A casino in Jersey City could fight down 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 brand 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 ceo that is former of and today operates Fireman Capital Partners, is working hard to make it happen.
The businessman has been ending up in New Jersey politicians over the past thirty days to discuss his proposition 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 first property exposed there in 1978, has lately been in serious financial straits. Despite injections of money and a five-year plan to rejuvenate the town, spearheaded by Governor Christie in 2011, its casino market did not bounce back through the recession, because have been hoped.
Additionally, it has been hit hard by brand new competition from neighboring states such as for instance Pennsylvania, which has superseded brand New Jersey as the 2nd casino market that is biggest in the US, after Nevada. And while Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has evidently been forced to concede that the tactic that is new needed.
Great News for AC?
But far from hurting Atlantic City, numerous analysts think that an expansion in the north will help the resort that is ailing. The proposed resort in Jersey would sit right across the harbor from Manhattan, and would act lightning link slot as a bastion, protecting 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 revenue that could help develop Atlantic City.
State Senate President Stephen Sweeney agrees.
‘This discussion is going to be had because it has to be had, nonetheless it will not be had at Atlantic City’s expense,’ he said. ‘If anybody believes that I’m not devoted to Atlantic City, they’re crazy. We can not ignore that competition is likely to be in New York shortly. But if New Jersey reacts by opening a casino in North Jersey, it should happen in a way which will benefit Atlantic City truly. Right now we tax casinos at eight-and-a-half %. Maybe we set a new tax rate for a casino in the north and a portion 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 to your state constitution, Sweeney stated recently he was prepared to allow citizens to vote on such an amendment the following year. And while information on 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 which includes a casino, hotel and meeting center along with the largest Ferris wheel on earth all situated next to the park that is best in nj (Liberty State Park).’ He added that the project would ‘create 25,000 jobs’ and attract ‘over $5 billion of investment.’
‘It’s huge,’ said state Senator Raymond Lesniak, who’s got met with Fireman. ‘It has the wow element … It will blow away Macau being a location 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 in the genuine profits. The sport in addition has been the main topic of intense criticism. (Image: derrydaily.net)
If you browse around the USA, you’ll nevertheless see an amount that is fair of racing, at least in those states that have not made the practice illegal, following massive critique of many for the problems surrounding the sport. But at many songs, greyhounds are actually raced simply to fulfill a legal obligation that allows the owners to also stage more profitable activities. And in case the time comes when that inspiration to stage dog races goes away, there might be no reason left to own them at all: something that many individuals would say is a thing that is good.
The signs of dog racing’s demise are seen by industry experts for decades. In 1990, there was nearly $1 billion bet on real time dog races in Florida, one of many hotbeds that are remaining the competitions. In 2013, that number had dropped to $258 million. The decline is largely related to the spread of casino gambling across the national nation, which gave gamblers and tourists more choices for spending their time and cash.
Dog Racing Just a Road to Casino Revenues
Yet those same gambling enterprises have most likely saved greyhound racing at the time that is same. 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.
Oftentimes, the track owners really operate casinos, slot parlors, or poker spaces by themselves. In these instances, it’s almost always one other business that’s profitable; the races are needed as part of licenses that need ‘coupling’ the casino-style games with events.
That’s the case in Florida, which will be still home to 12 of the 21 American tracks that offer live greyhound racing. A number of other tracks do not even have 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 kept racetrack that is many to push for a ‘decoupling’ movement that could end their obligation to operate dog races and just allow them to focus on the other gambling interests. This has triggered a unusual alliance between track owners and animal rights teams who think that the races are cruel and that the dogs are mistreated. These groups believe that decoupling will inevitably result in the end (however slowly) of greyhound racing in the us.
In Florida’s latest attempt to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it may come year that is back next. Similarly, West Virginia killed a bill that would have slice the certification fees and reduced the number that is minimum of days required 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 response is the horse racing industry, which believes such a movement could ultimately kill their sport as well.
Horse racing is just a much more popular and sport that is financially viable greyhound race. However, only the largest tracks are truly profitable, and many now run ‘racinos’ with slot machines and other games in order to make a profit. If horse racing are not needed, some of those tracks could switch up to pure casino operations, shrinking the industry.
Greyhound racing is currently illegal in 39 states, while four others have no songs, despite having less legislation 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 bank operating system, the Remote Gambling Association (RGA), the largest Web gaming trade association on earth, has slammed Portugal’s draft gambling bill, branding its tax prices as ‘unworkable’ and urged regulators to think again. The punitive 8 to 16 per cent tax on sports stakes that are betting make the market ‘unviable’ for online operators, it states.
The bill is currently winging its means through the Portuguese parliamentary system, with the us government anxious to control at the earliest opportunity as section of a wide-ranging economic recovery plan. 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 May and now faces increasing pressure to bolster its still-embattled economy.
Secretary of State Adolfo Mesquita Nunes announced recently that income tax revenues from the online that is new gambling will be split between central and regional governments and used to ‘encourage sport and for cultural development.’ Along with the tax on stakes, gross revenue on sports wagering will be taxed at around 37.5 per cent, 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 and the tax revenues that the Portuguese state could take were the marketplace become taxed at a sensible rate of gross video gaming revenue.’ In addition criticized the fact that the Portuguese monopoly operator of offline sports wagering, Santa Casa, will likely be only taxed at half the rate of its online counterparts.
Clive Hawkswood, chief executive officer of the RGA, said: ‘Whilst the RGA and its own members welcome the Portuguese initiative in trying to control the internet gambling sector, our members are extremely worried about the unworkable tax rates that are proposed in the draft legislation which can be presently being considered.
‘The extent for the disparity in taxation burden between licensed online sports betting operators and the offline monopoly operator Santa Casa might be just as much as 50 percent in favor of Santa Casa. This type of differential gets the potential to create a situation of substantial illegal state help being granted 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
Though some lawmakers in Portugal wanted to begin to see the introduction of an open market, the current draft gambling bill suggests a jurisdiction similar to those that you can get in countries like France and Italy. Foreign operators are able apply for licenses supplying they ‘meet the requirements,’ and ‘are in good financial standing in their finances and social security.’ However, businesses will also have to be ‘established and registered’ within the country and certainly will have to give you their services by way of a domain name that is bot.PT.
Mesquita Nunes refused become drawn recently on any projections of annual revenue for the market that is new saying that it’s impossible to know how many operators would apply for Portuguese licenses. The response to that could 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 dialogue because of the Portuguese government to ensure a playing that is level for all online activities betting operators seeking to obtain licenses.’