New Jersey Governor Chris Christie is completely fed up with how leaders that are local governed Atlantic City’s economic crash.
New Jersey residents were fighting their state’s push to allow two casinos to be built in their northern counties, but a recent poll shows that the numbers are now beginning to move away from opposition and towards help.
But even with that shift, there’s still a good way to get for legislators to conquer the support regarding the majority of their constituents.
A survey by Fairleigh Dickinson University circulated this week shows 50 percent of brand 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 area that is northern to move forward. That’s a drastic change from as recently as June, when 56 % opposed expansion and just 37 per cent preferred it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘Due to the fact information on the legislature’s motives become understood, the public’s opinions will be impacted.’
Atlantic City Bankruptcy
The issue in deciding whether two casinos should be permitted to be built throughout the Hudson River from Manhattan is twofold.
Lawmakers in New Jersey are searching for new sources of revenue to fund expenditures and debt that is escalating. Locating casinos closer to the numerous millions of New York City and North Jersey residents would likely do simply 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 requesting extra 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 week by vetoing three relief rescue packages.
‘ 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 potentially hurt the state’s overall credit rating and increase 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 lots of 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 home tax overpayments. Permitting the town to file for bankruptcy would allow Atlantic City to cover only pennies on the dollar on those debts.
Spend Money to Lose Money
Leaders in Trenton understand that competition from neighboring northeastern states has generated a economic challenge in Atlantic City. Brick-and-mortar casino venues now surround what was after the sole gambling mecca of the East Coast, with Pennsylvania, New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at least into the minds of state lawmakers, is that neighborhood officials have done small 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, just $2.56 billion, in 2015.
Sweeney thinks the city’s $262 million budget is negligent for the certain area with under 40,000 residents.
It’s shaping up to become a rather exciting political year in New Jersey. Come November, not only will residents in the Garden State perhaps see their governor as the Republican nominee for president (although that still looks like a shot that is long this juncture), they will also likely 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 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 sports through his latest company undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Graphics)
PhilIveyDFS, a new daily fantasy sports platform brought to you by poker star Phil Ivey, will soon begin offering daily fantasy 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 has made him a family group name not to mention a multimillionaire. The gambler that is habitual headlines recently for edge sorting cards while playing baccarat in both Atlantic City and London, in instances that have both involved protracted legal battles over payouts with all the casinos included.
The New Jersey native who now resides in vegas is turning his 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 online that is all-time $10.4 million, Ivey is also notorious for losing vast sums during down streaks.
Considered one of the very poker that is talented the game’s ever seen, Ivey’s proceed to invade DFS emphasizes the growing popularity of day-to-day fantasy competitions.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS is not building a platform from scratch or wanting to form his own standalone community of players. Rather, the poker celebrity is teaming using the iTEAM Network that offers 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 separate website. That means that Ivey is hardly the business’s only client, of program.
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 various player pools to generate bigger contests with larger payouts, a key necessity so that you can 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 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 or types of award pool is absolutely nothing to sneeze at, it pales in comparison to DraftKings’ upcoming club player casino no deposit bonus codes $4 million Fantasy Basketball World Championship.
Fighting the Law
The surroundings surrounding daily fantasy games is indeed complex. Lawmakers over the US are furiously trying to determine 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 would like to penalize DFS operators to your tune of vast sums of dollars.
It is a predicament that is precarious remains unresolved.
DFS operators have already 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’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 is one of the reasons the poker player selected this network.
‘I ended up being honored to have multiple options but iTEAM Network’s focus on compliance and the core technology … ultimately caused it to be a pretty 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 situation 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 required to pay back money lost by Illinois gamblers on PokerStars before Black Friday, a federal court has ruled.
The Court of Appeals for the Seventh Circuit the other day upheld the sooner judgement of an Illinois court that the nineteenth century legislation made to presumably protect both players whom may have been swindled with a hustler back within the time, as well as the families of destitute gamblers, may not be invoked in an effort to claw back money from PokerStars.
The case that is initial been brought by two Illinois mothers, whom were seeking reimbursement for cash lost by their sons, along with other players. The foundation of their claim is an statute that is old regarding the publications called the Illinois Loss Recovery Law, which enables losing gamblers to sue winners for the return of these losses.
The law states:
Anybody who by gambling shall lose to any other person, any amount of cash or thing of value, amounting to the sum of $50 or more and 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 costs, in the circuit court…
Statute of Very Few Restrictions
The statute also theoretically permits parties that are third recover up to 3 x the amount lost. The winnings if a losing gambler does not sue the winner within six months, then ‘any person’ can claim up to three times.
While the 2 mothers claimed their sons had lost $50 each playing at PokerStars, these people were, in fact, looking for to reclaim an amount that is undisclosed behalf of other random Illinois losers too, possibly running into the millions.
The judge in the case that is original the suit for failing to meet the appropriate thresholds, and failing to cite any particular ‘winning players’ or the times on which the alleged losings took place. He additionally made the essential distinction that rake charged by PokerStars could not be defined as ‘winnings,’ and therefore PokerStars wasn’t 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 not the winners of any game that any regarding the plaintiffs (or their sons) played,’ wrote Judge Richard Posner with respect to the panel. ‘Charging a fee for engaging in gambling is not the same as winning a gamble; a croupier who supervises a casino’s poker game isn’t a gambler, let alone a winner.’
This can be a point that seems to be lost on their state of Kentucky, which will be attempting to sue Amaya for the $870 million for a basis that is similar using a similarly antiquated state law, except that in that situation, the money would head to the state if effective.
Amaya is taking heart from the federal judgment in Illinois.
‘we have been pleased about 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.’