New Jersey Governor Chris Christie is no longer crisscrossing the united states on the presidential campaign trail, and therefore the Republican, now in his 2nd gubernatorial term, has more time and energy to refocus their efforts on issues facing his or her own state.
New Jersey Governor Chris Christie said enough will do on Thursday, calling on state lawmakers to seize control of the city. He made his situation designed with colorful graphs displaying the reckless overspending that’s become rampant in Atlantic City.
No concern is more vital in New Jersey right now than Atlantic City’s current economic crisis. On Thursday, Christie told their fellow legislators that it’s within the city’s best interest to permit their state to seize control of its finances.
‘Even aided by the support and also the advice of the Emergency Manager that we applied in 2015, Atlantic City took only modest steps to rein within their expenses,’ Christie said during the statehouse this week. ‘They face a $100 million spending plan shortfall this 12 months, $100 million spending plan deficit in 2010 . . . These are the true numbers, this really is the math, and these are the facts, and there is no debate about that.’
Park Destination & Boardwalk Salaries
In Christie’s arguments, the governor highlighted exactly what he believes to be gross overspending on municipal workers. Armed with maps and graphs, he showed that 119 city workers were paid over $100,000 throughout the last year that is fiscal a sum which doesn’t even are the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the truth that Atlantic City paid $6.6 million in 2015 to retiring employees that are public primarily to compensate unused sick and vacation days. Part-time council people were collectively paid $300,000, an expense regarded as extravagant in the eyes associated with governor.
Unless the state legislature takes action to offer control of the gambling that is flailing to Trenton, Christie claims he lacks the ability to renegotiate contracts with public sector unions to obtain the ‘exorbitant costs of the city employees in order.’
Takeover is the Only Solution
Christie is contacting State Assembly Speaker Vincent Prieto (D) to urge the chamber to hand over control of Atlantic City to the state. Prieto opposes that path, opting in favor of the PILOT (payment in lieu of taxes) program alternatively.
PILOT would enable casinos to pay taxes on a schedule that is fixed isn’t determined on property value or gaming revenues, which have both significantly diminished over the years, as tourism to the area has fallen.
Christie believes the PILOT program is a solution that is short-term won’t help Atlantic City’s long-term forecast. Financial analyst outfit Moody’s seems to agree.
‘If only the PILOT bill passes [with no other measures instituted], the city will continue to face distress since the single bill is insufficient to restore Atlantic City’s fiscal wellness,’ the credit score corporation said recently. ‘ as the PILOT bill creates additional revenues and avoids incurring additional casino tax liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a year, over the next five years.’
Christie believes public workers need to step up to the plate within the interest that is best of these city, but it seems some are usually doing that.
Every four weeks instead of two, a change that would allow the government to continue operating until the next quarterly tax payments are received on May 1 after Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees.
But that’s just one month away, so action will need to be taken, and quickly.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform social casino website has survived a course action lawsuit attempt from the disgruntled Illinois customer who reported that the free gaming platform offers ‘nothing more than camouflaged illegal games of possibility.’
IGT’s DoubleDown social casino overcome back a class action lawsuit effort from the disgruntled Illinois on line customer this week, who claimed that its operations had been tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on digital, value-less chips regarding the web site before determining she wanted to claw back every play cent. Phillips claimed that because DoubleDown makes use of ‘gambling mechanics’ in its games, it’s tantamount to gambling that is actual.
Well, except for real money being involved, but other than that.
In a course action lawsuit filed during the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown web site to be shut down and money refunded to customers in Illinois. The lawsuit was filed on behalf of all citizens associated with state who had lost over $50 playing at DoubleDown, under the antiquated Illinois Loss Recovery Act (ILRA).
Claw-back Law Dragged Up
The 19th century legislation states that any Illinois gambler who loses $50 or more has got the straight to sue the champion to get the amount of money right back. It also states that should the losing gambler maybe not sue the winner within sixth months, then ‘any person’ is allowed to sue on behalf of all losers, for approximately three times the total amount.
The law was originally designed to protect destitute families who’d had their last dollar stolen by loved ones, which was later gambled away.
Phillips claims she began playing on DoubleDown in January of 2013, and soon began purchasing virtual (and value-less) chips with real money, once she had played through the original availability of free chips. She argues, they had a monetary value, just like chips purchased in a casino, and therefore the services offered by DoubleDown were tantamount to illegal gambling because she paid for the chips.
According to Phillips, along with ILRA, DoubleDown had been in violation of the Illinois Consumer Fraud and Deceptive Business procedures Act, and was guilty of unjustly enriching it self by using ‘gambling devices,’ another no-no under Illinois state law.
The filing would have had to establish that online social casino games could be defined as ‘gambling devices,’ and that IGT had procured cash from the plaintiff in an manner that is illegal.
But the judge, unlike Phillips, wasn’t buying any of it.
JudgeEdmond Chang noted that ILRA requires a winner and a loser through the upshot of a gambling proposition. Because virtual chips bought from DoubleDown can not be cashed in for a real income, the social casino site cannot lose such a thing from the proposition, and therefore Phillips was on shaky ground.
