Jersey City $4.6 Billion Casino Resort Proposed for North Jersey

Jersey City $4.6 Billion Casino Resort Proposed for North Jersey

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 construct a $4.6 billion casino resort in Jersey City, according to reports by the New Jersey press. State Governor Chris Christie recently declared his openness to the expansion of casino gaming into North Jersey, plus it appears Fireman, who is A ceo that is former of and today operates Fireman Capital Partners, is working difficult to make it work.

The businessman has been ending up in New Jersey politicians over the month that is past discuss their proposal for a 95-story hotel and casino rising above New York Harbor that will also feature a motorsports stadium and ‘the largest Ferris wheel in the globe.’

Atlantic City, that 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 cash and a plan that is five-year rejuvenate the town, spearheaded by Governor Christie in 2011, its casino market did not bounce back from the recession, as was indeed hoped.

Furthermore, it is often hit hard by new competition from neighboring states such as for example Pennsylvania, which has superseded New Jersey as the 2nd biggest casino market in the US, after Nevada. And even though Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has evidently been forced to concede that a tactic that is new needed.

Very good News for AC?

But far from hurting Atlantic City, many analysts believe 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 act as a bastion, protecting brand New Jersey from further competition from the new casinos planned for upstate New York, diverting New Yorkers and vacationers away from those gambling enterprises, while gathering income that may assist develop Atlantic City.

State Senate President Stephen Sweeney agrees.

‘This conversation is going to be had because it has become had, but it won’t be had at Atlantic City’s expense,’ he said. ‘If anybody thinks that we’m maybe not committed to Atlantic City, they’re crazy. We cannot ignore that competition will be in nyc shortly. However if nj-new Jersey responds by starting a casino in North Jersey, it should take place in a way that will benefit Atlantic City truly. Now we tax casinos at eight-and-a-half percent. Maybe we set a new tax price for a casino in the north and a portion 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 the state constitution, Sweeney said recently which he was ready to enable citizens to vote on this kind of amendment the following year. And while details of the proposed development in Jersey City stay 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 that features a casino, resort and convention center also the greatest Ferris wheel on earth all located next to the best park in 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,’ stated state Senator Raymond Lesniak, who has met with Fireman. ‘It has the wow element … it’ll blow away Macau being a destination place for gaming.’

Casinos Seek Conscious Uncoupling from US Dog Rushing

Greyhound dog racing is now only a sideshow at most US tracks, where casino games bring in the real profits. The sport in addition has been the subject of intense criticism. (Image: derrydaily.net)

If you look around the united states, you’ll still see a fair amount of dog racing, at least in those states that haven’t made the practice illegal, following massive criticism of several of the issues surrounding the sport. But at many tracks, greyhounds are now raced simply to fulfill an obligation that is legal allows the owners to also stage more profitable tasks. And in case the time comes when that motivation to stage dog races goes away, there may be no reason left to own them at all: something that many individuals would state is a thing that is good.

The signs of dog race’s demise happen 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 decline happens to be mostly attributed to the spread of casino gambling across the national nation, which gave gamblers and tourists more options for spending their time and money.

Dog Racing Merely a Road to Casino Revenues

Yet those same gambling enterprises have likely saved greyhound racing at the same time. Many tracks are subsidized by the same casinos that have taken their business away, making it profitable to help keep the races going, even as interest in them has waned.

In many cases, the track owners actually operate casinos, slot parlors, or poker rooms by themselves. In these situations, it’s almost always the other business that’s profitable; the races are needed as part of licenses that need ‘coupling’ the games that are casino-style races.

That’s the case in Florida, which will be still home to 12 of the 21 American tracks offering live greyhound racing. A great many other tracks do not have even their very own races anymore, and keep up the racing part of the bargain only by simulcasting contests off their tracks.

Owners, Opponents Want Decoupling

It has left racetrack that is many to push for a ‘decoupling’ movement that could end their obligation to run dog races and just let them focus on the other gambling passions. This has triggered a unusual alliance between track owners and animal rights teams whom think that the races are cruel and that the dogs are mistreated. These teams think that decoupling will inevitably trigger the end (however slowly) of greyhound racing in the usa.

In Florida’s latest attempt to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was refused, though it may come year that is back next. Likewise, West Virginia killed a bill that would have cut the certification fees and paid down the number that is minimum of days needed at certainly one of their state’s two dog racing lightning link slot tricks 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 racing industry, which believes such a movement could ultimately kill their sport aswell.

Horse racing is just a even more popular and sport that is financially viable greyhound race. However, just the largest tracks are truly profitable, and many now run ‘racinos’ with slot machines along with other games in order to show a profit. If horse racing weren’t needed, some of these tracks could switch up to pure casino operations, shrinking the industry.

Greyhound racing is presently illegal in 39 states, while four others have no tracks, despite the possible lack of laws and regulations 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 overall economy. (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 Web video gaming trade association on the planet, has slammed Portugal’s draft gambling bill, branding its tax prices as ‘unworkable’ and urged regulators to imagine again. The punitive 8 to 16 percent tax on recreations 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 government anxious to control asap as part of a wide-ranging recovery plan that is economic. Portugal was previously bailed out of a crisis that is financial 2011 by the EU Commission, the European Central Bank and International 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 income tax profits from the new on line gambling market will be split between central and regional governments and used to ‘encourage sport as well as for cultural development.’ Also the tax on stakes, gross revenue on activities 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 Customers and State’

The RGA says that current taxation amounts will restrict competition within the market ‘to the detriment of Portuguese consumers while the income tax revenues that the Portuguese state could take had been the marketplace to be taxed at a sensible rate of gross video gaming revenue.’ Additionally criticized the very fact that the Portuguese monopoly operator of offline sports wagering, Santa Casa, will likely be just taxed at half the rate of its online counterparts.

Clive Hawkswood, ceo of this RGA, said: ‘Whilst the RGA as well as its members welcome the Portuguese initiative in seeking to manage the web gambling sector, our users are extremely concerned about the unworkable tax prices that are proposed in the draft legislation which can be presently being considered.

‘The extent regarding the disparity in taxation burden between licensed sports that are online operators and also the offline monopoly operator Santa Casa could be as much as 50 percent in support of Santa Casa. Such a differential gets the potential to create a situation of significant illegal state aid being issued to Santa Casa by the Portuguese government whilst additionally destroying any hope for fair competition in the next regulated online sports betting government.’

Constructive Dialogue Needed

Although some lawmakers in Portugal wanted to start to see the introduction of an open market, the current draft gambling bill recommends a jurisdiction similar to those that you can get in nations like France and Italy. International operators is going to be able submit an application for licenses providing they ‘meet the requirements,’ and ‘are in good financial standing within their funds and social security.’ However, businesses will also have to be ‘established and registered’ within the united states and can have to give you their services by way of a bot.PT domain name.

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. The response to that might 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 many online activities gambling operators seeking to obtain licenses.’