Brand New York Governor Andrew Cuomo urged a situation board to reconsider a Southern Tier casino, but the board’s president says the decision that is final not be influenced by the Empire State’s frontrunner.
The brand new York Southern Tier is waiting on pins and needles for the outcomes of a casino licensing meeting tonight with the State Gaming Facility Location Board.
Tonight’s meeting shall see the Board give consideration to reopening the bidding process for the resort in the Southern Tier.
That section of the state was everyone that is lobbying through ny Governor Andrew Cuomo in a effort to make its case that the region, positioned near the Pennsylvania edge, is deserving of the fourth and final license reserved for upstate New York.
Even the fact that the Southern Tier is still within the game is just a bit of a success for neighborhood politicians and residents. The area was partnered with the Finger Lakes as a single region in the casino bidding process, and between the two, were just guaranteed a solitary permit. That 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 people in the region felt that they’d been passed over in the casino procedure, when regarding the day that is same were denied certification, a hydraulic fracturing (or ‘fracking) ban was put 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 provide the area another chance.
New Meeting Could Open 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 could 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 doesn’t sit well with many lawmakers along with other observers throughout their state. Some believe other aspects of New York should have the opportunity to bid for that fourth 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 within the bidding process, it seemed likely that the 4th casino would wind up in the Catskills/Hudson Valley area, which was probably the most profitable area and saw the most interest 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 believes that the region is a part of any conversation over the final casino license.
‘Given the distinct possibility that casino gambling in nj could expand outside of its current Atlantic City location, including the Meadowlands, it makes sense 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
There are also issues that Cuomo, who pledged to permit the board to operate independently, has had too much influence in the licensing process.
‘Every time he says something, he does the contrary when it willn’t turn the way out he wants it to prove,’ stated Assemblyman James Tedisco (R-Schenectady). ‘If you’re going to state something is independent, keep it independent.’
But members of the facility location board state they are able to act separately, without any pressure from the governor’s office, and that the decision regarding 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 is here unexpectedly at the opening of this state’s 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 on 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 very fact that Washington State may be the state that is only of Union in which the actual act of playing online poker is unlawful makes the headlines even surprising.
Lawmakers managed to make it A class C felony in 2006, with Section 9.46.240 associated with the state’s gambling law declaring that anyone who ‘knowingly transmits or receives gambling information by phone, telegraph, radio, semaphore, the online, a telecommunications transmission system, or means that are similar is breaking the legislation.
This means that, theoretically at least, playing online poker could land you a jail sentence of up to ladbrokes online casino five years and a $10,000 fine.
Also Utah, where all types of gambling are strictly illegal, including lotteries, does not go quite this far, although we should mention that no body in Washington State has ever been prosecuted for the act of playing on-line poker.
Washington Web Poker Initiative
It is perhaps the draconian nature of part 9.46.240 that has driven the push for legislative change in this state that is relatively liberal.
Certainly, the primary crux associated with brand new bill is that prohibition does not work properly, and neither does it adequately protect citizens of the state, a lot of whom carry on to play on-line poker illegally in unregulated offshore markets.
This is also the crusading message of Curtis Woodward, of the Washington online Poker Initiative, whoever tireless efforts in opposing prohibition have helped make the proposed legislation a reality.
‘It did actually me that Washington State had just been written off regarding online poker, which I found unsettling to state the least. Someone had to step up and raise the problem or we could be a forgotten corner that is little the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every single legislative candidate prior towards the 2014 elections.
Representative Appleton is a huge 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 one of a few legislators I centered on. We got in touch along with her again following the election, and she readily took on the bill for all of us.’
A Blueprint for the Future
The bill it self believes that numerous of this details that are legislative be fleshed out by the Gaming Commission and therefore does not propose a degree of taxation, nor does it make no reference to bad actors.
It does, however, suggest that there ought to be two levels of licensing, one for system operators and another 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 serve as a blueprint for other states trying to legalize poker that is online the long term.
‘ Having the top operators provide as companies, with local skins competing for players, creates the best opportunity for wide participation, without splintering player liquidity. The greater amount of 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 Plan
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 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 working unit, Caesars Entertainment Operating Company Inc. (CEOC).
The move was a bid to ease some of its astronomical $23 billion debtload, the majority of which 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 and its particular affiliates employ about 32,000 individuals throughout 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 always’ for all of its gambling enterprises.
‘The properties across the complete Caesars Entertainment network are available and will operate without interruption throughout CEOC’s reorganization process,’ said Gary Loveman, the CEO of CEC and chairman of CEOC, within an statement that is official Thursday.
‘Our guests will stay to make benefits through the Total benefits loyalty program, and we remains entirely concentrated on delivering the same service that is outstanding unforgettable entertainment experiences guests have come to expect from Caesars Entertainment. In the years ahead, we shall carry on to develop and deliver brand new, revolutionary hospitality experiences to our visitors.’
We Come to Bury Caesars…
But Caesars isn’t out of 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 orderly process the debtors, their professionals, therefore the many consenting stakeholders have been preparing 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 worldwide Management and TPG Capital, simply across the start of the global downturn that is economic.
The group, with its 50 casinos across the US, suffered as the recession hit the land-based casino industry in America.
Caesars has lost cash 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 payment.
‘We think this restructuring is within 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 could be the culmination of a years-long effort to improve the health of CEOC’s balance sheet, which has included significant investment in new and upgraded assets, especially in Las Vegas. I will be very confident in the foreseeable future prospects of our enterprise, which will combine a capital that is improved with a network of lucrative properties.’
However, Caesars’ disgruntled creditors have accused Apollo and TPG of attempting to produce a ‘good Caesars,’ that will own its famous and valuable properties, and a ‘bad Caesars’ to keep the debt.