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 build 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 to your expansion of casino video gaming into North Jersey, also it appears Fireman, who is a former ceo of reebok and today runs Fireman Capital Partners, is working hard to make it work.

The businessman has been meeting with brand New Jersey politicians over the past month to discuss their proposition for the 95-story hotel and casino increasing above New York Harbor that could additionally feature a motorsports stadium and ‘the largest Ferris wheel in the world.’

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 financial straits. Despite injections of money 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, because have been hoped.

Also, it is often hit hard by new competition from neighboring states such as for example Pennsylvania, which has superseded New Jersey as the 2nd biggest casino market in the united states, after Nevada.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

Very good News for AC?

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

State Senate President Stephen Sweeney agrees.

‘This discussion is going to be had because it has to be had, but it will not be had at Atlantic City’s expense,’ he said. ‘If anyone thinks that we’m perhaps not dedicated to Atlantic City, they’re crazy. We cannot ignore that competition will probably be in ny shortly. However, if nj-new Jersey responds by opening a casino in North Jersey, it should take place in ways that may benefit Atlantic City truly. Now we tax casinos at eight-and-a-half percent. Maybe we set a new tax rate for a casino in the north and a percentage of that that’s significant enough to aid Atlantic City comes to Atlantic City.’

‘It Will Blow Away Macau’

While casino expansion into North Jersey would require an amendment towards the state constitution, Sweeney stated recently he was ready to enable citizens to vote on this kind of amendment year that is next. And while details of the proposed development in Jersey City stay few and far between, this indicates that Fireman has convinced some social individuals in high places already.

Jersey City Mayor Steve Fulop expressed his excitement this week about a ‘world-class facility that includes a casino, hotel and convention center along with the largest Ferris wheel in the world all located close to the park that is best 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’s met with Fireman. ‘It has the wow factor … it’s going to blow away Macau being a location 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 profits that are real. The sport has also been the main topic of intense criticism. (Image: derrydaily.net)

If you look around america, you’ll still see a reasonable amount of dog racing, at least in those states that haven’t made the practice illegal, following massive criticism of many of the issues surrounding the sport. But at most songs, greyhounds are now raced and then fulfill a legal obligation that allows the owners to also stage more profitable activities. And if the time comes when that inspiration to stage dog races goes away, there could be no reason left to possess them at all: something that many people would say is a thing that is good.

The signs of dog racing’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 is mainly attributed to the spread of casino gambling across the national country, which gave gamblers and tourists more options for spending their some time cash.

Dog Racing Merely a Way to Casino Revenues

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

The track owners actually run casinos, slot parlors, or poker rooms themselves in many cases. In these instances, it’s almost always one other business that’s profitable; the races are needed as element of licenses that need ‘coupling’ the casino-style games with events.

That’s the instance in Florida, which can be still home to 12 of the 21 American tracks that offer live racing that is greyhound. A number of other tracks do not even have their very own races anymore, and keep up the rushing part of the bargain only by simulcasting contests from other tracks.

Owners, Opponents Want Decoupling

It has kept racetrack that is many to push for a ‘decoupling’ movement that will end their obligation to run dog events and just let them focus on their other gambling interests. This has caused an alliance that is unusual track owners and animal rights teams whom believe that the races are cruel and that the dogs are mistreated. These groups believe that decoupling will lead to the inevitably end (however slowly) of greyhound racing in the usa.

In Florida’s latest make an effort to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it could come back next year. Likewise, West Virginia killed a bill that would have slice the licensing fees and reduced the number that is minimum of 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 racing industry, which believes this kind of movement could eventually kill their sport as well.

Horse racing is really a a lot more popular and financially viable sport than greyhound racing. However, only the largest tracks are truly profitable, and many now run ‘racinos’ with slot machines as well as other games in order to make a profit. If horse racing are not needed, some among these tracks could switch over 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 rules 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 crisis that is economic. (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 online video gaming trade association in the world, 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 stakes that are betting make the market ‘unviable’ for online operators, it states.

The bill is currently winging its method through the Portuguese parliamentary system, with the government anxious to regulate asap as section of a wide-ranging recovery plan that is economic. Portugal once was bailed away from a crisis that is financial 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 program in might and now faces pressure that is increasing bolster its still-embattled economy.

Secretary of State Adolfo Mesquita Nunes announced recently that income tax profits through the online that is new gambling 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 recreations gambling 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 limit competition within the market ‘to the detriment of Portuguese consumers therefore the income tax revenues that the Portuguese state could take were industry to be taxed at a sensible rate of gross video gaming revenue.’ It also criticized the actual fact that the Portuguese monopoly operator of offline sports gambling, Santa Casa, are only taxed at half the rate of its online counterparts.

Clive Hawkswood, ceo of this RGA, said: ‘Whilst the RGA and its particular people welcome the Portuguese initiative in seeking to manage the online gambling sector, our users are extremely concerned about the unworkable tax prices that are proposed in the draft legislation that will be presently being considered.

‘The extent of the disparity in taxation burden between licensed online sports betting operators and the offline monopoly operator Santa Casa could be as much as 50 % and only Santa Casa. This kind of differential gets the potential to create a predicament of substantial illegal state aid being provided to Santa Casa by the Portuguese government whilst additionally destroying any hope for fair competition in a future regulated online sports wagering 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. Foreign operators are able submit an application for licenses providing they ‘meet the requirements,’ and ‘are in good financial standing inside their funds and social security.’ However, organizations will additionally need to be ‘established and registered’ within the united states and will have to give you their services through a bot.PT domain name.

Mesquita Nunes refused to be drawn recently on any projections of annual revenue for the market that is new saying it’s impossible to understand how many operators would apply for Portuguese licenses. The answer to that might be ‘not many. with the present proposed taxation figures, argues the RGA’

The RGA says it would welcome the ability to engage in a ‘constructive discussion with all the Portuguese government to ensure a playing that is level for several online sports betting operators seeking to obtain licenses.’