
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 create 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 video gaming into North Jersey, also it appears Fireman, who is A ceo that is former of and today operates Fireman Capital Partners, is working difficult to make it happen.
The businessman has been meeting with New Jersey politicians over the past month to discuss their proposition for the 95-story hotel and casino increasing above New York Harbor that would additionally feature a motorsports stadium and ‘the largest Ferris wheel into the globe.’
Atlantic City, which has always had the monopoly on casino gaming since the property that is first there in 1978, has lately been in dire economic straits. Despite injections of money and a five-year intend to rejuvenate the city, spearheaded by Governor Christie in 2011, its casino market did not bounce back from the recession, as have been hoped.
Also, it’s been hit hard by brand new competition from neighboring states such as for example Pennsylvania, which has superseded brand New Jersey as the 2nd casino market that is biggest in the usa, after Nevada. And even though Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has evidently 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 resort that is ailing. The proposed resort in Jersey would stay right across the harbor from Manhattan, and would act as a bastion, protecting New Jersey from further competition through the new casinos planned 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 conversation is likely to be had because it has become had, but it will not be had at Atlantic City’s expense,’ he said. ‘If anyone thinks that I’m not devoted to Atlantic City, they’re crazy. We cannot ignore that competition is going to be in New York shortly. But if nj-new Jersey reacts by starting a casino in North Jersey, it should happen in a way which will benefit Atlantic City truly. 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 simply help Atlantic City comes to Atlantic City.’
‘It Will Blow Away Macau’
While casino expansion into North Jersey would require an amendment to your state constitution, Sweeney said recently that he was prepared to enable citizens to vote on this kind of amendment year that is next. And while information on the proposed development in Jersey City stay few and far between, this indicates 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 that includes a casino, hotel and meeting center as well as the biggest Ferris wheel in the world all found next to the park that is best in nj (Liberty State Park).’ He added that the project would ‘create 25,000 jobs’ and attract ‘over $5 billion of investment.’
‘It’s huge,’ stated state Senator Raymond Lesniak, who may have met with Fireman. ‘It has the factor that is wow; it’s going to blow away Macau being a location place for gaming.’
Casinos Seek Conscious Uncoupling from US Dog Racing
Greyhound dog racing is now only a sideshow at most US tracks, where casino games bring within the genuine profits. The sport has additionally been the main topic of intense criticism. (Image: derrydaily.net)
If you look around the united states, you’ll still see a reasonable amount of dog racing, at least in those states that have not made the practice illegal, following massive criticism of many of the dilemmas surrounding the sport. But at many songs, greyhounds are now raced and then fulfill a legal responsibility that allows the owners to also stage more profitable activities. And when the time comes when that inspiration to stage dog races goes away, there may be no reason left to own them at all: something that many people would state is a good thing.
The signs of dog racing’s demise have already been seen by industry experts for decades. In 1990, there was nearly $1 billion bet on live dog races in Florida, one of many remaining hotbeds for the contests. In 2013, that true number had dropped to $258 million. The decline is largely caused by the spread of casino gambling over the nation, which gave gamblers and tourists more choices for spending their some time cash.
Dog Racing Just a Path to Casino Revenues
Yet those same gambling enterprises have most likely saved greyhound racing at the time that is same. Many tracks are subsidized by the same casinos that have 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 really operate casinos, slot parlors, or poker rooms on their own. In these cases, it’s almost always the other business that is lucrative; the races are required as part of licenses that need ‘coupling’ the casino-style games with races.
That’s the situation in Florida, which will be still home to 12 of the 21 American tracks offering live greyhound racing. A number of other tracks do not have their own races anymore, and keep up the racing 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 would end their obligation to perform 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 believe that the events are cruel and that the dogs are mistreated. These teams think that decoupling will inevitably cause the end (however slowly) of greyhound racing in the us.
In Florida’s newest try to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it might come back next year. Likewise, western Virginia killed a bill that would have slice the licensing fees and paid off 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 that is against the change. One response is the horse industry that is racing which believes this type of movement could ultimately kill their sport aswell.
Horse racing is just a even more popular and sport that is financially viable greyhound racing. However, only the largest tracks are truly lucrative, and many now run ‘racinos’ with slot machines and other games in order to turn a profit. If horse racing were not required, some of those tracks could switch up to pure casino operations, shrinking the industry.
Greyhound racing is currently illegal in 39 states, while four others have no tracks, despite the possible lack of laws prohibiting them. Along side Florida, which features a dozen venues, Alabama, Arizona, Arkansas, Iowa, Texas and western Virginia each host a couple of 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 overall economy. (Image: bullionstreet.com)
Even as Portuguese banking shares tumbled this week, sending fear throughout the EU banking system, the Remote Gambling Association (RGA), the largest Internet gaming trade association in the world, has slammed Portugal’s draft gambling bill, branding its tax prices as ‘unworkable’ and urged regulators to consider again. The punitive 8 to 16 per cent tax on recreations stakes that are betting make the market ‘unviable’ for online operators, it says.
The bill is currently winging its means through the Portuguese parliamentary system, with the federal government anxious to control asap as section of a wide-ranging recovery plan that is economic. Portugal once was bailed out of a economic crisis in 2011 by the EU Commission, the European Central Bank and Global 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 profits from the new on line gambling market will be split between central and regional governments and used to ‘encourage sport and for cultural development.’ Along with the tax on stakes, gross revenue on recreations wagering will be taxed at around 37.5 percent, 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 says that current taxation levels will restrict competition in the market ‘to the detriment of Portuguese consumers as well as the income tax revenues that the Portuguese state could take had been industry become taxed at a sensible rate of gross gaming revenue.’ In addition criticized the very fact that the Portuguese monopoly operator of offline sports betting lightning link slot russian cheats, Santa Casa, is only taxed at half the rate of its online counterparts.
Clive Hawkswood, chief executive officer of this RGA, said: ‘Whilst the RGA as well as its members welcome the Portuguese initiative in wanting to manage the internet gambling sector, our users are extremely concerned about the unworkable tax prices that are proposed in the draft law which is presently being considered.
‘The extent of the disparity in taxation burden between licensed online sports betting operators therefore the offline monopoly operator Santa Casa could be just as much as 50 per cent in support of Santa Casa. This kind of differential gets the potential to create a scenario of significant illegal state aid being given 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. International operators are going to be able make an application for licenses providing they ‘meet the requirements,’ and ‘are in good financial standing inside their finances and social security.’ Nonetheless, companies will also need to be ‘established and registered’ within the nation and certainly will have to offer their services through a domain name that is bot.PT.
Mesquita Nunes refused become drawn recently on any projections of annual revenue for the new market, saying that it is impractical to understand how many operators would apply for Portuguese licenses. With the present proposed taxation figures, contends the RGA, the answer to that might be ‘not many.’
The RGA says it would welcome the opportunity to engage in a ‘constructive dialogue with all the Portuguese government to ensure a level playing field for several online sports betting operators seeking to obtain licenses.’