Brand New York Governor Andrew Cuomo urged a state board to reconsider a Southern Tier casino, but the board’s president states the decision that is final not be influenced by the Empire State’s frontrunner.
The newest York Southern Tier is waiting on pins and needles for the outcomes of a casino licensing conference tonight with the State Gaming Facility Location Board.
Tonight’s meeting will see the Board give consideration to reopening the bidding process for the ladbrokes casino resort in the Southern Tier.
That section of the state is lobbying everybody else up through ny Governor Andrew Cuomo in a effort to make its case that the location, found near the Pennsylvania edge, is deserving of the 4th and last license reserved for upstate New York.
Even the known proven fact that the Southern Tier is still within the game is really a little bit of a success for local politicians and residents. The area was partnered with the Finger Lakes as a solitary region in the casino bidding process, and between the two, were only promised a solitary permit. That certain 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 spot felt they’d been passed over in the casino process, when on the same time they were denied certification, a hydraulic fracturing (or ‘fracking) ban was put into invest hawaii, which could leave the Southern Tier in dire economic straits. That generated appeals to the continuing state Gaming Commission and Governor Cuomo to provide the area another chance.
New Meeting Could Start Bidding for Fourth License
That led Cuomo to attract the Gaming Facility Location Board, which in turn decided to hold a gathering on Tuesday night in New York City to consider reopening the bidding in the Southern Tier.
Because the board originally only recommended three casinos for upstate New York, there clearly was 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 Southern Tier at this meeting.
That does not sit well with many lawmakers as well as other observers throughout hawaii. Some genuinely 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 influence Governor Cuomo has in the casino procedure.
Hudson Valley Officials Want a Shot
At one point within the bidding procedure, it seemed likely that the 4th casino would end up in the Catskills/Hudson Valley region, which was probably the most lucrative 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 fierce there, Orange County Executive Steve Neuhaus thinks that the area should be an integral part of any conversation over the casino license that is final.
‘Given the possibility that is distinct casino gambling in nj-new jersey could expand outside of its current Atlantic City location, such as the Meadowlands, it’s wise for brand New York jobs and income that the absolute most productive regions 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 allow the board working independently, has received too much influence in the licensing process.
‘Every time he says something, he does the alternative when it willn’t turn out the way he wants it to turn out,’ said Assemblyman James Tedisco (R-Schenectady). ‘If you’re going to say something is independent, keep it independent.’
But members of the facility location board say they are in a position to act separately, without any pressure from the governor’s office, and that the decision on the Southern Tier will come from them, not from Cuomo.
Washington State Gets its Online Poker that is own Bill
Washington State’s current internet poker laws are draconian, which has prompted the push for legislative change. (Image: livingmylifeaway.wordpress.com)
A Washington State internet poker bill is here unexpectedly during the opening associated with state’s new session that is legislative week.
The bill to legalize and regulate online poker, 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 in the ongoing legislative efforts in Ca, and the periodic debate in Pennsylvania about the possibility of regulation, Washington’s bill ambushed us out of the blue.
The actual fact that Washington State may be the only state for the Union where the actual act of playing online poker is illegal makes the news headlines even surprising.
Lawmakers managed to make it a course C felony in 2006, with Section 9.46.240 associated with the state’s gambling law declaring that anybody who ‘knowingly transmits or gets gambling information by phone, telegraph, radio, semaphore, the Web, a telecommunications transmission system, or means that are similar is violating the law.
This implies that, theoretically at least, playing online poker could secure 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 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 internet poker.
Washington Web Poker Initiative
It is probably the draconian nature of part 9.46.240 that has driven the push for legislative change in this relatively liberal state.
Certainly, the main crux associated with brand new bill is that prohibition does not work properly, and neither does it adequately protect residents regarding the state, many of whom carry on to play on-line poker illegally in unregulated offshore markets.
This can be the message that is crusading of Woodward, of the Washington Internet Poker Initiative, whose tireless efforts in opposing prohibition have helped make the proposed legislation a truth.
‘It appeared to me that Washington State had just been written off online that is regarding, which I found unsettling to say the minimum. Someone had to step up and raise the problem or we would be a forgotten little corner in the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every single candidate that is legislative to your 2014 elections.
Representative Appleton has been a cosponsor on a few attempts to reduce or remove the penalty that is criminal players, and she was initially receptive of the idea and was certainly one of a number of legislators I focused on. I got in contact along with her again after the election, and she readily took on the bill for people.’
A Blueprint for the Future
The bill it self believes that lots of of the legislative details should be fleshed out by the Gaming Commission and thus does not propose an amount of taxation, nor does it make no mention of bad actors.
It can, however, suggest that there must be two levels of licensing, one for system operators plus one for consumer-facing online poker rooms, and it would 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 seeking to legalize poker that is online the long run.
‘ Having the top operators provide as networks, with neighborhood skins competing for players, creates the greatest opportunity for wide participation, without splintering player liquidity. The greater amount of interests that are local to participate, the fewer opponents there will be among them,’ stated 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 method, says CEO Gary Loveman. (Image: lasvegas.se).
Caesars Entertainment Corp. (CEC) announced the filing of voluntary Chapter 11 bankruptcy this week for its operating that is main unit Caesars Entertainment Operating business Inc. (CEOC).
The move was a bid to alleviate 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 over the US and run 44 resort and gaming properties in 13 states, since well as in five other countries, including the flagship Caesars Palace in Las Vegas.
However the core message from the parent business is that its ‘business as usual’ for several of its gambling enterprises.
‘The properties across the complete 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, in an formal statement on Thursday.
‘Our guests will stay to make benefits through the Total Rewards loyalty program, and all of us remains entirely concentrated on delivering the same service that is outstanding unforgettable entertainment experiences guests have come to expect from Caesars Entertainment. Going forward, we are going to continue to build up and deliver new, revolutionary hospitality experiences to our guests.’
We Come to Bury Caesars…
But Caesars is not out of the woods yet, as it faces a revolt from its lower-level creditors, who accuse the debt restructuring plan it has exercised with its major creditors of unjustly protecting the organization’s passions during the expense of these own.
While CEOC files for bankruptcy in Chicago, this group of lower-level creditors will maintain a federal court in Delaware trying to phone 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 settlement and litigation between Caesars and its particular bondholders.
Caesars countered that these creditors are trying ‘to wreak havoc on the orderly procedure the debtors, their professionals, and the many consenting stakeholders have actually been planning for months.’
Good Caesars / Bad Caesars
Caesars acquired most 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 downturn in the economy.
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 last thirty days defaulted on a $225 million payment.
‘We think this restructuring is into the needs of CEOC’s stakeholders and will result in a sustainable money structure for CEOC and value creation for several stakeholders,’ said Loveman.
‘The restructuring of CEOC is the culmination of a years-long effort to improve the health of CEOC’s balance sheet, which has included substantial investment in new and upgraded assets, especially in Las Vegas. I’m really confident as time goes by prospects of our enterprise, which will combine an improved capital structure with a network of lucrative properties.’
However, Caesars’ disgruntled creditors have accused Apollo and TPG of attempting to create a ‘good Caesars,’ that may obtain its famous and properties that are valuable and a ‘bad Caesars’ to hold the debt.