A casino in Jersey City could fight off competition from nyc in the Garden State casino market (Image: sloanspringer.com)
Venture capitalist Paul Fireman wants to build a $4.6 billion casino resort in Jersey City, according to reports by this new Jersey press. State Governor Chris Christie recently declared his openness to the expansion of casino gaming into North Jersey, and it appears Fireman, who is A ceo that is former of and today runs Fireman Capital Partners, is working difficult to make it happen.
The businessman has been ending up in brand New Jersey politicians over the past month to discuss their proposal for a 95-story hotel and casino increasing above New York Harbor that will also feature a motorsports stadium and ‘the largest Ferris wheel into the world.’
Atlantic City, which includes always had the monopoly on casino gaming since the property that is first there in 1978, has lately been in serious economic straits. Despite injections of money and a plan that is five-year rejuvenate the town, spearheaded by Governor Christie in 2011, its casino market neglected to bounce back through the recession, because was indeed hoped.
Additionally, it has been hit hard by brand new competition from neighboring states such as for instance Pennsylvania, which has superseded New Jersey as the 2nd biggest casino market in the united states, after Nevada. And even though Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has apparently been forced to concede that the tactic that is new needed.
Good News for AC?
But not even close to hurting Atlantic City, numerous analysts believe that an expansion in the north will help the resort that is ailing. The proposed resort in Jersey would sit right across the harbor from Manhattan, and would work being a bastion, protecting brand New Jersey from further competition from the new casinos prepared for upstate New York, diverting New Yorkers and vacationers away from those casinos, while gathering revenue that could assist develop Atlantic City.
State Senate President Stephen Sweeney agrees.
‘This discussion is going to be had because it has to be had, nonetheless it will not be had at Atlantic City’s expense,’ he said. ‘If anyone thinks that I’m maybe not devoted to Atlantic City, they’re crazy. We can’t ignore that competition is going to be in New York shortly. But if nj-new Jersey reacts by opening a casino in North Jersey, it should take place in ways that will benefit Atlantic City truly. Right now we tax casinos at eight-and-a-half %. Maybe we set a tax that is new for a casino in the north and a portion of that that’s significant enough to aid Atlantic City involves Atlantic City.’
‘It Will Blow Away Macau’
While casino expansion into North Jersey would require an amendment to the state constitution, Sweeney said recently which he ended up being ready to enable citizens to vote on this kind of amendment next year. And while details of the proposed development in Jersey City remain few and far between, it seems that Fireman has convinced some people in high places already.
Jersey City Mayor Steve Fulop indicated his excitement this week about a ‘world-class facility which includes a casino, resort and convention center also the greatest Ferris wheel on earth all located next to the best park in nj-new jersey (Liberty State Park).’ He added that the project would ‘create 25,000 jobs’ and attract ‘over $5 billion of investment.’
‘It’s huge,’ said state Senator Raymond Lesniak, that has met with Fireman. ‘It has the factor that is wow; it’s going to blow away Macau as a destination place for gaming.’
Casinos Seek Conscious Uncoupling from US Dog Racing
Greyhound dog racing is now simply a sideshow at most US tracks, where casino games bring within the profits that are real. The sport has additionally been the subject of intense criticism. (Image: derrydaily.net)
In the event that you look around america, you’ll nevertheless see an amount that is fair of racing, at least in those states that have not made the practice illegal, following massive critique of several of this dilemmas surrounding the sport. But at many tracks, greyhounds are now raced only to fulfill a legal obligation that allows the owners to additionally stage more profitable tasks. And in case the time comes when that inspiration to stage dog races goes away, there might be no reason left to have them at all: something that people would say is a thing that is good.
The signs of dog race’s demise were seen by industry experts for decades. In 1990, there was nearly $1 billion bet on real time dog races in Florida, one of many remaining hotbeds for the competitions. In 2013, that number had dropped to $258 million. The decrease is mostly attributed to the spread of casino gambling throughout the national country, which gave gamblers and tourists more options for spending their some time money.
Dog Racing Merely a Road to Casino Revenues
Yet those same casinos have likely saved greyhound racing at the time that is same. Many tracks are subsidized by the casinos that are same have actually taken their business away, making it profitable to help keep the events going, even as interest in them has waned.
The track owners actually run casinos, slot parlors, or poker rooms themselves in many cases. In these situations, it’s almost always the other business that is profitable; the events are needed as section of licenses that require ‘coupling’ the casino-style games with events.
That’s the situation in Florida, which is still home to 12 of the 21 American tracks offering live racing that is greyhound. Many other tracks do not have their very own races anymore, and keep up the rushing part of the bargain only by simulcasting competitions from other tracks.
