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 New York 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 latest Jersey press. State Governor Chris Christie recently declared his openness towards the expansion of casino video gaming into North Jersey, and it appears Fireman, who is A ceo that is former of now runs Fireman Capital Partners, is working hard to make it happen.

The businessman has been meeting with New Jersey politicians over the month that is past discuss his proposal for a 95-story hotel and casino rising above New York Harbor that would additionally 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 money and a plan that is five-year rejuvenate the city, spearheaded by Governor Christie in 2011, its casino market neglected to bounce back through the recession, because have been hoped.

Furthermore, it is often hit hard by new competition from neighboring states such as for instance Pennsylvania, which has superseded brand New Jersey as the 2nd casino market that is biggest in the usa, after Nevada.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.

Very 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 resort that is ailing. The proposed resort in Jersey would sit right across the harbor from Manhattan, and would act as being a bastion, protecting New Jersey from further competition through the brand new casinos planned for upstate New York, diverting New Yorkers and vacationers away from those casinos, while gathering revenue that may assist develop Atlantic City.

State Senate President Stephen Sweeney agrees.

'This conversation is likely to be had because it has to be had, but it will not be had at Atlantic City's expense,' he said. 'If anybody thinks that we'm perhaps not focused on Atlantic City, they're crazy. We can't ignore that competition will probably be in New York shortly. However if New Jersey reacts by opening a casino in North Jersey, it should happen in ways that will benefit Atlantic City truly. Now we tax casinos at eight-and-a-half %. Maybe we set a new tax price for a casino in the north and a portion of that that's significant enough to aid Atlantic City involves Atlantic City.'

'It Will Blow Away Macau'

While casino expansion into North Jersey would require an amendment towards the state constitution, Sweeney said recently that he had been willing to allow citizens to vote on such an amendment year that is next. And while details of the proposed development in Jersey City stay few and far between, it seems that Fireman has convinced some individuals in high places already.

Jersey City Mayor Steve Fulop indicated his excitement this week about a 'world-class facility which includes a casino, resort and meeting center in addition to the greatest 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 has met with Fireman. 'It has the wow element … it's going to blow away Macau as being a location place for gaming.'

Casinos Seek Conscious Uncoupling from US Dog Racing

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

If you look around the USA, you'll nevertheless see a reasonable amount of dog racing, at least in those states that haven't made the practice illegal, following massive critique of many of this problems surrounding the sport. But at many songs, greyhounds are actually raced only to fulfill a legal responsibility that allows the owners to also stage more profitable tasks. And when the time comes when that inspiration to stage dog races goes away, there might be no reason left to possess them at all: something that many individuals would say is a thing that is good.

The signs of dog race's demise have now been 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 true number had dropped to $258 million. The decline was mainly related to the spread of casino gambling across the national nation, which gave gamblers and tourists more choices for spending their time and money.

Dog Racing Only a Way to Casino Revenues

Yet those same casinos have most likely saved greyhound racing at the same time. Many tracks are subsidized by the same casinos that have actually taken their business away, making it profitable to keep the races 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 cases, it's almost always one other business that is profitable; the events are needed as section of licenses that require 'coupling' the games that are casino-style races.

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That's the situation in Florida, that will be still home to 12 of the 21 American tracks offering live greyhound racing. Other tracks don't have even their very own races anymore, and keep up the part that is racing of bargain only by simulcasting contests off their tracks.

Owners, Opponents Want Decoupling

It has left many racetrack owners to push for a 'decoupling' movement that will end their obligation to perform dog races and just allow them to focus on their other gambling interests. This has caused a unusual alliance between track owners and animal rights teams who think that the races are cruel and that the dogs are mistreated. These teams genuinely believe that decoupling will inevitably result in the end (however slowly) of greyhound racing in the us.

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 might come year that is back next. Similarly, western Virginia killed a bill that would have slice the licensing fees and paid down the number that is minimum of days needed at one of their state's two dog racing tracks.

With both owners and opponents on board for decoupling, you may be wondering who's against the change. One response is the horse industry that is racing which believes this kind of movement could ultimately kill their sport as well.

Horse racing is just a far more popular and financially viable sport than greyhound race. However, only the largest tracks are truly profitable, and many now run 'racinos' with slot machines as well as other games in order to turn a profit. If horse racing are not needed, some of these tracks could switch over to casino that is pure, shrinking the industry.

Greyhound racing is presently illegal in 39 states, while four others have no tracks, despite the lack of laws 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 financial crisis. (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 gaming trade association worldwide, has slammed Portugal's draft gambling bill, branding its tax rates as 'unworkable' and urged regulators to believe once again. The punitive 8 to 16 per cent tax on sports stakes that are betting make the market 'unviable' for online operators, it claims.

The bill is currently winging its method through the Portuguese parliamentary system, with the us government anxious to regulate at the earliest opportunity as section of a wide-ranging economic recovery plan. Portugal was once bailed away from a economic crisis in 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 increasing pressure to bolster its still-embattled economy.

Secretary of State Adolfo Mesquita Nunes announced recently that taxation revenues through 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 recreations betting 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 users and State'

The RGA claims that current taxation amounts will limit competition within the market 'to the detriment of Portuguese consumers while the tax revenues that the Portuguese state could take had been industry become taxed at a sensible price of gross gaming revenue.' In addition criticized the actual fact that the Portuguese monopoly operator of offline sports gambling, Santa Casa, is only taxed at half the rate of its online counterparts.

Clive Hawkswood, chief executive officer of the RGA, said: 'Whilst the RGA and its members welcome the Portuguese initiative in wanting to manage the online gambling sector, our people are extremely concerned with the unworkable tax rates that are proposed in the draft legislation which will be presently being considered.

'The extent of this disparity in tax burden between licensed sports that are online operators therefore the offline monopoly operator Santa Casa could be up to 50 per cent in support of Santa Casa. This type of differential gets the potential to create a predicament of significant illegal state help being awarded to Santa Casa by the Portuguese government whilst additionally destroying any hope for fair competition in a future regulated online sports gambling 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 is going to be able apply for licenses supplying they 'meet the requirements,' and 'are in good financial standing in their funds and social security.' Nonetheless, organizations will also have to be 'established and registered' within the country and will have to offer their services through a domain name that is bot.PT.

Mesquita Nunes refused become drawn recently on any projections of annual revenue for the new market, saying that it is impractical to know how many operators would apply for Portuguese licenses. The reply to that would 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 discussion aided by the Portuguese government to ensure a level playing field for many online recreations wagering operators seeking to obtain licenses.'