Top

New York Southern Tier Gets Another Look from Casino Licensing Board today

4 Mar

New York Southern Tier Gets Another Look from Casino Licensing Board today

 New Y<span id="more-9490"></span>ork Southern Tier Gets Another Look from Casino Licensing Board today

Brand New York Governor Andrew Cuomo urged a situation board to reconsider a Southern Tier casino, but the board’s president states the concluding decision will not be impacted by the Empire State’s frontrunner.

This new York Southern Tier is waiting on pins and needles for the results of a casino licensing conference with the State Gaming Facility Location Board tonight.

Tonight’s meeting shall see the Board consider reopening the bidding procedure for the resort in the Southern Tier.

That area of the state was everyone that is lobbying through nyc Governor Andrew Cuomo in a effort to make its case that the area, found near the Pennsylvania border, is worthy of the fourth and final license reserved for upstate New York.

Even the proven fact that the Southern Tier is still in the game is a little bit of a success for neighborhood politicians and residents. The area was partnered with the Finger Lakes as a solitary area in the casino putting in a bid process, and between the two, were only promised a license that is single. That one ultimately went to the Lago Resort and Casino, a Finger Lakes proposal that was larger than the bids coming out of the Southern Tier.

But individuals in the location felt which they’d been passed over in the casino procedure, when in the same time they were denied licensing, a hydraulic fracturing (or ‘fracking) ban was put into devote their state, which could leave the Southern Tier in dire economic straits. That led to appeals to the continuing state Gaming Commission and Governor Cuomo to provide ladbrokes casino promo code the area another chance.

New Meeting Could Start Bidding for Fourth License

That led Cuomo to attract the Gaming Facility Location Board, which often chose to hold a gathering on night in New York City to consider reopening the bidding in the Southern Tier tuesday.

Because the board originally only recommended three casinos for upstate New York, there is certainly still a license that is fourth may potentially be awarded. While that license was originally up for grabs in all three upstate regions, however, the board will only be considering offering it to the tier that is southern this meeting.

That doesn’t sit well with many lawmakers along with other observers throughout the state. Some believe that other aspects of New York should likewise have the ability to bid for that 4th license if it becomes available, while others question how much impact Governor Cuomo has in the casino process.

Hudson Valley Officials Want a Shot

At one point in the bidding procedure, it seemed likely that the 4th casino would end up in the Catskills/Hudson Valley region, which was the most profitable area and saw the interest that is most from major casino firms. Given its proximity to New York City and the fact that regional competition could be intense there, Orange County Executive Steve Neuhaus thinks that the region ought to be an integral part of any discussion over the final casino license.

‘Given the distinct possibility that casino gambling in nj-new jersey could expand outside of its current Atlantic City location, such as the Meadowlands, it makes sense for brand New York jobs and income that the absolute most effective areas in southern New York be included in this discussion,’ read a statement from Neuhaus.

Cuomo’s Influence Questioned

There are also issues that Cuomo, who pledged to permit the board to work independently, has received too much influence in the licensing process.

‘Every time he says one thing, he does the alternative when it doesn’t turn out the means he wants it to come out,’ said Assemblyman James Tedisco (R-Schenectady). ‘If you will say something is separate, keep it independent.’

But members of the facility location board say they’ve been able to act separately, without any pressure from the governor’s office, and that your decision in the Southern Tier will come from them, not from Cuomo.

Washington State Gets its Online Poker that is own Bill

Washington State’s current poker that is online are draconian, which has prompted the push for legislative change. (Image: livingmylifeaway.wordpress.com)

A Washington State internet poker bill has arrived unexpectedly during the opening associated with the state’s brand new legislative session this week.

The bill to legalize and regulate poker that is online known as HB 1114, is sponsored by Representative Sherry Appleton (D), and comes as a complete surprise to industry observers.

While all eyes have been regarding the ongoing legislative efforts in Ca, and the debate that is occasional Pennsylvania concerning the possibility of regulation, Washington’s bill ambushed us out of the blue.

The actual fact that Washington State is the only state regarding the Union in which the actual act of playing online poker is illegal makes the news even surprising.

Lawmakers caused it to be a course C felony in 2006, with Section 9.46.240 of the state’s gambling legislation declaring that anybody who ‘knowingly transmits or receives gambling information by telephone, telegraph, radio, semaphore, the online, a telecommunications transmission system, or means that are similar is violating the legislation.

What this means is that, theoretically at least, playing online poker could secure you a jail sentence of up to five years and a $10,000 fine.

Even Utah, where all types of gambling are strictly illegal, including lotteries, does perhaps not get quite this far, although we should mention that no body in Washington State has ever been prosecuted for the work of playing online poker.

Washington Internet Poker Initiative

It could very well be the draconian nature of area 9.46.240 that has driven the push for legislative change in this relatively liberal state.

