Carl Icahn, Stephen Sweeney Go At It Over Atlantic City’s Gambling Future

Carl Icahn, Stephen Sweeney Go At It Over Atlantic City’s Gambling Future

Carl Icahn accuses New Jersey State Senate President Stephen Sweeney of attempting to sell out Atlantic City by supporting a north Jersey casino.

Business mogul Carl Icahn and nj-new Jersey State Senate President Stephen Sweeney exchanged harsh terms last Friday, with each accusing the other of selling out some portion of Atlantic City for their particular gain. The war of words started after Sweeney took part in protests with union employees from the Trump Taj Mahal, protests of which Icahn proved to be a major target.

Those protests were designed to fight back against a Trump Entertainment plan to break out of a contract and cut pensions and benefits for workers in order to cut costs and keep the casino open as we reported earlier this week.

The company says that the casino will have to close on November 13 unless many concessions are granted to it, including the cutbacks in worker benefits and $25 million in help from hawaii, along side a tax assessment that is reduced.

Workers Blame Icahn

But Icahn turned out to be a figure that is major the protests. The protesters demonstrated near the Tropicana, which is owned by a group led by Icahn, and many see him as the threat that is true the huge benefits and wages made available from their present positions. In bankruptcy court, Trump Entertainment has required permission to turn its venue over to Icahn by transforming the debt he holds in the company into ownership of the casino. Icahn says he’d then be willing to spend another $100 million to the Taj Mahal, but as long as his concessions are given.

Sweeney reacted to this by saying that there had been no way the state would contribute to the proposed transfer to Icahn, and sharply criticized the investor’s plan for the casino.

‘he wants, he’s closing anyway,’ Sweeney said if he doesn’t get everything. ‘But if they can get all this money from the taxpayers and the employees, he then’ll make an investment in the property.’

Sweeney was only one of a few politicians from both major parties who criticized Icahn’s proposal at a Boardwalk press conference.

‘You get nothing you treat workers with respect and dignity,’ Sweeney said from us until.

Icahn Fires Back

But Icahn ended up being ready to fire back at Sweeney and other state officials that have criticized him while also proposing that casinos be built in north Jersey.

‘Sweeney is offering out Atlantic City to New that is northern Jersey the one hand, and now he’s telling all these employees in Atlantic City that Carl Icahn is always to blame, whenever I’m the only person that took a risk with $80 million when no one else would,’ Icahn said. ‘ On the one hand, we are to believe Senator Sweeney is Atlantic City’s defender that is staunchest, yet on the other hand, the same Senator Sweeney is down in north Jersey making plans to permit gaming outside of New York City, a concession that could suggest the conclusion of gaming in Atlantic City.’

Sweeney seems in US District Court on this in an attempt to get a judge to force the concessions he has asked for, as the state and Atlantic City have so far rejected his terms week.

Trump Entertainment can also be hoping that the Delaware bankruptcy court will allow it to end the current union contract. The organization is accusing the workers’ union of sacrificing 3,000 jobs at the Taj Mahal in an attempt to guard workers at other casinos, as under the union contract, any concessions won at one casino would be allowed at all other Atlantic City casinos too.

UK Gambling Act Challenge by GBGA Snuffed by London High Court

London’s High Court ruled against a GBGA challenge to the new UK Gambling Act, and can be implemented month that is next. (Image: thesun.co.uk)

The united kingdom Gambling Act will go into effect next month after a challenge from the Gibraltar Betting and Gaming Association (GBGA) was rejected by the High Court week that is last. The appropriate challenge had already been successful in delaying the execution of the Gambling (Licensing and Advertising) Act from October 1 to November 1, nevertheless the ruling implies that the legislation will be enforced as anticipated.

‘I am associated with the conclusion that parliament was well within its rights to act because it did,’ stated Lord Justice Nicholas Green.

GBGA Does Not Make Its Instance

In his ruling, Green said that the GBGA failed to show that the regulations that are new be illegal underneath the laws of either the UK or the European Union. He also rejected a alternate plan proposed by the GBGA, a so-called ‘passporting’ plan, that will allow the GBGA to maintain complete licensing control over its operators while agreeing to share data using the UK Gambling Commission (UKGC).

The ruling means that all gambling that is online wishing to conduct business with clients in the United Kingdom will have to hold a license with the gambling payment here by November 1. This defintely won’t be an issue for most businesses that wanted to stay in the united kingdom, as most believed which they would require to apply for a license by 1 october.

The changes that are real come into play on December 1. That is whenever a new point-of-consumption tax is going to be implemented in great britain on licensed operators. This will mean that all operators can pay a 15 % tax on their revenues derived from British customers, no matter where they are headquartered or what taxes they might pay in their home nations.

GBGA Still Has Questions

The UKGC ended up being happy because of the decision, once the organization not just beat right back the challenge, but ended up being awarded £100,000 ($159,400) to cover for its appropriate costs.

‘We welcome this judgment and certainly will now complete preparations for implementation of the Act on 1 November,’ the UKGC published in a statement.

