New York Governor Andrew Cuomo urged a situation board to reconsider a Southern Tier casino, but the board’s chairman claims the decision that is final not be impacted by the Empire State’s frontrunner.
The New York Southern Tier is waiting on pins and needles for the outcomes of a casino licensing meeting tonight with the State Gaming Facility Location Board.
Tonight’s meeting will see the Board pay attention to reopening the putting in a bid procedure for a resort in the Southern Tier.
That section of the state happens to be everyone that is lobbying through ny Governor Andrew Cuomo in a effort to make its case that the region, located near the Pennsylvania border, is worthy of the fourth and final license reserved for upstate New York.
Even the known fact that the Southern Tier is still in the game is really a little bit of a success for regional politicians and residents. The location was partnered with the Finger Lakes as a single area in the casino bidding process, and between the two, were just promised a solitary license. That certain ultimately went to the Lago Resort and Casino, a Finger Lakes proposal that was larger compared to the bids being released of the Southern Tier.
But people in the location felt that they’d been passed over in the casino process, when on the same day they were denied certification, a hydraulic fracturing (or ‘fracking) ban was put into place in their state, which could leave the Southern Tier in dire economic straits. That resulted in appeals to the continuing state Gaming Commission and Governor Cuomo to provide the area another chance.
New Meeting Could Start Bidding for Fourth License
That led Cuomo to attract the Gaming Facility Location Board, which often made a decision to hold a gathering on Tuesday night in new york to take into account reopening the bidding in the Southern Tier.
Because the board originally only recommended three casinos for upstate New York, there clearly was still a license that is fourth could potentially be awarded. While that license was originally up for grabs in all three upstate regions, however, the board will simply be considering offering it to the tier that is southern this meeting.
It doesn’t sit well with many lawmakers along with other observers throughout the state. Some genuinely believe that other aspects of New York should also have the ability to bid for that 4th license if it becomes available, while other people question how much impact Governor Cuomo has in the casino process.
Hudson Valley Officials Want a Shot
At one point in the bidding process, it seemed likely that the 4th casino would wind up in the Catskills/Hudson Valley area, which was probably the most profitable area and saw the interest that is most from major casino firms. Given its proximity to New York City and the fact that regional competition could be intense there, Orange County Executive Steve Neuhaus believes that the region should really be an integral part of any discussion over the casino license that is final.
‘Given the distinct possibility that casino gambling in nj could expand outside of its current Atlantic City location, including the Meadowlands, it seems sensible for New York jobs and income that the most effective regions in southern New York be included in this discussion,’ read a statement from Neuhaus.
Cuomo’s Influence Questioned
You will find also issues that Cuomo, who pledged to allow the board to get results independently, has already established influence that is too much the licensing process.
‘Every time he says something, he does the contrary when it doesn’t turn the way out he wants it to prove,’ said Assemblyman James Tedisco (R-Schenectady). ‘If you’re going to state something is separate, keep it independent.’
But members of the facility location board state they have been able to act individually, without any pressure from the governor’s office, and that your choice on the Southern Tier comes from them, not from Cuomo.
Washington State Gets its Online Poker that is own Bill
Washington State’s current poker that is online are draconian, which has prompted the push for legislative change. (Image: livingmylifeaway.wordpress.com)
A Washington State on-line poker bill has arrived unexpectedly during the opening of the state’s brand new legislative session this week.
The bill to legalize and regulate online poker, known as HB 1114, is sponsored by Representative Sherry Appleton (D), and comes as a complete shock to industry observers.
While all eyes have been regarding the ongoing legislative efforts in California, and the debate that is occasional Pennsylvania concerning the possibility of regulation, Washington’s bill ambushed us out of nowhere.
The fact that Washington State could be the state that is only of Union where the actual act of playing online poker is illegal makes the headlines even surprising.
Lawmakers managed to make it A class C felony in 2006, with Section 9.46.240 of the state’s gambling legislation declaring that anyone who ‘knowingly transmits or receives gambling information by telephone, telegraph, radio, semaphore, the Internet, a telecommunications transmission system, or means that are similar is violating the law.
What this means is that, theoretically at least, playing online poker could secure you a jail sentence of up to five years and a $10,000 fine.
Even Utah, where all forms of gambling are strictly casino-online-australia.net illegal, including lotteries, does perhaps not go quite this far, although we should mention that no one in Washington State has ever been prosecuted for the work of playing on-line poker.
Washington Online Poker Initiative
It could very well be the draconian nature of Section 9.46.240 that has driven the push for legislative change in this state that is relatively liberal.
Certainly, the primary crux regarding the new bill is that prohibition does not work properly, and neither does it adequately protect citizens associated with state, lots of whom carry on to play online poker illegally in unregulated offshore markets.
