The Meadowlands Sports Complex has long drawn fans from New York, and a casino is hoped by some lawmakers here could do the same. (Image: Wikimedia Commons)
Since brand New Jersey first legalized casino gambling in 1976, it’s been grasped that casinos were only meant for Atlantic City in the Garden State. That made sense, at least at that time: the resort city had fallen out of favor with tourists, and gambling was viewed as a way to bring money back to the economy that is local. But with increasing competition from Pennsylvania plus the specter of New York casinos regarding the horizon, some in the state now want to create a casino in a location that could compete with venues directly in neighboring states.
The concept of putting a casino in the Meadowlands located just outside of New York City was floated week that is again last the East Coast Gaming Congress in Atlantic City, attracting support as well as concern from those in attendance.
‘A casino in north Jersey, to be taxed at 50 or 60 percent, we could do a billion dollars in that location,’ said Assemblyman Ralph Caputo, a Democrat. ‘We’ve got to be fighting for those clients. That is exactly what Pennsylvania is doing. That’s exactly what New York wants to do.’
Beating New York to the Market
Caputo’s idea would be to get a casino built into the Meadowlands before one is built in ny 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 suburbs that are surrounding several years away from being proposed, not to mention built.
The plan is a one that is popular legislators in northern nj whom wish to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the idea, but made a 2011 agreement to provide Atlantic City five years showing improvement before considering voters that are allowing approve casinos in other components associated with state.
Opponents Say New Casino Would Only Hurt Atlantic City
As revenues at Atlantic City’s gambling enterprises continue steadily to fall, help for a Meadowlands casino has certainly increased. However, lawmakers in and around the town are strongly against a proposal, saying it won’t assist the state just hurt the casino that is already struggling resort city.
‘ We must stop speaking about the Meadowlands,’ said State Senator Jeff Van Drew, a Democrat from Cape might County. ‘The Meadowlands would cannibalize the industry; the Meadowlands will just further split that gambling pie and hurt Atlantic City.’
Even though a Meadowlands casino isn’t in the cards, though, you will find nevertheless questions that are many the near future of Atlantic City to be answered. With the Atlantic Club closing in January, you can find now 11 casinos operating in the city. Some experts say that is still a lot of for the populous city to support.
‘My heart is in Atlantic City, but clearly there was oversaturation in forex trading,’ said Anthony Faranca, general manager of Parx Casino. ‘Even if it does turn the corner, I think there’s too much capacity in this great city. There are numerous decisions that are tough need to be made.’
State Senate President Steve Sweeney (D-3rd District) said that while it’s likely that casino expansion will eventually show up in the legislature, it’s important to strengthen Atlantic City very first. He also pointed out that adding more casinos in New Jersey doesn’t mean that the necessarily Meadowlands will get to host one by default.
Everett Strikes Surrounding Region Agreement with Mohegan Sun
The city of Everett, Massachusetts will receive compensation if a Mohegan Sun casino is built at Suffolk Downs.
Whenever it comes to gambling, most authorities advise players against hedging their bets. The exception to that rule comes if you are speaking about life-changing amounts of money: that’s once 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 might have in the local economy, it is clear to see why a city might desire perform a little hedging of their own.
Possibly that’s why the city of Everett, Massachusetts has struck a deal with Mohegan Sun, even as they’re still hoping the company never ever sees their casino built. The 2 sides reach terms on a surrounding community agreement that would enter impact 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 maybe not probably the most profitable result for Everett, that will be 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 offered to the more Boston area, Everett will be certain that now they’ll get something from 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 a $300,000 traffic research, and accept promote the cultural and attractions in the city. This is all contingent on the Suffolk Downs casino really winning the license and being built, however.
The agreement comes about 8 weeks following the Massachusetts Gaming Commission declared that Everett had the right to be considered a surrounding community to the Mohegan Sun casino, which will be positioned in Revere. Negotiations had been ongoing since that March 20 declaration. In the event that two edges had failed to make an contract by mid-June, an arbitrator could have determined a reasonable solution for both sides.
