New Jersey Residents Slowly Warming to Casino Expansion Efforts into Northern Region
New Jersey Governor Chris Christie is frustrated with how local leaders have governed Atlantic City’s economic crash.
New Jersey residents have now been fighting hawaii’s push to allow two gambling enterprises to be built inside their north counties, but a recent poll shows that the figures are actually starting to move away from opposition and towards help.
But even with that shift, there’s still a good way to get for legislators to win over the support associated with 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 said they favor allowing the northern area expansion to move forward. That’s a drastic modification from as recently as June, when 56 per cent 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 details of the legislature’s motives become understood, the public’s opinions will be affected.’
Atlantic City Bankruptcy
The issue in determining whether two gambling enterprises should be permitted to be built throughout the Hudson River from Manhattan is twofold.
Lawmakers in nj-new jersey are looking for new sources of revenue to finance expenditures and debt that is escalating. Locating casinos closer to the many millions of New York City and North Jersey residents would probably do just that, however it would presumably also drastically cut into Atlantic City’s already economy that is dire.
Regional leaders within the seaside gambling resort town are asking for 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 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 threaten bankruptcy. That could possibly 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 objective is to truly 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 home taxation overpayments. Permitting the town to seek bankruptcy relief would allow Atlantic City to pay only pennies on the dollar on those debts.
Spend Money to Lose Money
Leaders in Trenton realize that competition from neighboring northeastern states has generated a struggle that is economic Atlantic City. Brick-and-mortar casino venues now surround what was when the sole gambling mecca of the East Coast, with Pennsylvania, New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at minimum into the minds of state lawmakers, is that regional officials have done small to overhaul spending and adjust to the changing market.
Atlantic City created $5.2 billion in revenue in 2006. It earned less than half that, simply $2.56 billion, in 2015.
Sweeney believes the city’s $262 million budget is negligent for the area with under 40,000 residents.
It’s shaping up to become a rather exciting year that is political nj-new jersey. Come November, not just will residents in the Garden State perhaps see their governor because the Republican nominee for president (although that still looks like a shot that is long this juncture), they’ll also likely be confronted with a few decisions to make regarding exactly how to rescue, or perhaps bid adieu, to Atlantic City as they’ve known it for many years.
Poker Pro Phil Ivey Expands His Empire with Daily Fantasy Sports Site
Poker pro Phil Ivey is gambling on the continued rise of day-to-day fantasy sports through his latest company undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Photos)
PhilIveyDFS, a brand new daily fantasy sports platform delivered 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 stranger to games outside of poker, the game who has made him a household name and of course a multimillionaire. The gambler that is habitual headlines recently for edge sorting cards while playing baccarat in both Atlantic City and London, in instances which have both involved protracted legal battles over payouts with all the casinos included.
The New Jersey native who now resides in nevada 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 game’s ever seen, Ivey’s move to invade DFS emphasizes the growing popularity of day-to-day dream contests.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS is not building a platform from scratch or trying to form their standalone community that is own of. Rather, the poker celebrity is teaming aided by 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 particular site that is independent. 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 links various player pools to generate larger contests with larger payouts, a key necessity in order to have any 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 player that is network-wide and prize pools,’ iTEAM CEO Gabe Hunterton said. ‘ We now have currently 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 pro basketball contests and interact directly with Phil.’
Although that type or types of prize pool is nothing to sneeze at, it pales in contrast to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
Fighting the Law
The environmental surroundings surrounding daily fantasy games is certainly complex. Lawmakers across the US are furiously wanting to determine 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 wants to penalize DFS operators to the tune of vast sums of dollars.
It is a precarious predicament that remains unresolved.
DFS operators have been delivered out of town on a rail by Nevada’s Gaming Commission after the Silver State’s attorney general, Adam Laxalt, declared it’s not legal.
But Ivey, by utilizing a third-party platform, is seemingly hedging his wagers by having iTEAM as the operator that is actual. Which will be one of many reasons the poker player selected this network.
‘I was 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 Healing Case, Could Kentucky Case Outcome that is affect Also
In Illinois, Federal Appeals Judge Richard Posner dismissed a case 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 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 the nineteenth century legislation built to presumably protect both players whom could have been swindled by way of a hustler back within the day, plus the families of destitute gamblers, might not be invoked within an effort to claw back money from PokerStars.
The case that is initial been brought by two Illinois mothers, whom were seeking reimbursement for the money lost by their sons, as well as other players. The foundation of these claim is an old statute still regarding the books called the Illinois Loss Recovery Law, which enables losing gamblers to sue winners for the return of these losses.
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, so lost and paid or delivered, in an action that is civil the winner thereof, with costs, in the circuit court…
Statute of very limitations that are few
The statute also theoretically permits parties that are third recover up to 3 x the total amount lost. If a losing gambler does not sue the champion 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, looking for to reclaim an undisclosed amount on behalf of other random Illinois losers too, possibly running into the millions.
The judge within the original case criticized the suit for failing woefully to meet up with the legal thresholds, and failing to cite any particular ‘winning players’ or the dates on which the alleged losings happened. He also made the distinction that is important 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 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 casino-online-australia.net participating in gambling is totally different from winning a gamble; a croupier who supervises a casino’s poker game isn’t a gambler, let alone a winner.’
This is usually a point that appears to be lost on hawaii of Kentucky, which will be trying to sue Amaya for the $870 million on a similar basis and using a similarly antiquated state law, except that in that instance, the money would go to the state if successful.
Amaya is taking heart from the federal judgment in Illinois.
‘Our company is pleased with this choice which applies a modern commonsense 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.’