Meadowlands Casino Debated at East Coast Gaming Congress

Meadowlands Casino Debated at East Coast Gaming Congress

The Meadowlands Sports Complex has long drawn fans from New York, and a casino is hoped by some lawmakers there could do the same. (Image: Wikimedia Commons)

Since brand New Jersey first legalized casino gambling in 1976, it has been grasped that casinos were only meant for Atlantic City within the Garden State. That made sense, at least during the time: the resort city had dropped out of favor with tourists, and gambling was viewed as a method to bring money back into the economy that is local. But with increasing competition from Pennsylvania while the specter of New York casinos in the horizon, some in the state now want to build a casino in a location that could directly contend with venues in neighboring states.

The concept of placing a casino into the Meadowlands located just outside of New York City was floated once more last week at the East Coast Gaming Congress in Atlantic City, attracting support in addition to concern from those in attendance.

'A casino in north Jersey, to be taxed at 50 or 60 per cent, we could do a billion dollars in that location,' stated Assemblyman Ralph Caputo, a Democrat. 'We've got become fighting for those clients. That is just what Pennsylvania is doing. That's exactly what nyc wants to do.'

Beating New York to the Market

Caputo's idea is get a casino built in the Meadowlands before one is built in New York City. The first few licenses are only available in upstate regions while the state of New York has recently started the licensing process for commercial casinos. Gambling enterprises into the city and surrounding suburbs are several years far from being proposed, let alone built.

The plan is a one that is popular legislators in north New Jersey who wish to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the theory, but made a 2011 agreement to provide Atlantic City five years showing improvement before considering voters that are allowing approve casinos in other parts for the state.

Opponents Say Brand New Casino Would Only Hurt Atlantic City

As revenues at Atlantic City's gambling enterprises continue steadily to fall, support for a Meadowlands casino has certainly increased. However, lawmakers in and around the city are strongly against a proposal, saying it will not help the state just hurt the currently struggling casino ocean resort city.

' We need to stop talking about the Meadowlands,' said State Senator Jeff Van Drew, a Democrat from Cape May County. 'The Meadowlands would cannibalize the industry; the Meadowlands will simply further split that gambling pie and hurt Atlantic City.'

Regardless if a Meadowlands casino is not in the cards, though, you will find still many questions regarding the long run of Atlantic City to be answered. With the Atlantic Club closing in January, you will find now 11 casinos running in the city. Some experts say this really is still too many for the city to aid.

'My heart is in Atlantic City, but clearly there is oversaturation in forex trading,' said Anthony Faranca, general manager of Parx Casino. 'Even I think there's too much capacity in this great city if it does turn the corner. You can find decisions that are tough have to be made.'

State Senate President Steve Sweeney (D-3rd District) stated that while it's likely that casino expansion will eventually come up within the legislature, it's important to strengthen Atlantic City very first. He additionally pointed out that adding more casinos in New Jersey doesn't indicate that the Meadowlands will get to host one by default.

Everett Strikes Surrounding Region Agreement with Mohegan Sun

The town of Everett, Massachusetts will receive compensation if a Mohegan Sun casino is built at Suffolk Downs.

When it comes to gambling, most authorities advise players against hedging their bets. The exception to that rule comes when you are talking about life-changing amounts of money: that's when the costs of hedging are far outweighed by locking in a profit that is big. Taking into consideration the 'life-changing' impact that a casino can have regarding the local economy, it's easy to understand why a city might desire execute a little hedging of their very own.

Maybe this is exactly why the populous city of Everett, Massachusetts has struck a cope with Mohegan Sun, even while they're still hoping the business never sees their casino built. The 2 sides reach terms for a surrounding community agreement that would enter effect only if Mohegan Sun wins the right to build a casino at the Suffolk Downs racetrack in Revere.

Agreement Provides Insurance for Everett

That's perhaps not the absolute most profitable result for Everett, that is the host city for a competing casino proposal from Wynn Resorts. But should Wynn get left behind to Mohegan Sun in the bid for the one license open to the Greater Boston area, Everett will be certain that now they are going to get something out of the deal.

A flat fee of $575,000 every year under the agreement, Mohegan Sun would pay Everett. They would also pay the costs of the $300,000 traffic research, and consent to promote the cultural and tourist attractions in the city. This really is all contingent on the Suffolk Downs casino actually winning the license and being built, however.

The agreement comes about 8 weeks following the Massachusetts Gaming Commission declared that Everett had the proper become considered a community that is surrounding the Mohegan Sun casino, which will be based in Revere. Negotiations was indeed ongoing since that March 20 declaration. In the event that two edges had did not make an contract by mid-June, an arbitrator would have determined a good solution for both sides.

