet with the appropriate thresholds, and failing to cite any specific ‘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 therefore PokerStars had not been the ‘winner’ at all.
A three-judge panel in the federal appeals court agreed with this summary.
‘Their issue is that the defendants are not the winners of any game that any associated with 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 isn’t a gambler, let alone a success.’
This is a point that seems to be lost on their state of Kentucky, which no deposit bonus codes club player casino 2018 will be trying to sue Amaya for the $870 million for a basis that is similar 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.
‘Our company is pleased with this decision which applies a modern common sense 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.’