This is also the message that is crusading of Woodward, of the Washington online Poker Initiative, whoever tireless efforts in opposing prohibition have helped make the proposed legislation a truth.
‘It did actually me that Washington State had just been written off online that is regarding, which I found unsettling to state the least. Someone had to intensify and raise the problem or we would be a forgotten little corner in the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every solitary legislative candidate prior towards the 2014 elections.
Representative Appleton is a huge cosponsor on a few attempts to reduce or take away the penalty that is criminal players, and she was initially receptive of the idea and was certainly one of a few legislators I focused on. We got in touch with her again following the election, and she readily took on the bill for us.’
A Blueprint for the Future
The bill it self believes that lots of associated with legislative details should be fleshed out by the Gaming Commission and thus does not propose an amount of taxation, nor does it make no mention of bad actors.
It can, however, recommend that there should be two levels of licensing, one for community operators plus one for consumer-facing online poker rooms, and it might also leave the door open for interstate pool sharing, during the governor’s discretion.
Moreover, there is also a hope that the bill may one day act as a blueprint for other states trying to legalize online poker in the future.
‘ Having the big operators provide as systems, with regional skins competing for players, creates the greatest opportunity for wide participation, without splintering player liquidity. The greater interests that are local to participate, the fewer opponents there will be among them,’ stated Woodward.
Caesars Entertainment Goes for Bankrupt, While Creditors Decry Restructuring Plan
Caesars Palace is run by Caesars Entertainment Operating Company, Inc., which has filed for Chapter 11 bankruptcy. However, all Caesars properties will stay open during the process, says CEO Gary Loveman. (Image: lasvegas.se).
Caesars Entertainment Corp. (CEC) announced the filing of voluntary Chapter 11 bankruptcy this week for its main operating unit, Caesars Entertainment Operating business Inc. (CEOC).
The move was a bid to ease some of its astronomical $23 billion debtload, nearly all that is held by the device. CEOC listed around $12.4 billion in assets and $19.9 billion in liabilities in Chapter 11 documents on Thursday.
The subsidiary and its own affiliates employ about 32,000 individuals over the US and run 44 gaming and resort properties in 13 states, because well as in five other countries, including the flagship Caesars Palace in Las Vegas.
However the core message from the parent company is that its ‘business as always’ for many of its gambling enterprises.
‘The properties across the whole Caesars Entertainment network are available and will operate without interruption throughout CEOC’s reorganization process,’ said Gary Loveman, the CEO of CEC and chairman of CEOC, within an official statement on Thursday.
‘Our visitors will stay to make advantages through the Total benefits loyalty program, and our team remains entirely concentrated on delivering the same outstanding service and unforgettable entertainment experiences guests came to expect from Caesars Entertainment. In the years ahead, we’ll continue to build up and deliver brand new, innovative hospitality experiences to our visitors.’
We Come to Bury Caesars…
But Caesars isn’t out of the woods yet, it has worked out with its major creditors of unjustly protecting the company’s interests at the expense of their own as it faces a revolt from its lower-level creditors, who accuse the debt restructuring plan.
While CEOC files for bankruptcy in Chicago, this group of lower-level creditors will be in a federal court in Delaware attempting to phone a temporary halt to the Chicago case also to stop the restructuring plan from going through as drafted. The move this follows months of negotiation and litigation between Caesars and its bondholders week.
Caesars countered why these creditors are attempting ‘to wreak havoc on the orderly process the debtors, their professionals, and the many consenting stakeholders have actually been preparing for months.’
Good Caesars / Bad Caesars
Caesars acquired most of its debt when it went private in 2008, following a $30.1 billion takeover by Apollo worldwide Management and TPG Capital, simply around the start of the global downturn in the economy.
The group, with its 50 casinos across the US, suffered as the recession hit the land-based casino industry in America.
Caesars has lost cash every since 2009, and has struggled to pay the interest on its enormous debt year. It recently posted 2014 Q3 losses of $908.1 million and last thirty days defaulted on a $225 million repayment.
‘We think this restructuring is within the needs of CEOC’s stakeholders and will result in a sustainable capital structure for CEOC and value creation for several stakeholders,’ said Loveman.
‘The restructuring of CEOC is the culmination of an effort that is years-long improve the wellness of CEOC’s balance sheet, that has included substantial investment in brand new and upgraded assets, especially in Las Vegas. I will be really confident in the foreseeable future leads of our enterprise, which will combine a capital that is improved with a community of lucrative properties.’
However, Caesars’ disgruntled creditors have accused Apollo and TPG of attempting to produce a ‘good Caesars,’ that may have its famous and valuable properties, and a ‘bad Caesars’ to hold the debt.