The agreement would bring very money that is little Everett compared to the $30 million or higher the city might earn annually if the Wynn casino resort were built there. But it at least gives town a plan that is backup case they should not be picked by the state gaming commission. Conversely, Revere would not make an application for equivalent community that is surrounding for the Wynn casino, meaning they would receive nothing if the Suffolk Downs casino loses out to the Everett proposal.
Surrounding Community Agreements Popular, Vary in Size
Both casino companies have signed agreements that are such a few nearby towns and cities. While a lot of the deals are tiny, a few surrounding communities will receive substantial benefits. For example, Mohegan would spend $2.5 million annually to Chelsea, while Wynn Resorts would be on the hook for $6 million in traffic improvements for Cambridge.
Even the largest among these deals is a relative drop in the bucket for the casino operators, nevertheless. Both proposed resorts would cost $1 billion or more to build, using the Wynn Resorts project having a $1.6 billion price tag.
For any town to receive benefits, one or more of these casinos will have to be built and while that nevertheless seems more than likely, it isn’t entirely certain to happen. A bid to put a casino repeal question on a statewide ballot is presently being heard by the Massachusetts Supreme Judicial Court, and a present poll discovered that a majority of state residents would like to see that question voted on by the entire state.
First Bitcoin ATM Arrives at Las Vegas, Nevada Casino
The D Casino in downtown Las Vegas has installed the bitcoin that is first, but doesn’t have intends to allow the money at its gaming tables yet. (Image: Wikipedia.org/wtstoffs)
Because these days an escalating amount of Las Vegas organizations are accepting the web cryptocurrency known as Bitcoin from coffee shops to a candy store, and also an escort agency (we kid you perhaps not) it’s only suitable that the city needs its very own ATM, and that it must be installed into the D vegas Casino resort, the first casino in Sin City to just accept Bitcoin as repayment for resort rooms, meals at its restaurants, and even in its present shop.
Just What it doesn’t do, nevertheless, is accept the currency that is digital wagering yet although some online gambling internet sites do, none of which, we have to add, are licensed by the newly regulated US state markets.
The D has partnered with Robocoin, pioneers of Bitcoin ATMs, which launched the world’s first such unit in Canada last year. The organization itself has main offices just about to happen from The D in downtown Las Vegas, which can be learning to be a area that is popular tech start-ups.
If, only at that point, you’re sitting there thinking, ‘What on earth is Bitcoin?’ well, firstly all, where are you currently? And secondly, we’ll tell you.
Just What is Bitcoin?
Bitcoin is a cryptocurrency that is digital a global blood supply of significantly 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 watchful eye of financial regulators. Bitcoins can be bought via your computer or smartphone at an exchange service such as Bitinstant, and are then stored in an e-wallet.
So, while Bitcoin is starting to be embraced by mainstream business (more as a novelty than any such thing), as is evidenced by The D’s ATM, it all started out a bit shadily and in many methods ‘s still.
As a way to facilitate online gambling in areas where financial institutions are forbidden from processing gambling transactions because it circumvents the central banking system, some maverick online gambling operators have seen it. And it looks like they are right. In 2012, two start-up Bitcoin online 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 currency by a shadowy figure calling himself Satoshi Nakamoto that has now disappeared into the ether. In March, Newsweek excitedly believed it had tracked him down it hadn’t they purportedly had the incorrect guy, a completely bewildered Japanese-American man by having a similar name. The reality is that Satoshi Nakamoto is just as likely to be the pseudonym of a combined group of code writers as of a person. What is for sure, though, wherever and whoever he is, we don’t believe he intended his subversive invention to be used to get trinkets in casino gift shops.
And, interestingly, on the subject of using Bitcoin for live gaming in Las Vegas, Robocoin’s co-founder Sam Glaser had this to say: ‘The Nevada Gaming Control Board will have to approve [Bitcoins for gambling], which appears unlikely for the foreseeable future.’
But, 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 be prepared to handle Bitcoin at this point. But I recognize that the Gaming Commission and Gaming Control Board have Bitcoin in the radar, and are trying to evaluate what their future plans will be.’