Nj-new Jersey Governor Chris Christie is completely fed up with how local leaders have actually governed Atlantic City’s economic crash.
New Jersey residents have been fighting their state’s push to allow two gambling enterprises to be built in their northern counties, but a recent poll shows that the figures are actually beginning to shift away from opposition and towards support.
But even with that shift, there’s still a long way to go for legislators to win over 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 stated they favor allowing the area that is northern to maneuver forward. That’s a drastic modification from as recently as June, when 56 per cent opposed expansion and just 37 % preferred it.
‘The public continues to be skeptical,’ Fairleigh University Professor Krista Jenkins said. ‘Once the information on the legislature’s intentions become understood, the public’s opinions will be affected.’
Atlantic City Bankruptcy
The difficulty in deciding whether two casinos should be permitted to be built over the Hudson River from Manhattan is twofold.
Lawmakers in New Jersey are searching for brand new sources of revenue to finance expenditures and debt that is escalating. Locating casinos closer to the many millions of new york and North Jersey residents would likely do simply that, however it would presumably also drastically cut into Atlantic City’s already dire economy.
Neighborhood 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 a state takeover of Atlantic City’s finances. 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 threaten bankruptcy. That could potentially hurt the state’s overall credit rating while increasing borrowing rates 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 save Atlantic City and 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 tax overpayments. Permitting the town to seek bankruptcy relief would allow Atlantic City to cover only cents 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 sole gambling mecca of the East Coast, with Pennsylvania, New York, Delaware, and Maryland all now gambling-friendly jurisdictions.
The problem, at least within 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 created $5.2 billion in income in 2006. It earned less than half that, just $2.56 billion, in 2015.
Sweeney believes 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 political year in New Jersey. Come November, not just will citizens in the Garden State possibly see their governor whilst 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 how to rescue, or perhaps bid adieu, to Atlantic City as 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 day-to-day fantasy activities through his latest business undertaking, PhilIveyDFS. (Image: Tom Donaghue/AP Pictures)
PhilIveyDFS, a 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 complete stranger to games outside of poker, the game which has made him children name and undoubtedly a multimillionaire. The gambler that is habitual headlines recently for side 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.
This new Jersey native who now resides in 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 very poker that is talented the overall game’s ever seen, Ivey’s relocate to invade DFS emphasizes the growing popularity of daily dream contests.
Unlike DFS market power players DraftKings and FanDuel, PhilIveyDFS isn’t building a platform from scratch or wanting to form their standalone community that is own of. Instead, the poker celebrity 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 capabilities or player bases to sensibly launch their particular site that is independent. That means that Ivey is hardly the company’s only client, of program.
In fact, iTEAM hosts numerous DFS pages, though you wouldn’t know it as the business replaces their branding because of the customer’s, which in this instance is going to be Phil Ivey.
The working platform links player that is various 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 network-wide player liquidity and prize pools,’ iTEAM CEO Gabe Hunterton stated. ‘ We have currently 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 sort of reward pool is nothing to sneeze at, it pales in comparison to DraftKings’ upcoming $4 million Fantasy Basketball World Championship.
Fighting the Law
The environment surrounding daily fantasy games is indeed complex. Lawmakers throughout the US are furiously attempting to decide in the event that marketplace 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 towards the 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, simply by using a third-party platform, is seemingly hedging his bets by having iTEAM as the actual operator. Which will be 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 a fairly 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 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 pay off money lost by Illinois gamblers on PokerStars before Ebony Friday, a federal court has ruled.
The Court of Appeals for the Seventh Circuit last week upheld the earlier judgement of an Illinois court that the nineteenth century legislation made to presumably protect both players whom could have been swindled by a hustler back into the day, as well as the families of destitute gamblers, may not be invoked in 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, also other players. The foundation of the claim is definitely an old statute still in the publications called the Illinois Loss Recovery Law, which permits losing gamblers to sue winners for the return of the losings.
The law states:
Anybody who by gambling shall lose to any other individual, any amount of cash 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 an action that is civil the winner thereof, with costs, in the circuit court…
Statute of Very Few Limitations
The statute also theoretically permits third parties to recover up to 3 x the amount lost. If your losing gambler does not sue the champion within six months, then ‘any person’ can claim up to three times the winnings.
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 within the case that is original the suit for failing woefully to meet the appropriate thresholds, and failing to cite any specific ‘winning players’ or the dates on which the alleged losses took place. He additionally made the crucial difference that rake charged by PokerStars could not be defined as ‘winnings,’ and so PokerStars had not been 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 perhaps not the winners of any game that any for the plaintiffs (or their sons) played,’ wrote Judge Richard Posner with respect to the panel. ‘Charging a fee for participating in gambling is totally different from winning a gamble; a croupier who supervises a casino’s poker game just isn’t a gambler, let alone a winner.’
This can be a point that seems to be lost on hawaii of Kentucky, which will be trying to sue Amaya for a $870 million on 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 are pleased about 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.’