
A casino in Jersey City could fight down competition from New York in the Garden State casino market (Image: sloanspringer.com)
Venture capitalist Paul Fireman wants to create a $4.6 billion casino resort in Jersey City, according to reports by the newest Jersey press. State Governor Chris Christie recently declared his openness towards the expansion of casino gaming into North Jersey, and it appears Fireman, who is A ceo that is former of and now operates Fireman Capital Partners, is working difficult to make it work.
The businessman has been meeting with New Jersey politicians over the past thirty days to discuss his proposal for a 95-story hotel and casino rising above New York Harbor that could also feature a motorsports stadium and ‘the largest Ferris wheel into the globe.’
Atlantic City, which includes always had the monopoly on casino gaming since the first home opened there in 1978, has lately been in dire economic straits. Despite injections of money and a five-year plan to rejuvenate the town, spearheaded by Governor Christie in 2011, its casino market neglected to bounce back from the recession, as was indeed hoped.
Moreover, it’s been hit hard by new competition from neighboring states such as for instance Pennsylvania, which has superseded New Jersey as the 2nd casino market that is biggest in the united states, after Nevada. And while Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has apparently been forced to concede that the tactic that is new needed.
Very good News for AC?
But definately not hurting Atlantic City, many analysts think that an expansion in the north will help the ailing resort. The proposed resort in Jersey would stay right across the harbor from Manhattan, and would work as being a bastion, protecting New Jersey from further competition from the brand new casinos prepared for upstate New York, diverting New Yorkers and vacationers away from those gambling enterprises, while gathering revenue that may help develop Atlantic City.
State Senate President Stephen Sweeney agrees.
‘This discussion is likely to be had because it has to be had, however it won’t be had at Atlantic City’s expense,’ he said. ‘If anybody believes that we’m not focused on Atlantic City, they’re crazy. We can’t ignore that competition is going to be in ny shortly. But if nj-new Jersey responds by opening a casino in North Jersey, it should take place in a way that may truly benefit Atlantic City. Right now we tax casinos at eight-and-a-half %. Maybe we set a new tax rate for a casino in the north and a percentage of that that’s significant enough to greatly help Atlantic City involves Atlantic City.’
‘It Will Blow Away Macau’
While casino expansion into North Jersey would require an amendment to your state constitution, Sweeney stated recently which he had been willing to allow citizens to vote on such an amendment year that is next. And while details of the proposed development in Jersey City remain few and far between, it seems that Fireman has convinced some individuals in high places currently.
Jersey City Mayor Steve Fulop indicated his excitement this week about a ‘world-class facility that features a casino, hotel and convention center also the biggest Ferris wheel in the world all found close 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, who’s met with Fireman. ‘It has the wow factor … It will blow away Macau as being a location place for gaming.’
Casinos Seek Conscious Uncoupling from US Dog Rushing
Greyhound dog racing is now simply a sideshow at many US tracks, where casino games bring within the profits that are real. The sport in addition has been the subject of intense criticism. (Image: derrydaily.net)
If you shop around the united states, you’ll still see an amount that is fair of race, at least in those states that have not made the practice illegal, following massive criticism of numerous of the problems surrounding the sport. But at most tracks, greyhounds are now raced only to fulfill an obligation that is legal allows the owners to additionally stage more profitable tasks. Of course the time comes when that inspiration to stage dog races goes away, there might be no reason left to own them at all: something that many 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, among the remaining hotbeds for the competitions. In 2013, that number had dropped to $258 million. The decline has been mainly related to the spread of casino gambling throughout the country, which gave gamblers and tourists more options for spending their some time money.
Dog Racing Only a Way to Casino Revenues
Yet those exact same casinos have most likely saved greyhound racing at the same time. Many tracks are subsidized by the same casinos that have actually taken their business away, making it profitable to keep the races going, even as interest in them has waned.
Most of the time, the track owners actually operate casinos, slot parlors, or poker spaces by themselves. In these situations, it’s almost always one other business that is lucrative; the events are needed as part of licenses that require ‘coupling’ the casino-style games with races.
