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Meadowlands Casino Debated at East Coast Gaming Congress

Meadowlands Casino Debated at East Coast Gaming Congress

The Meadowlands Sports Complex has long attracted fans from New York, and some lawmakers hope a casino here could perform some same. (Image: Wikimedia Commons)

Since New Jersey first legalized casino gambling in 1976, it has been understood that casinos were only meant for Atlantic City within the Garden State. That made sense, at least during the time: the resort town had dropped out of favor with tourists, and gambling was viewed as a method to bring money back into the regional economy. But with increasing competition from Pennsylvania plus the specter of New York gambling enterprises in the horizon, some in hawaii now want to construct a casino in a location that could compete with venues directly in neighboring states.

The idea of putting a casino within the Meadowlands located just outside of New York City was floated once again final week at the East Coast Gaming Congress in Atlantic City, attracting support along with concern from those in attendance.

‘A casino in north Jersey, to be taxed at 50 or 60 %, we could do a billion dollars in that location,’ stated Assemblyman Ralph Caputo, a Democrat. ‘We’ve got become fighting for those customers. That’s exactly what Pennsylvania is doing. That’s what New York wants to complete.’

Beating New York to the marketplace

Caputo’s idea is to get a casino built into the Meadowlands before one is made in New York City. The first few licenses are only available in upstate regions while the state of New York has recently started the licensing process for commercial casinos. Casinos within the city and surrounding suburbs are several years far from being proposed, not to mention built.

The plan is a one that is popular legislators in north nj whom wish to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the concept, but made a 2011 agreement to give Atlantic City five years showing improvement before considering voters that are allowing approve casinos in other parts of this state.

Opponents Say New Casino Would Only Hurt Atlantic City

As revenues at Atlantic City’s gambling enterprises continue to fall, help for a Meadowlands casino has certainly increased. However, lawmakers close to the city are highly against a proposal, saying it won’t help the state just hurt the already struggling casino ocean resort city.

‘ We need to stop referring to the Meadowlands,’ said State Senator Jeff Van Drew, a Democrat from Cape might County. ‘The Meadowlands would cannibalize the industry; the Meadowlands will just further split that gambling pie and hurt Atlantic City.’

Whether or not a Meadowlands casino is not in the cards, though, there are still many questions regarding the near future of Atlantic City to be answered. With the Atlantic Club closing in January, you will find now 11 casinos running in the city. Some experts say this is still a lot of for the city to support.

‘My heart is in Atlantic City, but clearly there is oversaturation in this market,’ said Anthony Faranca, general manager of Parx Casino. ‘Even I think there’s too much capacity in this great city if it does turn the corner. There are several decisions that are tough have to be made.’

State Senate President Steve Sweeney (D-3rd District) stated that while it’s likely that casino expansion will eventually show up within the legislature, you need to strengthen Atlantic City first. He additionally pointed out that adding more casinos in New Jersey doesn’t mean that the necessarily Meadowlands will get to host one by default.

Everett Strikes Surrounding Region Agreement with Mohegan Sun

The city of Everett, Massachusetts will get compensation if a Mohegan Sun casino is built at Suffolk Downs.

When it comes to gambling, most authorities advise players against hedging their bets. The exception to that rule comes if you are speaking about life-changing amounts of cash: that’s as soon as the expenses of hedging are far outweighed by locking in a big profit. Thinking about the ‘life-changing’ impact that a casino might have on the local economy, it’s clear to see why a town might desire execute a little hedging of their own.

Perhaps that’s why the town of Everett, Massachusetts has struck a handle Mohegan Sun, even as they’re still hoping the company never ever sees their casino built. The 2 sides have reached terms on a surrounding community agreement that would enter impact only if Mohegan Sun wins the right to build a casino at the Suffolk Downs racetrack in Revere.

Agreement Provides Insurance for Everett

That’s maybe not the most outcome that is profitable Everett, that will be the host city for a competing casino proposition from Wynn Resorts. But should Wynn get left behind to Mohegan Sun in the bid for the one license open to the higher Boston area, Everett will be certain that now they are going to get something from the deal.

A flat fee of $575,000 every year under the agreement, Mohegan Sun would pay Everett. They would also pay the expenses of a $300,000 traffic research, and consent to market the cultural and tourist attractions in the city. This really is all contingent on the Suffolk Downs casino actually winning the license and being built, however.

The contract comes about two months after the Massachusetts Gaming Commission declared that Everett had the right become considered a community that is surrounding the Mohegan Sun casino, which may be positioned in Revere. Negotiations have been ongoing since that March 20 declaration. In the event that two sides had didn’t make an agreement by mid-June, an arbitrator would have determined a fair solution for both sides.