The agreement would bring very money that is little Everett when compared with the $30 million or maybe more the city might earn annually if the Wynn casino resort had been built there. But it at least offers the city a backup plan in case they ought to never be picked by the state video gaming commission. Conversely, Revere failed to apply for the exact same community that is surrounding for the Wynn casino, meaning they'd receive nothing if the Suffolk Downs casino loses out to the Everett proposal.

Surrounding Community Agreements Popular, Vary in Size

Both casino organizations have signed agreements that are such a few nearby towns and cities. While all of the discounts are small, a few surrounding communities will get substantial advantages. As an example, Mohegan would spend $2.5 million yearly to Chelsea, while Wynn Resorts could be on the hook for $6 million in traffic improvements for Cambridge.

Also the largest of the deals is a drop that is relative the bucket for the casino operators, nevertheless. Both proposed resorts would cost $1 billion or more to build, with the Wynn Resorts project having a $1.6 billion price tag

For any populous town to receive benefits, at least one of these casinos will need to be built and while that still seems totally possible, it isn't entirely certain to happen. A bid to put a casino repeal question on a statewide ballot is currently being heard by the Massachusetts Supreme Judicial Court, and a recent poll found that a majority of state residents would like to see that question voted on by the state that is entire.

First Bitcoin ATM Arrives at Nevada Casino

The D Casino in downtown Las Vegas has installed the bitcoin that is first, but does not have any intends to enable the currency at its gaming tables yet. (Image:

Because these days an increasing level of Las Vegas companies are accepting the web cryptocurrency known as Bitcoin from coffee shops to a candy store, and even an escort agency (we kid you perhaps not) it's only suitable that the town must have its very own ATM, and that it should really be installed in The D nevada Casino Hotel, the very first casino in Sin City to just accept Bitcoin as payment for resort rooms, meals at its restaurants, and even in its present store.

What it does not do, nonetheless, is accept the digital currency for wagering yet although a lot of online gambling web sites do, none of which, we ought to add, are licensed by the newly regulated US state areas.

The D has partnered with Robocoin, pioneers of Bitcoin ATMs, which launched the world's first such unit in Canada this past year. The organization it self has main offices just about to happen from The D in downtown Las Vegas, which will be being a popular area for tech start-ups.

If, at this true point, you are sitting there thinking, 'What on earth is Bitcoin?' well, to begin all, where are you? And next, we are going to tell you.

Exactly What is Bitcoin?

Bitcoin is a cryptocurrency that is digital a global circulation of a lot more than $1.4 billion that operates outside the central banking system and is traded via encrypted peer-to-peer systems. That means goods can be bought and sold beyond the eye that is watchful of regulators. Bitcoins are available via your computer or smartphone at an exchange solution such as Bitinstant, and are then stored in an e-wallet.

So, while Bitcoin is starting to be embraced by conventional business (more as a novelty than such a thing), because is evidenced by The D's ATM, it all started off a bit shadily as well as in many ways 's still.

Because it circumvents the central banking system, some maverick online gambling operators have observed it as an easy way to facilitate online gambling in areas where financial institutions are forbidden from processing gambling deals. And it looks like they are appropriate. In 2012, two bitcoin that are start-up casinos, SatoshiDice and bitZino, posted May to December profits of $596,213 and $495,000, respectively.

Live Bitcoin Gaming?

Bitcoin was made as an anarchic, libertarian alternative to mainstream money by way of a shadowy figure calling himself Satoshi Nakamoto who's now disappeared into the ether. In March, Newsweek excitedly believed it had tracked him down it hadn't they purportedly had the incorrect guy, an entirely bewildered Japanese-American man by having a similar name. The truth is that Satoshi Nakamoto is simply as probably be the pseudonym of a band of code writers at the time of an individual. What's for sure, though, wherever and whoever he is, we don't think he intended his invention that is subversive to used buying trinkets in casino gift shops.

And, interestingly, about the subject of using Bitcoin for live gaming in Las Vegas, Robocoin's co-founder Sam Glaser had this to express: 'The Nevada Gaming Control Board will have to approve [Bitcoins for gambling], which seems unlikely for the foreseeable future.'

Nonetheless, tantalizingly, D Casino Hotel's Derek Steven's told currency that is virtual CoinDesk the following: ' I do not think the [State] Gaming Control Board or [the Nevada] Gaming Commission would anticipate to cope with Bitcoin at this time. But I do know that the Gaming Commission and Gaming Control Board have Bitcoin in the radar, and are attempting to assess what their future plans will soon be.'