New York Governor Andrew Cuomo urged a situation board to reconsider a Southern Tier casino, but the board’s chairman claims the decision that is final not be impacted by the Empire State’s frontrunner.
The latest York Southern Tier is waiting on pins and needles for the outcomes of a casino licensing meeting with the State Gaming Facility Location Board tonight.
Tonight’s meeting shall see the Board consider reopening the putting in a bid process for a resort in the Southern Tier.
That part of the state was lobbying everybody up through New York Governor Andrew Cuomo in a effort to make its case that the area, found near the Pennsylvania border, is deserving of the fourth and final license reserved for upstate New York.
Even the known proven fact that the Southern Tier is still in the game is just a bit of a success for regional politicians and residents. The location was partnered with the Finger Lakes as a single region in the casino bidding process, and between the two, were just guaranteed a license that is single. This one ultimately went to the Lago Resort and Casino, a Finger Lakes proposition that was larger compared to the bids being released of the Southern Tier.
But individuals in the location felt 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 placed into devote their state, which could leave the Southern Tier in dire economic straits. That resulted in appeals to the continuing state Gaming Commission and Governor Cuomo to supply the area another chance.
New Meeting Could Open 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 simply be considering offering it to the tier that is southern this meeting.
It doesn’t sit well with many lawmakers along with other observers throughout the state. Some think that other regions of New York should likewise have the chance to bid for that 4th license if it becomes available, while others question how much impact Governor Cuomo has in the casino procedure.
Hudson Valley Officials Want a Shot
At one point into the bidding process, it seemed likely that the fourth casino would wind up in the Catskills/Hudson Valley region, which was probably the most profitable area and saw the most interest from ladbrokes live casino app major casino firms. Given its proximity to New York City and the fact that regional competition could be tough there, Orange County Executive Steve Neuhaus believes that the region must be a part of any discussion over the casino license that is final.
‘Given the distinct possibility that casino gambling in nj could expand outside of its current Atlantic City location, including the Meadowlands, it’s a good idea for brand New York jobs and revenue that the most effective areas in southern New York be included in this discussion,’ read a statement from Neuhaus.
Cuomo’s Impact Questioned
You can find also concerns that Cuomo, who pledged to permit the board to operate independently, has received influence that is too much the licensing process.
‘Every time he says one thing, he does the contrary when it willn’t turn out the way he wants it to prove,’ stated Assemblyman James Tedisco (R-Schenectady). ‘If you are going to state something is separate, keep it independent.’
But members of the facility location board state they have been able to act separately, without any force from the governor’s office, and that your decision regarding the Southern Tier will come from them, not from Cuomo.
Washington State Gets Its Own Online Poker Bill
Washington State’s current on-line poker laws are draconian, which has prompted the push for legislative change. (Image: livingmylifeaway.wordpress.com)
A Washington State on-line poker bill is here unexpectedly during the opening of this state’s brand new session that is legislative week.
The bill to legalize and control poker that is online known as HB 1114, is sponsored by Representative Sherry Appleton (D), and comes as a complete shock to industry observers.
While all eyes have been regarding the ongoing legislative efforts in California, and the debate that is occasional Pennsylvania concerning the possibility of regulation, Washington’s bill ambushed us out of nowhere.
The actual fact that Washington State could be the only state of this Union where the actual act of playing online poker is illegal makes the news headlines even surprising.
Lawmakers managed to get A class C felony in 2006, with Section 9.46.240 associated with state’s gambling legislation declaring that whoever ‘knowingly transmits or gets gambling information by phone, telegraph, radio, semaphore, the online, a telecommunications transmission system, or means that are similar is breaking the legislation.
What this means is that, theoretically at least, playing online poker could land you a jail sentence of up to five years and a $10,000 fine.
Also Utah, where all kinds of gambling are strictly illegal, including lotteries, does maybe not get quite this far, although we should point out that no body in Washington State has ever been prosecuted for the work of playing on-line poker.