Conversely, the GBGA expressed its disappointment with the court’s decision.

‘ Cross-border regimes that are regulatory significant co-ordination and co-operation on key appropriate and regulatory issues and the united kingdom already had this aided by the Gibraltar industry, regulator and jurisdiction,’ the GBGA said following the ruling. ‘ We maintain this law just isn’t into the most readily useful interests of customers, the industry and the regulator itself and that you can find more effective means of dealing with the challenges of regulation and competition in this sector.’

The GBGA also said that it may be time for European officials to come up with an overarching framework for online gambling.

‘We remain concerned the united kingdom regulator will find it hard to hold organizations to account in jurisdictions outside the EU where it doesn’t have legal powers and typical framework that is legal culture,’ the Association statement said. ‘Given this judgment there is now even greater need for an EU legal framework for online gambling if we are to effectively protect all European consumers, enjoy a common market and avoid each member state deciding alone how to deal with an activity that naturally crosses boundaries.’

The licensing that is new may also need operators to give a legal rationale because of their operations in gray markets where they do not hold licenses. These requirements have led some operators to select not to ever apply for a UK permit, although the most of major companies want to remain in great britain market.

From Here to Eternity: The Massachusetts Casino Journey

The Wynn Resorts casino proposition in Everett is the most recent to win a permit from the Massachusetts Gaming Commission. (Image: Wynn Resorts Holdings)

Massachusetts casino certification law is back in the news headlines in a big method this slots of vegas casino week, as the Wynn Everett project won the Greater Boston casino license following a contentious battle against a Mohegan Sun proposal. That decision, that was reached by the Massachusetts Gaming Commission in a 3-1 vote, sets the phase for Steve Wynn to construct their large resort in Everett, on the site of a former Monsanto plant in the outskirts of Boston.

But it is also the culmination in excess of three years of guidelines, votes, debates and referendums, each of which combine to write the whole tale of Massachusetts’ casino gambling law. If you’re unfamiliar with what’s happening in the state, here’s a recap that is quick of you need to get up to speed.

How It All Started

On November 22, 2011, Massachusetts Governor Deval Patrick signed the Expanded Gaming Act. This bill allowed for four gambling that is new to be built within the state: three casinos and one slots parlor. All of the three casino licenses was linked with a specific area: one for Western Massachusetts, one for the Greater Boston area, and one for Southeastern Massachusetts. The slots parlor could be built anywhere in the state.

Developers who wished to apply for one of the four licenses were necessary to get through an application that is extensive, one that included mandatory referendums by neighborhood communities where casino proposals were made.

Those referendums ended up being a critical an element of the certification process, as several promising projects didn’t make the approval of voters. Such as, a plan for the casino at Suffolk Downs in East Boston had been scuttled when votes overwhelmingly rejected the proposal, which sooner or later led compared to that plan being resurrected on the Revere side of the Suffolk Downs racetrack.

Finally, the decision of whether to award licenses and to whom they should go was determined by the Massachusetts Gaming Commission, a five-member panel that oversaw the whole licensing process.

And the Award Goes To…

The first license was awarded to Penn National Gaming, which earned the right to build a slots parlor in Plainville in late February. That plan had been plumped for over a Massachusetts Live! proposal in Leominster and a Raynham Park option that did not prove popular using the commission. Finally, the commission voted 3-2 in favor of the Penn nationwide plan over the Leominster alternative.

In June, the commission then approved MGM Resorts International for the Western Massachusetts casino permit. The payment voted unanimously in support of awarding the license to the proposed MGM resort in Springfield, which emerged since the contender that is only the region.

This week, the gaming payment also awarded the higher Boston casino license to a Wynn Resorts project in Everett. The Wynn plan ended up being chosen more than a Mohegan Sun proposal in Revere by a 3-1 vote, with gaming payment Chairman Stephen Crosby recusing himself through the procedure.

Southeastern Massachusetts License Still to Be Determined

So far, few serious contenders have actually emerged for the Southeastern Massachusetts casino license, which caused the video gaming commission to push back the deadline for applications from September 30, 2014 to December 1 of this 12 months. The region’s timeline had been behind the rest of the continuing state due to the possibility that the Mashpee Wampanoag tribe might build a casino in Taunton. When that effort felt through, the spot was opened to designers.

So far, just KG Urban has applied to construct in your community, although the commission believes that other applicants whom had been rejected in the other two regions of the continuing state may try again in Southeastern Massachusetts.

Casino Law Repeal Still a chance

There remains the chance that each of these venues may open never. There’s been significant opposition to allowing casinos in Massachusetts since the law was first signed, and who has culminated in casino opponents obtaining a question on a statewide ballot this November that may ask voters if they wish to repeal the casino law. Present polling shows that such a repeal is unlikely, however: one September that is early poll UMass Lowell/7News found that 59 percent of likely voters planed to vote against the repeal effort, with just 36 percent saying they might vote to repeal what the law states.

 

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