Ny Atto<span id="more-9841"></span>rney General Looking Into Casino Bidding Process

Tioga Downs owner Jeff Gural is among anyone who has been approached by state investigators asking questions regarding New York’s casino licensing process.

The New York state attorney general’s workplace has apparently exposed an inquiry into just how the 3 web sites that had been recommended by the Gaming Facility Location Board were plumped for, and whether the putting in a bid process in general had been fair.

Based on different reports, investigators for New York Attorney General Eric Schneiderman have actually met with some associated with the bidders who were part of the casino selection process, apparently to investigate whether conflicts of great interest or other problems were present during the selection.

According to a report by Central New York Media, the three winning bidders all had ties to Taft, Stettinius & Hollister.

That company merged with attorney Shefsky & Froelich final 12 months, after which it became the lead gambling consultant for the location board. In total, five of the 16 casino bids mentioned ties to the organizations as a conflict that is potential of.

Gural Says Investigators Approached Him About Process

According to Tioga Downs owner Jeff Gural, he has spoken to investigators concerning the bidding procedure. But though Gural has previously complained concerning the tier that is southern passed over and has now lobbied for his proposed casino to obtain a second look, he says he had not been wanting to allege any illegal activity in the process.

‘I don’t get in touch with the AG,’ Gural said. ‘It had not been my intent to whine.’

Gural stated that while he told detectives that he didn’t think any laws was broken during the putting in a bid process, he did have concerns in regards to the potential conflict of interest caused by a winning bidder’s connections to that particular casino consulting firm, something he feels may not have been reasonable.

James Featherstonhaugh, an Albany lobbyist who worked with two losing bidders, also said that state investigators had contacted his clients in recent days. But, he offered remarks that were even softer compared to those of Gural, saying that he wasn’t accusing the location board of any impropriety while he was disappointed in the results.

‘We thought that the process ended up being managed fairly and skillfully,’ Featherstonhaugh told the New York circumstances. ‘We desire we had won. But we didn’t.’

Location Board Says Process Was Fair and Transparent

According to location board spokesperson Lee Park, Taft’s role along the way was only to compile submitted materials into more effortlessly comparable summaries that board members could use.

‘Taft had no direct input into decision-making of the board people,’ Park stated last month.

In a statement issues Monday, Park reiterated that the procedure ended up being fair and followed the principles established by New York’s casino legislation.

‘The casino process that is sitting followed the provisions of the Upstate ny Gaming Economic Development Act, which called for unprecedented transparency,’ Park said. ‘All material regarding titanic free slot play online the process, including legally required disclosures of potential conflicts of interest, are available on our internet site for anybody to examine.’

The investigation comes while the location board is preparing to deliver a report that is final the three sites chosen for gambling enterprises on Friday. On that day, the board is also expected to consider a formal request for allowing new proposals from the Southern Tier region, possibly allowing a fourth unused casino license become granted to a project here.

The three recommended casino projects in upstate New York include Montreign Resort and Casino in Thompson (located in the Catskills), Rivers Casino and Resort in Schenectady, and Lago Resort Casino in Tyre, near the Finger Lakes at the moment.

Revel Sold To Florida Billionaire Straub For $82 Million

Right Back through the dead: Glenn Straub finally gets his arms regarding the shuttered Revel casino resort, which he plans to show into a casino-cum-center dedicated to life extension technology. (Image: wsj.com)

Sold, to the eccentric Florida billionaire into the row that is front one gigantic, doomed casino resort that leakages $2 million a week. Stunning views associated with coastline.

Yes, after months of tortuous wrangling that is legal property developer Glenn Straub has finally got his mitts on the stricken Revel Casino Resort in Atlantic City. He shall pay $82 million for the building, a fraction of the $2.4 billion it cost to build.

His plans? Well, Revel will NOT become an elite university where in fact the brightest minds on earth can wander up and down the boardwalk ruminating on answers to international dilemmas, such as ‘famine, cancer and waste that is nuclear,’ as Straub previously proposed.

Instead, it will become some kind of strange center dedicated to the search for eternal youth, or ‘life-extension science,’ to use the favored terminology. We imagine this really is very big in Florida.

Oh, and a casino.

Life Extension for Revel

Yes, despite, previous statements that he dislikes the very concept of Atlantic City as a casino town and that he would feel uncomfortable about profiting from gambling (although, provided Revel’s history, there would appear to be little chance of that), Straub has tantalizingly revealed that the failed casino property will reopen as a casino. Albeit a strange one. After all, as he explained to Bloomberg this week: ‘It’s a shame not to have some entertainment.’

