New Jersey Governor Chris Christie is fed up with how local leaders have governed Atlantic City’s economic crash.
New Jersey residents are fighting hawaii’s push to allow two casinos to be built within their northern counties, but a recent poll shows that the figures are now actually starting 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 of this 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 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 percent opposed expansion and just 37 percent preferred it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘Due to the fact information on the legislature’s intentions become understood, the public’s opinions will be affected.’
Atlantic City Bankruptcy
The problem in deciding whether two gambling enterprises should be allowed to be built throughout the Hudson River from Manhattan is twofold.
Lawmakers in nj-new jersey are looking for brand new sources of revenue to invest in expenditures and debt that is escalating. Locating casinos closer to the many millions of nyc and North Jersey residents may likely do simply that, but it would presumably also drastically cut into Atlantic City’s already economy that is dire.
Local leaders in 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 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 carry on to be enablers in this waste and punishment,’ 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 save Atlantic City and 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 income tax overpayments. Permitting the town to seek bankruptcy relief would allow Atlantic City to pay for only pennies on the dollar on those debts.
Spend Money to Lose Money
Leaders in Trenton recognize that competition from neighboring northeastern states has led to 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, 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 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 believes the city’s $262 million budget is negligent for an area with under 40,000 residents.
It’s shaping up to become a rather exciting political year in nj. Come November, not just will citizens into the Garden State perhaps see their governor because the Republican nominee for president (although that still looks like a long shot at this juncture), they will also likely be faced with a few decisions to make regarding how to rescue, or perhaps bid adieu, to Atlantic City because they’ve known it for decades.
Poker Pro Phil Ivey Expands Daily Fantasy Sports Site to his empire
Poker pro Phil Ivey is gambling on the continued rise of daily fantasy activities through his business undertaking that is latest, PhilIveyDFS. (Image: Tom Donaghue/AP Graphics)
PhilIveyDFS, a brand new daily fantasy 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 forgetting a multimillionaire. The gambler that is habitual headlines recently for advantage 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 included.
The newest Jersey native who now resides in Las vegas, nevada 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 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 extremely skilled poker players the game’s ever seen, Ivey’s relocate to invade DFS emphasizes the growing popularity of daily fantasy competitions.
Ivey’s Team
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS is not building a platform from scratch or attempting to form his 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 enthusiastic about venturing into DFS that don’t have the capabilities or player bases to sensibly launch their own site that is independent. That means that Ivey is hardly the business’s only client, of course.
In fact, iTEAM hosts numerous DFS pages, if you wouldn’t know it as the organization replaces their branding with all the client’s, which in this case will likely be Phil Ivey.
The working platform connects various 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 bucks each.
‘Adding the Phil Ivey brand will substantially increase player that is network-wide and prize pools,’ iTEAM CEO Gabe Hunterton stated. ‘ We now 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 type of prize 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 daily fantasy games is certainly complex. Lawmakers throughout the US are furiously trying to determine in the event that market 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’s a precarious predicament that remains unresolved.
DFS operators have previously 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 using a third-party platform, is seemingly hedging his bets by having iTEAM as the actual operator. That will be one of the reasons the poker player decided on this network.
‘I had been honored to have multiple options but iTEAM Network’s focus on compliance and the core technology … ultimately made it a fairly easy decision,’ Ivey said.
Federal Court Rules for Amaya in Illinois Loss Healing Case, Could Affect Kentucky Case Outcome Also
In Illinois, Federal Appeals Judge Richard Posner dismissed a case to claw back gambling losings from PokerStars on the grounds that rake doesn’t equal winnings. (Image: casnocha.com)
Amaya will not be required 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 the other day upheld the sooner judgement of an Illinois court that a nineteenth century law made to presumably protect both players who could have been swindled by way of a hustler back in the time, along with the families of destitute gamblers, may not be invoked in an work to claw back money from PokerStars.
The case that is initial been brought by two Illinois moms, who were seeking reimbursement for money lost by their sons, as well as other players. The foundation of these claim is definitely an old statute still in the books called the Illinois Loss Recovery Law, which allows losing gamblers to sue winners for the return of their losses.
The law states:
Anybody who by gambling shall lose to any other person, any sum of money 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, so lost and paid or delivered, in an action that is civil the winner thereof, with costs, in the circuit court…
Statute of Really Few Limitations
The statute also theoretically permits parties that are third recover up to 3 times the quantity lost. The winnings if a losing gambler club player casino login does not sue the winner within six months, then ‘any person’ can claim up to three times.
While the two mothers claimed their sons had lost $50 each playing at PokerStars, they certainly 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 original case criticized the suit for failing to meet up with the appropriate thresholds, and failing to cite any certain ‘winning players’ or the dates on which the alleged losings took place. He additionally made the distinction that is important rake charged by PokerStars could not be defined as ‘winnings,’ therefore PokerStars was not the ‘winner’ at all.
Not Winning
A three-judge panel in the federal appeals court agreed with this summary.
‘Their problem is that the defendants are maybe not the winners 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 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 success.’
This may be a point that seems to be lost on hawaii of Kentucky, that is trying to sue Amaya for a $870 million on a comparable basis and using a similarly antiquated state law, except that in that situation, the money would visit the state if effective.
Amaya is taking heart from the federal judgment in Illinois.
‘we have been satisfied with this choice which is applicable a modern good 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.’