Nj-new Jersey Governor Chris Christie is frustrated with how leaders that are local governed Atlantic City’s economic crash.
New Jersey residents were fighting their state’s push to allow two gambling enterprises to be built in their north counties, but a recent poll shows that the figures are actually beginning to move away from opposition and towards help.
But even with that shift, there’s still a long distance to go for legislators to make an impression on the support of this 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 area that is northern to move forward. That’s a change that is drastic as recently as June, when 56 percent opposed expansion and simply 37 per cent favored 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.’
The difficulty in determining whether two gambling enterprises should be permitted to be built across 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 many millions of new york and North Jersey residents would likely do just 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 requesting additional state aid, but State Senate President Stephen Sweeney (D-District 3) recently introduced legislation for a continuing 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 said.
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.
To file for bankruptcy, hawaii legislature and Christie would have to approve the action, which seems very unlikely.
‘My goal is to save Atlantic City also to avoid bankruptcy,’ Sweeney has said.
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 seek bankruptcy relief would allow Atlantic City to cover only cents on the dollar on those debts.
Leaders in Trenton realize that competition from neighboring northeastern states has resulted in a financial struggle 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 minimum within the minds of state lawmakers, is that regional officials have done little 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, simply $2.56 billion, in 2015.
Sweeney thinks the town’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 New Jersey. Come November, not only will residents 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 confronted with a series of decisions to make regarding exactly how to rescue, or perhaps bid adieu, to Atlantic City while they’ve known it for many years.
Poker pro Phil Ivey is gambling regarding the continued increase of daily fantasy sports through his latest business undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Images)
PhilIveyDFS, a brand new daily dream 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 that has made him children name and of course a multimillionaire. The habitual gambler made headlines recently for advantage sorting cards while playing baccarat in both Atlantic City and London, in situations that have both involved protracted legal battles over payouts with all the casinos involved.
This new Jersey native who now resides in Las vegas, nevada is turning their attention to DFS in what he hopes will be his next business endeavor that is prosperous. 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 very talented poker players the overall game’s ever seen, Ivey’s move to invade DFS emphasizes the growing popularity of daily fantasy competitions.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS is not building a platform from scratch or attempting to form their standalone community that is own of. Alternatively, the poker star is teaming aided by the iTEAM Network that offers a turnkey DFS platform for clients.
iTEAM provides software solutions for companies and brands thinking about venturing into DFS that do not have the abilities or player bases to sensibly launch their site that is independent. That means that Ivey is hardly the company’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 links various player pools to generate larger contests casino-online-australia.net with larger payouts, a key necessity in order 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 stated. ‘ We now have already started an aggressive marketing and execution plan in which PhilIveyDFS users will be able to compete immediately for more than $20,000 in weekly pro basketball contests and interact directly with Phil.’
Although that type of reward pool is absolutely nothing to sneeze at, it pales in comparison to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
The environmental surroundings surrounding daily fantasy games is certainly complex. Lawmakers throughout the US are furiously attempting to determine in the event that marketplace is legal.
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 billions of dollars.
It’s a precarious predicament that remains unresolved.
DFS operators have 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, simply by using a third-party platform, is apparently hedging his bets by having iTEAM as the operator that is actual. That is one of many 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 made it a pretty simple decision,’ Ivey said.
In Illinois, Federal Appeals Judge Richard Posner dismissed a situation 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 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 last week upheld the sooner judgement of an Illinois court that the 19th century legislation designed to presumably protect both players whom could have been swindled by way of a hustler back within the day, as well as the families of destitute gamblers, may not be invoked within an work to claw back money from PokerStars.
The initial case had been brought by two Illinois moms, who 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 publications called the Illinois Loss Recovery Law, which allows losing gamblers to sue winners for the return of these losses.
What the law states states:
Anyone whom by gambling shall lose to any other person, any sum of money or thing of value, amounting to the amount 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, so lost and paid or delivered, in a civil action against the winner thereof, with costs, in the circuit court…
The statute also theoretically permits parties that are third recover up to 3 times the quantity 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 two mothers claimed their sons had lost $50 each playing at PokerStars, they 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 within the case that is original the suit for neglecting to meet with the legal thresholds, and failing to cite any particular ‘winning players’ or the times on which the alleged losings occurred. He additionally made the important difference that rake charged by PokerStars could not be defined as ‘winnings,’ and therefore 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 not the champions of any game that any of this 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 is not a gambler, let alone a winner.’
This is often a point that seems to be lost on their state of Kentucky, that is attempting to sue Amaya for a $870 million on a similar basis and using a similarly antiquated state law, except that in that situation, the money would head to the state if successful.
Amaya is taking heart from the federal judgment in Illinois.
‘We are satisfied with this decision which is applicable 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.’