In fact, broadly speaking, Phillips was asking the court to reconsider the very definition of gambling as it’s construed in virtually every state in the united states: specifically, the proposition that something of value is risked upon the outcome of a event or game that is susceptible to opportunity into the hope of receiving something else of equal or greater value.
While investing in digital chips comprises a stake that is financial with no financial reward involved, no type of gambling has occurred, by any legal definition, at the least.
In fact, you could say that Phillip’s choice to sue DoubleDown is a much better exemplory case of gambling than something that happens regarding the social casino website. And in this situation, it was a losing bet.
Money Laundering and Suspicious Activity at Casinos Continues to increase, FinCEN Reports
Money laundering is serious business.
Unfortunately for people in the casino industry, criminals have long relished the attractiveness regarding the floor cage as being the perfect tool to clean dirty money into purportedly legitimate funds.
‘Washing’ cash by trading it in for chips then cashing it out again has turn into a method that is preferred of laundering by crooks. Now FinCEN wants the industry to better monitor itself for potential crimes being committed by clients, and the dilemmas have actually become international. (Image: i5design.com)
A bureau of the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a customer transacts over $10,000 in a single day since 1996, the Financial Crimes Enforcement Network ( FinCEN. In addition, federal legislation mandates that a dubious task report (SAR) be completed in the event that patron is suspected of participating in the laundering of cash.
With thousands of commercial banks in the US, including smaller institutions that are regional FinCEN is cracking down on cash laundering by threatening non-conforming banking institutions with financial penalties.
With no choice but to comply with FinCEN, SARs filed by banks rose from 288,343 in 2003 to 972,037 in 2013, a 70 percent increase in just 10 years. But, a decline that is unexpected SARs followed in 2014, and with it came a growth in suspicious activity reports being filed by the casino, securities, and insurance industries.
What does it all mean?
Underground and Out of Sight
This week titled, ‘Losing Count: US Terror Rules Drive Money Underground,’ the argument is made that current FinCEN rules might actually be hampering the government’s ability to monitor suspicious activity and intercept potential terrorism in a Wall Street Journal report.
Afraid of dealing with significant financial penalties for facilitating a dubious client’s request, banking institutions are quickly closing accounts after filing SARs. This forces the perpetrator that is alleged use alternative ways to move money, and the funds effectively vanish from regulatory oversight.
‘What do we do, in the police arena, once the money goes underground?’ FBI financial crimes specialist Patrick Fallon pondered into the piece. ‘It’s what you do not know that’s the frightening thing.’
As banks refuse to provide services for suspected launderers, those people who are indeed trying to facilitate money movement illegally can be drawn more to the casino cage.
And while bank SARs dropped by nearly nine percent between 2013-2014, the reports increased in the casino industry by 69 percent during the time frame that is same.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 workers are successfully safeguarding the usa financial system and promoting nationwide security, and SARs play an essential part in those efforts.
‘The information that casinos as well as other banking institutions provide is employed to confront terrorist organizations, rogue nations, WMD proliferators, foreign grand corruption, and increasingly serious cyber threats,’ Calvery stated in 2014. ‘Violating the BSA (Bank Secrecy Act) can result in FinCEN imposing penalties that are civil the casino it self.’
And imposing penalties they are, as Calvery’s team levied economic fines on four gambling companies year that is last. Most notably had been the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las Vegas for just what FinCEN found to be a violation that is willful of BSA and failure to stick to SAR protocols.
The recent alleged involvement of two Philippines banks in a $83 million cyber heist from the New York Federal Reserve has shined an even brighter light on this issue that is troubling and you can bet that regulatory hands worldwide will likely be moving into the casino industry for the closer look.
The list of web sites, which investigators have stated were considering servers outside Italy and now have been impounded, are as follows: www4.dgbpoker.com; www.pkgambling373.com; www.pkwildpoker.net; www.betfaktor.com; www.planetwin365.com; www.new5.betaland.com; www.new4.betaland.com; www.new2.betaland.com; www.new1.betaland.com; www.new.betaland.com; and www.betaland.com.
But according to CalvinAyre.com, two of the web sites may have been targeted in error. Austria’s SKS365 star trek pokie Group, which operates Planet365, has categorically distanced itself from any involvement, saying that the criminal group had exploited Planet365’s brand reputation to lure bettors to copycat sites.
OIA solutions Ltd, meanwhile, which has Betaland, says that Betaland.com has been closed to players that are italian over a year, and the sites connected with the gambling band which used the Betaland extension did so without permission and had been ‘rightly currently darkened to get into, as unlicensed.’
Tancredi Hyper Links
Italian authorities said that the ring additionally had links to Luigi Tancredi, a guy known in Italy as ‘the King of Slots’ for his operations in the legal land-based gambling world.
Tancredi is considered to be the owner of DollaroPoker, and was arrested in January and accused to be the mastermind of the gambling ring that operated 12,000 gaming that is online lottery video terminals in bars, cafes and gaming halls throughout Italy.