Brand <span id="more-794"></span>New York Southern Tier Gets Another Look Today from Casino Licensing Board

New York Governor Andrew Cuomo urged a situation board to reconsider a Southern Tier casino, but the board’s chairman states the decision that is final not be affected by the Empire State’s frontrunner.

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

Tonight’s meeting shall see the Board pay attention to reopening the bidding procedure for a resort in the Southern Tier.

That part of the state has been lobbying every person up through New York Governor Andrew Cuomo in a effort to make its case that the area, positioned near the Pennsylvania border, is worthy of the 4th and last license reserved for upstate New York.

Even the known undeniable fact that the Southern Tier is still into the game is really a bit of a success for local 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 just guaranteed a solitary license. That certain ultimately went to the Lago Resort and Casino, a Finger Lakes proposal that was larger compared to the bids developing of the Southern Tier.

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

New Meeting Could Start Bidding for Fourth License

That led Cuomo to interest the Gaming Facility Location Board, which in turn made a decision to hold a meeting on Tuesday night in new york to take into account reopening the bidding in the Southern Tier.

Because the board originally only recommended three casinos for upstate New York, there was still a fourth license that 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 tier that is southern this meeting.

That doesn’t sit well with many lawmakers and other observers throughout the state. Some think that other regions of New York should likewise have the opportunity to bid for that fourth license if it becomes available, while other people 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 end up in the Catskills/Hudson Valley area, which was 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 possibility that is distinct casino gambling in New Jersey could expand outside of its current Atlantic City location, such as the Meadowlands, it’s wise for brand New York jobs and revenue that the most effective regions in southern New York be included in this discussion,’ read a statement from Neuhaus.

Cuomo’s Influence Questioned

You can find also concerns that Cuomo, who pledged to permit the board to get results independently, has received influence that is too much the licensing process.

‘Every time he says something, he does the contrary when it doesn’t turn the way out he wants it to come out,’ said Assemblyman James Tedisco (R-Schenectady). ‘If you are going to state something is independent, keep it independent.’

But members of the facility location board say they’ve been able to act independently, without any stress from the governor’s office, and that your choice 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 is here unexpectedly at the opening of the 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 shock to industry observers.

While all eyes have been in the ongoing legislative efforts in California, and the periodic debate in Pennsylvania in regards to the possibility of regulation, Washington’s bill ambushed us out of nowhere.

The very fact that Washington State is the state that is only of Union when the actual act of playing online poker is illegal makes the headlines even surprising.

Lawmakers managed to make it a course C felony in 2006, with Section 9.46.240 associated with state’s gambling law declaring that anyone who ‘knowingly transmits or gets gambling information by telephone, telegraph, radio, semaphore, the Web, 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.

Also Utah, where all forms of gambling are strictly illegal, including lotteries, does perhaps not go quite this ladbrokes mobile mobile casino games far, although we should mention that nobody in Washington State has ever been prosecuted for the work of playing internet poker.

Washington Online Poker Initiative

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

Certainly, the primary crux regarding the brand new bill is that prohibition doesn’t work, and neither does it adequately protect residents associated with the state, many of whom continue to play on-line poker illegally in unregulated offshore markets.

This is also the crusading message of Curtis 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 personally that Washington State had just been written off online that is regarding, which I came across unsettling to state the least. Someone had to step up and raise the issue or we would have been a forgotten corner that is little the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every solitary candidate that is legislative to the 2014 elections.

Representative Appleton is 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 few legislators I dedicated to. We got in touch with her again following the election, and she easily took on the bill for all of us.’

A Blueprint for future years

The bill it self believes that numerous of this legislative details should be fleshed out by the Gaming Commission and thus will not propose an amount of taxation, nor does it make no mention of bad actors.

It does, however, suggest that there must be two levels of licensing, one for community 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 additionally a hope that the bill may one time act as a blueprint for other states looking to legalize poker that is online the future.

‘ Having the big operators serve as companies, with regional skins competing for players, creates the maximum possibility 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 remain 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 operating that is main unit Caesars Entertainment Operating Company 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 device. 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, as well as in five other countries, including the flagship Caesars Palace in Las Vegas.

However the core message from the parent company is the fact that its ‘business as always’ for several of its casinos.

‘The properties across the entire 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 formal statement on Thursday.

‘Our guests will continue to earn advantages through the Total Rewards loyalty system, and our team remains entirely focused on delivering the same outstanding solution and unforgettable entertainment experiences guests came to expect from Caesars Entertainment. In the years ahead, we’ll continue to develop and deliver brand new, revolutionary hospitality experiences to our guests.’

We Come to Bury Caesars…

But Caesars is not 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 trying ‘to wreak havoc on the orderly process the debtors, their professionals, and also the many consenting stakeholders have 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 that is economic.

As the recession hit the land-based casino industry in the us, the group, using its 50 casinos 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 month that is last on a $225 million payment.

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

‘The restructuring of CEOC may be the culmination of an effort that is years-long improve the wellness of CEOC’s stability 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 community of lucrative properties.’

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

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