Washington Online Poker Initiative
It is probably 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 associated with new bill is that prohibition fails, and neither does it adequately protect residents associated with the state, a lot of whom continue to play online poker illegally in unregulated offshore markets.
This is also the message that is crusading of Woodward, of the Washington Web Poker Initiative, whoever tireless efforts in opposing prohibition have helped make the proposed legislation a reality.
‘It seemed to me personally that Washington State had just been written off regarding on-line poker, which I discovered unsettling to state the minimum. Someone had to step up and raise the problem or we will be a forgotten little part in the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every solitary candidate that is legislative to the 2014 elections.
Representative Appleton has become a cosponsor on a few attempts to reduce or eliminate the criminal penalty on players, and she was initially receptive of the idea and was certainly one of a few legislators I dedicated to. We got in contact along with her again after the election, and she readily took on the bill for people.’
A Blueprint for future years
The bill it self believes that lots of for the legislative details should be fleshed out by the Gaming Commission and thus will not propose a degree of taxation, nor does it make no reference to bad actors.
It can, however, recommend that there ought to be two levels of licensing, one for system operators and another for consumer-facing online poker rooms, and it could also leave the hinged door open for interstate pool sharing, at the governor’s discretion.
Moreover, there is also a hope that the bill may one time act as a blueprint for other states trying to legalize poker that is online the long term.
‘ Having the big operators serve as networks, with local skins competing for players, creates the greatest opportunity for wide participation, without splintering player liquidity. The greater interests that are local to participate, the fewer 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 continue to be open during the procedure, states 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 business Inc. (CEOC).
The move had been a bid to ease some of its astronomical $23 billion debtload, the majority of which is 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 and its own affiliates employ about 32,000 individuals across 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 that its ‘business as always’ for many of its gambling enterprises.
‘The properties across the entire Caesars Entertainment network are open 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 visitors will stay to earn benefits through the Total Rewards loyalty system, and our team remains entirely concentrated on delivering the same outstanding service and unforgettable entertainment experiences guests attended to expect from Caesars Entertainment. Going forward, we will carry on to develop and deliver new, innovative hospitality experiences to our visitors.’
We Come to Bury Caesars…
But Caesars isn’t away from the woods yet, since it faces a revolt from the lower-level creditors, who accuse your debt restructuring plan it has worked out with its major creditors of unjustly protecting the business’s interests during the expense of their own.
While CEOC files for bankruptcy in Chicago, this band of lower-level creditors will maintain a federal court in Delaware trying to call a temporary halt to the Chicago case also to stop the restructuring plan from going through as drafted. The move this week follows months of negotiation and litigation between Caesars and its particular bondholders.
Caesars countered that these creditors are attempting ‘to wreak havoc on the orderly procedure the debtors, their professionals, plus the many consenting stakeholders have actually been planning for months.’
Good Caesars / Bad Caesars
Caesars acquired the majority of its debt when it went private in 2008, following a $30.1 billion takeover by Apollo Global Management and TPG Capital, simply around the onset of the global economic downturn.
The group, with its 50 casinos across the US, suffered as the recession hit the land-based casino industry in America.
Caesars has lost money every since 2009, and has struggled to pay the interest on its enormous debt year. It recently posted 2014 Q3 losses of $908.1 million and month that is last on a $225 million repayment.
‘We think this restructuring is into the best interests of CEOC’s stakeholders and can result in a sustainable money structure for CEOC and value creation for all stakeholders,’ said Loveman.
‘The restructuring of CEOC could be the culmination of an effort that is years-long improve the health of CEOC’s balance sheet, which has included significant investment in brand new and upgraded assets, especially in Las Vegas. I’m really confident later on prospects of our enterprise, which will combine an improved money framework with a community of profitable properties.’
However, Caesars’ disgruntled creditors have accused Apollo and TPG of attempting to produce a ‘good Caesars,’ that will have its famous and properties that are valuable and a ‘bad Caesars’ to keep the debt.