Certainly, the primary crux for the new bill is that prohibition doesn’t work, and neither does it adequately protect citizens regarding the state, lots of whom continue to play online poker illegally in unregulated offshore markets.

This can also be the crusading message of Curtis Woodward, of the Washington Web Poker Initiative, whose tireless efforts in opposing prohibition have helped make the proposed legislation a reality.

‘It did actually me personally that Washington State had just been written off regarding internet poker, which I found unsettling to say the minimum. Someone had to step-up and raise the problem or we will be a forgotten corner that is little the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every solitary legislative candidate prior towards the 2014 elections.

Representative Appleton has been a cosponsor on a few attempts to reduce or eliminate the penalty that is criminal players, and she was initially receptive of the idea and was one of a handful of legislators I dedicated to. I got in contact along with her again following the election, and she easily took on the bill for people.’

A Blueprint for future years

The bill it self believes that numerous for the details that are legislative be fleshed out by the Gaming Commission and thus will not propose a level of taxation, nor does it make no reference to bad actors.

It does, however, suggest that there should be two levels of licensing, one for system operators and something for consumer-facing online poker rooms, and it would also leave the hinged door open for interstate pool sharing, during the governor’s discretion.

Moreover, there is also a hope that the bill may one day serve as a blueprint for other states seeking to legalize online poker in the future.

‘ Having the top operators provide as networks, with local skins competing for players, creates the best possibility for wide participation, without splintering player liquidity. The greater interests that are local to participate, the less opponents there will be among them,’ said Woodward.

Caesars Entertainment Goes for Bankrupt, While Creditors Decry Restructuring Arrange

Caesars Palace is run by Caesars Entertainment Operating Company, Inc., which has filed for Chapter 11 bankruptcy. However, all Caesars properties will remain open during the process, claims CEO Gary Loveman. (Image: lasvegas.se).

Caesars Entertainment Corp. (CEC) announced the filing of voluntary Chapter 11 bankruptcy this week for its main running unit, Caesars Entertainment Operating Company Inc. (CEOC).

The move was a bid to alleviate some of its astronomical $23 billion debtload, the majority of that will be held by the product. CEOC listed around $12.4 billion in assets and $19.9 billion in liabilities in Chapter 11 documents on Thursday.

The subsidiary as well as its affiliates employ about 32,000 individuals throughout the US and run 44 gaming and resort properties in 13 states, because well as in five other countries, including the flagship Caesars Palace in Las Vegas.

However the core message from the parent company is its ‘business as always’ for several of its gambling enterprises.

‘The properties across the complete Caesars Entertainment network are available and will run without interruption throughout CEOC’s reorganization process,’ stated Gary Loveman, the CEO of CEC and chairman of CEOC, within an statement that is official Thursday.

‘Our guests will continue to make benefits through the Total benefits loyalty program, and we remains entirely focused on delivering the same outstanding solution and unforgettable entertainment experiences guests attended to expect from Caesars Entertainment. Going forward, we are going to continue to produce and deliver new, revolutionary hospitality experiences to our visitors.’

We Come to Bury Caesars…

But Caesars isn’t away from the woods yet, it has worked out with its major creditors of unjustly protecting the company’s interests at the expense of their own as it faces a revolt from its lower-level creditors, who accuse the debt restructuring plan.

This group of lower-level creditors will be in a federal court in Delaware attempting to call a temporary halt to the Chicago case and to stop the restructuring plan from going through as drafted while CEOC files for bankruptcy in Chicago. The move this follows months of negotiation and litigation between Caesars and its bondholders week.

Caesars countered that these creditors are attempting ‘to wreak havoc on the process that is orderly debtors, their professionals, and also the many consenting stakeholders have been planning for months.’

Good Caesars / Bad Caesars

Caesars acquired nearly all of its debt when it went private in 2008, following a $30.1 billion takeover by Apollo worldwide Management and TPG Capital, just around the start of the global downturn that is economic.

As the recession hit the land-based casino industry in the usa, the group, having its 50 gambling enterprises across the United States, suffered.

Caesars has lost cash every year since 2009, and has struggled to cover the attention on its enormous debt. It recently posted 2014 Q3 losses of $908.1 million and last thirty days defaulted on a $225 million payment.

‘We think this restructuring is into the desires of CEOC’s stakeholders and can result in a sustainable capital structure for CEOC and value creation for many stakeholders,’ said Loveman.

‘The restructuring of CEOC could be the culmination of a years-long effort to improve the health of CEOC’s stability sheet, that has included significant investment in new and upgraded assets, especially in Las Vegas. I will be very confident in the foreseeable future leads of our enterprise, which will combine an improved money framework with a system of profitable properties.’

However, Caesars’ disgruntled creditors have accused Apollo and TPG of attempting to create a ‘good Caesars,’ that may possess its famous and valuable properties, and a ‘bad Caesars’ to carry the debt.

No Comments

Post a Comment