Owners, Opponents Want Decoupling
It has left racetrack that is many to push for a ‘decoupling’ movement that would end their obligation to run dog races and just allow them to focus on the other gambling passions. This has caused a unusual alliance between track owners and animal rights teams whom think that the events are cruel and that the dogs are mistreated. These teams believe that decoupling will inevitably induce the end (however slowly) of greyhound racing in the United States.
In Florida’s latest make an effort to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it may come year that is back next. Similarly, western Virginia killed a bill that would have slice the licensing fees and reduced the number that is minimum of days required at certainly one of hawaii’s two dog racing tracks.
With both owners and opponents on board for decoupling, you might be wondering who is against the change. One answer is the horse industry that is racing which believes this kind of movement could eventually kill their sport aswell.
Horse racing is just a a great deal more popular and sport that is financially viable greyhound race. However, only the largest tracks are truly profitable, and numerous now operate ‘racinos’ with slot machines along with other games in order to turn a profit. If horse racing weren’t needed, some of these tracks could switch over to casino that is pure, shrinking the industry.
Greyhound racing is presently illegal in 39 states, while four others have no tracks, despite the possible lack of rules prohibiting them. Each host one or two dog racing tracks along with Florida, which has a dozen venues, Alabama, Arizona, Arkansas, Iowa, Texas and West Virginia.
As Portuguese Economy Tumbles, RGA Chides Online Tax Hikes
The Remote Gambling Association has reacted to new Portuguese online sports betting operator taxes, even as Portugual continues to face crisis that is economic. (Image: bullionstreet.com)
Even as Portuguese banking shares tumbled this week, sending fear throughout the EU bank operating system, the Remote Gambling Association (RGA), the largest online video gaming trade association on the planet, has slammed Portugal’s draft gambling bill, branding its tax rates as ‘unworkable’ and urged regulators to believe again. The punitive 8 to 16 per cent tax on sports betting stakes would make the market ‘unviable’ for online operators, it says.
The bill is currently winging its method through the Portuguese parliamentary system, with the federal government anxious to regulate at the earliest opportunity as section of a wide-ranging economic recovery plan. Portugal was once bailed away from a crisis that is financial 2011 by the EU Commission, the European Central Bank and Overseas Monetary Fund in a €78 billion ($106.14 billion) rescue system. It exited the system in May and now faces increasing pressure to bolster its still-embattled economy.
Secretary of State Adolfo Mesquita Nunes announced recently that income tax revenues from the new online gambling market will be split between central and regional governments and used to ‘encourage sport and for cultural development.’ As well as the tax on stakes, gross revenue on recreations gambling will be taxed at around 37.5 per cent, while ‘games of chance,’ which include casino gaming, and, apparently, poker, will be somewhere between the 15 to 30 percent mark.
‘To the Detriment of Customers and State’
The RGA says that current taxation amounts will restrict competition within the market ‘to the detriment of Portuguese consumers plus the tax revenues that the Portuguese state could take had been the marketplace to be taxed at a sensible price of gross video gaming revenue.’ Additionally criticized the actual fact that the Portuguese monopoly operator of offline sports betting, Santa Casa, is just taxed at half the rate of its counterparts that are online.
Clive Hawkswood, ceo of this RGA, said: ‘Whilst the RGA and its particular members welcome the Portuguese initiative in seeking to manage the web gambling sector, our members are extremely concerned with the unworkable tax prices that are proposed in the draft legislation which is presently being considered.
‘The extent associated with disparity in taxation burden between licensed online sports betting operators therefore the offline monopoly operator Santa Casa might be as much as 50 per cent and only Santa Casa. This type of differential has the potential to create a predicament of substantial illegal state aid being provided to Santa Casa by the Portuguese government whilst also destroying any hope for fair competition in a future regulated online sports gambling government.’
Constructive Dialogue Needed
The current draft gambling bill recommends a jurisdiction similar to those that exist in countries like France and Italy while some lawmakers in Portugal wanted to see the introduction of an open market. Foreign operators is going to be able apply for licenses providing they ‘meet the requirements,’ and ‘are in good financial standing in their finances and social security.’ However, organizations will also need to be ‘established and registered’ within the country and can have to offer their services through a bot.PT domain name.
Mesquita Nunes refused become drawn recently on any projections of annual revenue for the market that is new saying that it is impractical to understand how numerous operators would apply for Portuguese licenses. The response to that would be ‘not many. with the current proposed taxation figures, argues the RGA’
The RGA says it would welcome the opportunity to engage in a ‘constructive dialogue because of the Portuguese government to ensure a level playing field for lightning link slot online free many online sports wagering operators seeking to obtain licenses.’