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 down competition from New York 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 this new 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 now operates Fireman Capital Partners, is working hard to make it work.

The businessman has been meeting with New Jersey politicians over the month that is past discuss his proposition for the 95-story hotel and casino rising above New York Harbor that could additionally feature a motorsports stadium and ‚the largest Ferris wheel into the world.‘

Atlantic City, that has always had the monopoly on casino gaming since the first property exposed there in 1978, has lately been in serious financial 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 hoped.

Moreover, it’s been hit hard by brand new competition from neighboring states such as for instance Pennsylvania, which has superseded New Jersey as the second biggest casino market in the united states, after Nevada.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.

Good News for AC?

But not even close to hurting Atlantic City, many analysts genuinely believe that an expansion in the north will help the ailing resort. The proposed resort in Jersey would sit right across the harbor from Manhattan, and would work being a bastion, protecting brand New Jersey from further competition from the brand new casinos prepared 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 discussion is going to be had because it has to be had, nonetheless it won’t be had at Atlantic City’s expense,‘ he said. ‚If anybody thinks that I’m perhaps not committed to Atlantic City, they’re crazy. We can not ignore that competition will probably be in New York shortly. But if nj-new Jersey reacts by opening a casino in North Jersey, it should take place in a way that may benefit Atlantic City truly. Now we tax casinos at eight-and-a-half percent. Maybe we set a tax that is new for a casino in the north and a percentage of that that’s significant enough to help 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 said recently which he had been ready to enable citizens to vote on this kind of amendment next year. And while details of the proposed development in Jersey City stay few and far between, it seems that Fireman has convinced some social 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 also the largest Ferris wheel on the planet all situated 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 may have met with Fireman. ‚It has the wow factor … it’s going to blow away Macau as a destination place for gaming.‘

Casinos Seek Conscious Uncoupling from US Dog Racing

Greyhound dog racing is now only a sideshow at many US tracks, where casino games bring within the profits that are real. The sport has also been the main topic of intense criticism. (Image: derrydaily.net)

In the event that you shop around the united states, you’ll nevertheless see an amount that is fair of racing, at least in those states that haven’t made the practice illegal, following massive critique of numerous of this issues surrounding the sport. But at most tracks, greyhounds are now raced and then fulfill a legal responsibility that allows the owners to also stage more profitable activities. And if the time comes when that motivation to stage dog races goes away, there may be no reason left to possess them at all: one thing that lots of people would say is a thing that is good.

The signs of dog racing’s demise were seen by industry experts for decades. In 1990, there was nearly $1 billion bet on live dog races in Florida, among the remaining hotbeds for the competitions. In 2013, that true number had dropped to $258 million. The decrease happens to be largely caused by the spread of casino gambling across the country, which gave gamblers and tourists more options for spending their some time money.

Dog Racing Just a Way to Casino Revenues

Yet those exact same casinos 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 keep the events going, even as interest in them has waned.

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

That’s the situation in Florida, which will be still home to 12 of the 21 American tracks that offer live racing that is greyhound. A great many other tracks do not have their own races anymore, and keep up the rushing part of the bargain only by simulcasting competitions from other tracks.

Owners, Opponents Want Decoupling

This has kept racetrack that is many to push for a ‚decoupling‘ movement that would end their obligation to operate dog races and just let them focus on the other gambling interests. This has triggered a unusual alliance between track owners and animal rights groups 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 america.

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 might come year that is back next. Likewise, western Virginia killed a bill that would have slice the certification fees and paid down the minimum wide range of race days needed at one of the state’s two dog racing tracks.

With both owners and opponents up to speed for decoupling, you may be wondering that is against the change. One answer is the horse industry that is racing which believes such a movement could ultimately kill their sport also.

Horse racing is a a lot more popular and financially viable sport than greyhound racing. However, only the largest tracks are truly profitable, and many now operate ‚racinos‘ with slot machines along with other games in order to make a profit. If horse racing weren’t required, some of these 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 having less 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 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 Internet video gaming trade association in the world, has slammed Portugal’s draft gambling bill, branding its tax prices as ‚unworkable‘ and urged regulators to consider once again. The punitive 8 to 16 per cent tax on sports betting stakes would make the market ‚unviable‘ for online operators, it states.

The bill is currently winging its method through the Portuguese parliamentary system, with the federal government anxious to manage asap as section of a wide-ranging economic recovery plan. Portugal was once bailed out of a financial meltdown in 2011 by the EU Commission, the European Central Bank and Global Monetary Fund in a €78 billion ($106.14 billion) rescue program. It exited the system 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 from the new on the web gambling market will be split between central and regional governments and used to ‚encourage sport as well as for cultural development.‘ In addition to the tax on stakes, gross revenue on activities 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 amounts will limit 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 become taxed at a sensible rate of gross video gaming revenue.‘ Additionally criticized the actual fact that the Portuguese monopoly operator of offline sports betting, Santa Casa, is only taxed at half the rate of its counterparts that are online.

Clive Hawkswood, ceo of this RGA, said: ‚Whilst the RGA as well as its people welcome the Portuguese initiative in seeking to regulate the web gambling sector, our people are extremely concerned about the unworkable tax prices that are proposed in lightning link slot strategy the draft law which can be presently being considered.

‚The extent of the disparity in tax burden between licensed sports that are online operators therefore the offline monopoly operator Santa Casa could be as much as 50 per cent in favor of Santa Casa. Such a differential has the potential to create a predicament of significant illegal state aid being given to Santa Casa by the Portuguese government whilst also destroying any hope for fair competition in the next 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 within their finances and social security.‘ But, businesses will also need to be ‚established and registered‘ within the country and can have to offer their services through a bot.PT domain name.

Mesquita Nunes refused to be drawn recently on any projections of annual revenue for the new market, saying that it is impossible to know how many operators would apply for Portuguese licenses. Using the current proposed taxation figures, contends the RGA, the solution to that might be ’not many.‘

The RGA says it would welcome the opportunity to engage in a ‚constructive discussion using the Portuguese government to ensure a level playing field for many online activities betting operators seeking to obtain licenses.‘

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