‘ I think we can help a complete lot of people,’ added Straub of Revel’s forthcoming life-extension facilities. ‘We’ll offer you a of knowledge and maybe extend your life. week’

One factor that may have been instrumental in Straub compromising his convictions about casinos could be the crippling power bill that’s tagged onto Revel. While Straub was the original ‘stalking horse’ in Revel’s bankruptcy auction, establishing the beds base bid at $90 million, the auction was eventually won by the company that is canadian Asset Management, by having a bid of $110 million.

Energy Bills from Hell

But Brookfield balked and bolted whenever it saw the energy that is annual of $36 million. In contrast, the Borgata, which has doubly numerous resort rooms and a more substantial casino floor, paid $11.7 million a year ago in energy costs.

The property gets its energy from a plant that is adjacent owned by ACR Partners LLC, which was built specifically for that function and with Revel is its sole customer. Revel AC Inc started building the charged power plant whenever work started on the home, in 2008.

When the company ran away from money, nonetheless, the plant was taken over by ACR, which demanded a 15 percent return on its equity within the first five years and 18 percent from then on. Revel’s obligations to ACR constitute equity payments totaling $20.1 million annually, plus $4 million for operations and maintenance.

Resorts Casino Resort Joins New Jersey On The Web Gambling Fray

Resorts will become the casino that is fifth in Atlantic City to start an online gambling site in the state of New Jersey. (Image: Donald Kravitz/Getty Pictures)

Resorts Casino Hotel may rank last among the Atlantic that is remaining City in terms of income, but that’s not stopping them from jumping directly into the online gambling world.

This week, Resorts will end up the fifth Atlantic City casino company to provide gambling that is online the state of the latest Jersey. With a luck that is little they might also be joined by a very powerful partner within the days or months to come.

Resorts will end their five-day assessment period on Wednesday, the second of two full times of operation that follow three partial days of gaming.

Meaning the casino’s online gambling sites is totally operational on Thursday, just per week Resorts received their waiver that is transactional from New Jersey Division of Gaming Enforcement (DGE).

Resorts Boasts Range that is wide of Games, No Poker at Launch

‘As New Jersey’s first casino destination, Resorts is committed to delivering the best-in-class gaming that is online in the Garden State by partnering with gaming leaders, including SNG Interactive, which houses Sportech and NYX Gaming Group,’ said Mark Giannantonio, CEO and president of Resorts Casino Hotel.

‘With SNG’s flexible gaming solutions and exclusive game content, we’re excited to introduce Europe’s industry-leading casino slots and dining table games towards the United States market for the best online user experience.’

Resorts joins the Borgata, Golden Nugget, Tropicana and Caesars Entertainment in providing online casinos in New Jersey. Right now, only the Borgata (partnered with partypoker) and Caesars (with 888 Holdings) offer online poker.

That is not something that Resorts can boast right out from the gate. Nevertheless, they are likely to enter the net poker landscape sooner rather than later on. Resorts has a partnership that is existing because of the Rational Group, the parent company of PokerStars and Full Tilt that is now owned by Amaya Gaming.

A formidable competitor in the online poker sphere while Amaya’s licensing application has been delayed, there have been signs that the company could gain a New Jersey license soon, which would likely make resorts.

PokerStars, Comprehensive Tilt Could Provide Games if Certified

‘Resorts has built an exclusive relationship with PokerStars and Full Tilt Poker, two of the very popular and powerful online gaming brands on the planet,’ reads an FAQ web page for Resorts. ‘This means Resorts will be providing New Jersey with the best casino that is online poker web sites with the industry’s most competitive products.’

For now, though, the focus will be on providing casino services and products. According to Resorts, their web site will ‘feature the biggest selection of casino slots and table games in the state of brand New Jersey also exclusive games and highly coveted content that are unavailable somewhere else.’

Resorts Casino Hotel was the first casino built in Atlantic City, opening in 1978. Resorts have been a hefty contributor to the campaign to legalize gambling in brand New Jersey, supporting the referendum on the issue that ended up being passed away by state voters in 1976.

Resorts is going to be entering a gambling that is online in New Jersey that has been growing in recent months. In January, the state’s online gambling sites brought in $11.6 million, up over 22 per cent in comparison to the same month year that is last.

The only real element of the state’s Internet gambling framework that appears to be struggling is online poker, which could get a major boost if PokerStars is permitted to begin operations in partnership with Resorts.

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