The agreement would bring very little money to Everett compared to the $30 million or even more the city might earn annually if the Wynn casino resort were built there. But it at minimum offers town a plan that is backup case they ought to never be picked by the state video gaming commission. Conversely, Revere didn’t apply for the same surrounding community status for the Wynn casino, meaning they would get nothing if the Suffolk Downs casino loses out to the Everett proposal.

Surrounding Community Agreements Common, Differ in Size

Both casino firms have signed such agreements with several nearby towns and cities. While a lot of the deals are tiny, a few surrounding communities will receive substantial advantages. For instance, Mohegan would pay $2.5 million yearly to Chelsea, while Wynn Resorts will be on the hook for $6 million in traffic improvements for Cambridge.

Also the largest among these deals is a relative drop in the bucket for the casino operators, nonetheless. Both proposed resorts would cost $1 billion or more to build, using the Wynn Resorts project having a $1.6 billion price tag.

For any city to get benefits, a minumum of one of these casinos will have to be built and while that still seems more than likely, it isn’t entirely certain to happen. A bid to put a casino repeal question on royal vegas casino reviews a statewide ballot is currently being heard by the Massachusetts Supreme Judicial Court, and a present poll found that a bulk of state residents would like to see that question voted on by the entire state.

First Bitcoin ATM Finds Las Vegas Casino

The D Casino in downtown Las Vegas has installed the bitcoin that is first, but does not have any intends to permit the currency at its video gaming tables yet. (Image: Wikipedia.org/wtstoffs)

An increasing amount of Las Vegas businesses are accepting the online cryptocurrency known as Bitcoin from coffee shops to a candy store, and even an escort agency (we kid you not) it’s only fitting that the city should have its own ATM, and that it should be installed in The D Las Vegas Casino Hotel, the first casino in Sin City to accept Bitcoin as payment for hotel rooms, meals at its restaurants, and even in its gift shop because these days.

What it generally does not do, nevertheless, is accept the electronic money for wagering yet although some online gambling web sites do, none of which, we should include, are licensed by the newly regulated US state markets.

The D has partnered with Robocoin, pioneers of Bitcoin ATMs, which launched the world’s first such device in Canada year that is last. The company it self has main offices just about to happen from The D in downtown Las Vegas, which is being a popular area for tech start-ups.

If, at this point, you’re sitting here thinking, ‘What on earth is Bitcoin?’ well, first of all, where are you? And secondly, we’ll tell you.

Exactly What is Bitcoin?

Bitcoin is really a cryptocurrency that is digital an international circulation of a lot more than $1.4 billion that operates outside the main banking system and is traded via encrypted peer-to-peer networks. That means goods are available and offered beyond the watchful eye of financial regulators. Bitcoins can be bought via your smartphone or computer at an exchange service such as Bitinstant, and are then stored in an e-wallet.

So, while Bitcoin is starting to be embraced by conventional business (more as a novelty than such a thing), because is evidenced by The D’s ATM, it all started off a bit shadily plus in many means ‘s still.

Because it circumvents the central banking system, some maverick online gambling operators have seen it as an easy way to facilitate online gambling in areas where banking institutions are forbidden from processing gambling deals. And it seems like they’re right. In 2012, two start-up Bitcoin online casinos, SatoshiDice and bitZino, posted May to December profits of $596,213 and $495,000, respectively.

Live Bitcoin Gaming?

Bitcoin is made as an anarchic, libertarian alternative to mainstream currency by way of a shadowy figure calling himself Satoshi Nakamoto who may have now disappeared to the ether. In March, Newsweek excitedly believed it had tracked him they purportedly had the wrong guy, a completely bewildered Japanese-American man with a similar name down it hadn’t. The reality is that Satoshi Nakamoto is simply as likely to be the pseudonym of the combined group of code writers as of an individual. What is for sure, though, wherever and whoever he is, we don’t think he intended his subversive invention become used to purchase trinkets in casino gift shops.

And, interestingly, on the subject of using Bitcoin for live gaming in Las vegas, nevada, Robocoin’s co-founder Sam Glaser had this to say: ‘The Nevada Gaming Control Board would have to approve [Bitcoins for gambling], which appears unlikely for the foreseeable future.’

However, tantalizingly, D Casino Hotel’s Derek Steven’s told virtual currency magazine CoinDesk the following: ‘ I do not think the [State] Gaming Control Board or [the Nevada] Gaming Commission would anticipate to deal with Bitcoin at this time. But I do know that the Gaming Commission and Gaming Control Board have Bitcoin in the radar, and are trying to assess what their future plans will soon be.’

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