Nj-new Jersey Governor Chris Christie is fed up with how local leaders have governed Atlantic City’s economic crash.
New Jersey residents are fighting the 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 support.
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 static in tact, while 42 percent stated they favor allowing the area that is northern to maneuver forward. That’s a change that is drastic as recently as June, when 56 per cent opposed expansion and simply 37 % favored it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘Due to the fact details of the legislature’s intentions become understood, the public’s opinions will be impacted.’
Atlantic City Bankruptcy
The problem in deciding whether two casinos should be allowed to be built throughout the Hudson River from Manhattan is twofold.
Lawmakers in nj are looking for brand new sources of revenue to invest in expenditures and escalating debt. Locating casinos closer to the numerous 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 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 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 said.
Christie’s veto has led Atlantic City Mayor Don Guardian to jeopardize 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 goal is to truly save Atlantic City also to avoid bankruptcy,’ Sweeney has said.
Atlantic City is $240 million in financial obligation, $33.5 million short on its budget that is municipal owes the Borgata $160 million in property taxation overpayments. Permitting the town to file for bankruptcy 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 generated a struggle that is economic Atlantic City. Brick-and-mortar casino venues now surround what was after the gambling that is sole of the East Coast, with Pennsylvania, brand New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at least into the minds of state lawmakers, is that local officials have done small to overhaul investing and adjust to the changing market.
Atlantic City produced $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 area with under 40,000 residents.
It’s shaping up to be a rather exciting year that is political nj-new jersey. Come November, not just will residents into the Garden State perhaps see their governor while the Republican nominee for president (although that still looks like a shot that is long 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 many years.
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 business undertaking that is latest, PhilIveyDFS. (Image: Tom Donaghue/AP Pictures)
PhilIveyDFS, a brand new fantasy that is daily platform delivered by poker superstar 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 children name not to mention a multimillionaire. The habitual gambler made headlines recently for edge sorting cards while playing baccarat in both Atlantic City and London, in cases that have both involved protracted legal battles over payouts with the casinos involved.
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 casino-online-australia.net. Ranked 5th in all-time live poker earnings with nearly $24 million in real time 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 most skilled poker players the overall 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 trying to form his standalone community that is own of. Rather, the poker star is teaming aided by 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 abilities or player bases to sensibly launch their separate site. 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 platform connects different player pools to generate larger 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 bucks each.
‘Adding the Phil Ivey brand will substantially increase network-wide player liquidity and prize pools,’ iTEAM CEO Gabe Hunterton said. ‘ We now have already started a marketing that is aggressive execution plan in which PhilIveyDFS users will be able to compete immediately for more than $20,000 in weekly professional basketball contests and communicate directly with Phil.’
Although that type or types of reward pool is absolutely nothing to sneeze at, it pales in comparison to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
Fighting the Law
The environmental surroundings surrounding daily fantasy games is indeed complex. Lawmakers over the US are furiously attempting to determine in the event that 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 to your tune of vast sums of dollars.
It is a precarious predicament that remains unresolved.
DFS operators have already been delivered 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, using a third-party platform, is seemingly hedging his wagers by having iTEAM as the actual operator. Which is 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 made it quite a simple 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 an instance to claw back gambling losings from PokerStars on the grounds that rake doesn’t winnings that are equal. (Image: casnocha.com)
Amaya will not be required 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 week that is last the earlier judgement of an Illinois court that the nineteenth century law designed to presumably protect both players whom may have been swindled by a hustler back within the time, plus 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 mothers, whom were seeking reimbursement for money lost by their sons, in addition to other players. The foundation of these claim can be an statute that is old in the books called the Illinois Loss Recovery Law, which enables losing gamblers to sue winners for the return of the losses.
The law states:
Anyone who by gambling shall lose to any other person, any amount 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 money or other thing of value, therefore lost and paid or delivered, in a civil action against the winner thereof, with costs, in the circuit court…
Statute of very limitations that are few
The statute also theoretically permits third events to recover up to 3 times the quantity lost. If your losing gambler does not sue the champion within six months, then ‘any person’ can claim as much as 3 x the winnings.
While the two mothers claimed their sons had lost $50 each playing at PokerStars, these people were, in fact, searching for 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 woefully to meet with the appropriate thresholds, and failing to cite any particular ‘winning players’ or the dates on which the alleged losses occurred. He also made the distinction that is important rake charged by PokerStars could not be defined as ‘winnings,’ and so PokerStars was not 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 of the plaintiffs (or their sons) played,’ wrote Judge Richard Posner with respect to the panel. ‘Charging a fee for doing 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 success.’
This is usually a point that seems to be lost on hawaii of Kentucky, which will be trying to sue Amaya for the $870 million for a similar basis and using a similarly antiquated state law, except that in that case, the money would visit the state if effective.
Amaya is taking heart from the federal judgment in Illinois.
‘We are satisfied with this decision 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.’