That’s the case in Florida, which is still home to 12 of the 21 American tracks that offer live racing that is greyhound. A number of other tracks don’t have even their very own races anymore, and keep up the rushing part of the bargain only by simulcasting competitions off their tracks.
Owners, Opponents Want Decoupling
It has kept racetrack that is many to push for a ‘decoupling’ movement that could end their obligation to operate dog events and just let them focus on the other gambling interests. This has triggered a uncommon alliance between track owners and animal rights groups whom believe that the events are cruel and that the dogs are mistreated. These groups genuinely believe that decoupling will lead to the inevitably end (however slowly) of greyhound racing in the usa.
In Florida’s most recent make an effort to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it might come year that is back next. Similarly, free slot games lightning link West Virginia killed a bill that would have slice the certification fees and reduced the minimal number of race days needed at certainly one of their state’s two dog racing tracks.
With both owners and opponents up to speed for decoupling, you may be wondering who’s against the change. One answer is the horse industry that is racing which believes such a movement could sooner or later kill their sport aswell.
Horse racing is a a lot more popular and financially viable sport than greyhound racing. However, just the largest tracks are truly profitable, and many now run ‘racinos’ with slot machines along with other games in order to make 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 having less regulations prohibiting them. Along side Florida, which features a dozen venues, Alabama, Arizona, Arkansas, Iowa, Texas and western Virginia each host one or two dog racing tracks.
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 financial crisis. (Image: bullionstreet.com)
Even as Portuguese banking shares tumbled this week, sending fear throughout the EU bank system, the Remote Gambling Association (RGA), the largest Internet video gaming trade association worldwide, has slammed Portugal’s draft gambling bill, branding its tax rates as ‘unworkable’ and urged regulators to consider again. The punitive 8 to 16 per cent tax on activities betting stakes would make the market ‘unviable’ for online operators, it claims.
The bill is currently winging its method through the Portuguese parliamentary system, with the us government anxious to manage asap as part of a wide-ranging recovery plan that is economic. 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 pressure that is increasing bolster its still-embattled economy.
Secretary of State Adolfo Mesquita Nunes announced recently that taxation profits from the online that is new gambling will be split between central and regional governments and used to ‘encourage sport and for cultural development.’ In addition to the tax on stakes, gross revenue on recreations betting 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 users and State’
The RGA claims that current taxation amounts will limit competition within the market ‘to the detriment of Portuguese consumers while the income tax revenues that the Portuguese state could take had been industry to be taxed at a sensible rate of gross video gaming revenue.’ It criticized the actual fact that the Portuguese monopoly operator of offline sports betting, Santa Casa, are going to be only taxed at half the rate of its online counterparts.
Clive Hawkswood, ceo of the RGA, said: ‘Whilst the RGA and its members welcome the Portuguese initiative in wanting to control the online gambling sector, our users are extremely concerned about the unworkable tax rates that are proposed in the draft legislation which will be presently being considered.
‘The extent of this disparity in tax burden between licensed sports that are online operators and also the offline monopoly operator Santa Casa might be as much as 50 % and only Santa Casa. This type of differential gets the potential to create a situation of substantial illegal state help being issued to Santa Casa by the Portuguese government whilst also destroying any hope for fair competition in the next regulated online sports gambling government.’
Constructive Dialogue Needed
Though some lawmakers in Portugal wanted to understand introduction of an open market, the current draft gambling bill recommends a jurisdiction similar to those that exist in countries like France and Italy. International operators are going to be able make an application for licenses supplying they ‘meet the requirements,’ and ‘are in good financial standing in their finances and social security.’ However, businesses will also have to be ‘established and registered’ within the country and certainly will have to offer their services by way of a domain name that is bot.PT.
Mesquita Nunes refused become drawn recently on any projections of annual revenue for the new market, saying it’s impossible to understand how numerous operators would apply for Portuguese licenses. Using the present proposed taxation figures, argues the RGA, the answer to that might be ‘not many.’
The RGA says it would welcome the chance to engage in a ‘constructive dialogue because of the Portuguese government to ensure a level playing field for several online recreations wagering operators seeking to obtain licenses.’
コメントを残す