Meadowlands Casino Debated at East Coast Gaming Congress

Meadowlands Casino Debated at East Coast Gaming Congress

The Meadowlands Sports Complex has long drawn fans from New York, and a casino is hoped by some lawmakers here could do the same. (Image: Wikimedia Commons)

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

The idea of putting a casino in the Meadowlands located simply outside of the latest York City was floated once more last 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 percent, we could do a billion dollars in that location,’ said Assemblyman Ralph Caputo, a Democrat. ‘We’ve got become fighting for those clients. That’s just what Pennsylvania is doing. That’s what nyc wants to accomplish.’

Beating New York to industry

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

The plan is a one that is popular legislators in north nj-new jersey who would like to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the idea, but made a 2011 agreement to offer Atlantic City five years to show improvement before considering voters that are allowing approve casinos in other components of this state.

Opponents Say Brand casino-bonus-free-money.com New Casino Would Only Hurt Atlantic City

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

‘ We must stop speaing frankly about the Meadowlands,’ said State Senator Jeff Van Drew, a Democrat from Cape might County. ‘The Meadowlands would cannibalize the industry; the Meadowlands will simply further split that gambling pie and hurt Atlantic City.’

Even when a Meadowlands casino is not in the cards, though, you can find still questions that are many the near future of Atlantic City to be answered. With the Atlantic Club closing in January, you will find now 11 casinos operating in the city. Some experts say this might be still a lot of for the city to aid.

‘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 a few decisions that are tough need to be made.’

State Senate President Steve Sweeney (D-3rd District) stated that while it’s likely that casino expansion will ultimately come up in the legislature, it is important to strengthen Atlantic City very first. He also noticed that adding more gambling enterprises in New Jersey doesn’t mean that the necessarily Meadowlands will get to host one by standard.

Everett Strikes Surrounding Area Agreement with Mohegan Sun

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

Whenever it comes to gambling, most authorities advise players against hedging their bets. The exception to that rule comes when you are chatting about life-changing sums of money: that’s when the expenses of hedging are far outweighed by locking in a big profit. Considering the ‘life-changing’ effect that a casino can have in the local economy, it is clear to see why a town might want execute a little hedging of their very own.

Possibly that is why the town of Everett, Massachusetts has struck a handle Mohegan Sun, even as they’re still hoping the company never sees their casino built. The two edges have reached terms on a surrounding community agreement that would go into impact just if Mohegan Sun wins the right to build a casino at the Suffolk Downs racetrack in Revere.

Agreement Provides Insurance for Everett

That’s perhaps not probably the most profitable result for Everett, which can be the host city for a competing casino proposal from Wynn Resorts. But should Wynn miss out to Mohegan Sun in the bid for the one license open to the Greater Boston area, Everett will now be certain that they’ll get something from the deal.

Beneath the agreement, Mohegan Sun would pay Everett a flat fee of $575,000 every year. They would also pay the costs of the $300,000 traffic study, and agree to promote the cultural and tourist attractions in the city. This will be all contingent on the Suffolk Downs casino really winning the license and being built, however.

The agreement comes about two months following the Massachusetts Gaming Commission declared that Everett had the proper to be considered a community that is surrounding the Mohegan Sun casino, which will be based in Revere. Negotiations was in fact ongoing since that March 20 declaration. An arbitrator would have determined a fair solution for both sides if the two sides had failed to make an agreement by mid-June.

The agreement would bring very money that is little Everett in comparison to the $30 million or more the city might earn annually if the Wynn casino resort had been built there. But it at least provides town a backup plan in case they should not be picked by the state gaming commission. Conversely, Revere failed to submit an application for similar community that is surrounding 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 businesses have signed agreements that are such a few nearby towns and cities. While the majority of the deals are little, a few surrounding communities will receive substantial benefits. For example, Mohegan would pay $2.5 million yearly to Chelsea, while Wynn Resorts could be on the hook for $6 million in traffic improvements for Cambridge.

Even the greatest of these discounts is a drop that is relative the bucket for the casino operators, however. Both proposed resorts would cost $1 billion or more to build, with the Wynn Resorts project having a $1.6 billion price tag.

For any populous town to get benefits, at least one of the casinos will need to be built and while that still seems totally possible, it isn’t entirely certain to happen. A bid to put a casino repeal question on a statewide ballot is currently being heard by the Massachusetts Supreme Judicial Court, and a recent poll discovered that a bulk of state residents would like to see that question voted on by the state that is entire.

First Bitcoin ATM Arrives at Las Vegas Casino

The D Casino in downtown Las Vegas has installed the very first Bitcoin ATM, but does not have any intends to let 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 does not do, but, is accept the digital money for wagering yet although many online gambling sites do, none of which, we have to add, are certified by the newly regulated US state markets.

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

If, at this true point, you’re sitting here thinking, ‘What on earth is Bitcoin?’ well, firstly all, where are you? And secondly, we are going to tell you.

Just What is Bitcoin?

Bitcoin is just a digital cryptocurrency with an international blood supply of more than $1.4 billion that operates outside the central banking system and is traded via encrypted peer-to-peer networks. That means goods can be purchased and sold beyond the watchful eye of financial regulators. Bitcoins are available via your computer or smartphone at an exchange solution such as Bitinstant, and are then stored in an e-wallet.

So, while Bitcoin is starting to be embraced by main-stream business (more as a novelty than anything), as is evidenced by The D’s ATM, it all started off a bit shadily and in numerous ways ‘s still.

As a way to facilitate online gambling in areas where financial institutions are forbidden from processing gambling transactions because it circumvents the central banking system, some maverick online gambling operators have seen it. And it seems like they’re right. In 2012, two bitcoin that are start-up 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 a shadowy figure calling himself Satoshi Nakamoto who has now disappeared in to the ether. In March, Newsweek excitedly believed it had tracked him down it hadn’t they purportedly had the wrong guy, a completely bewildered Japanese-American man by having a similar name. The reality is that Satoshi Nakamoto is just as apt to be the pseudonym of a combined band of code writers at the time of an individual. What exactly is for sure, though, wherever and whoever he is, we do not think he intended his subversive invention to be utilized buying trinkets in casino gift shops.

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

Nonetheless, tantalizingly, D Casino Hotel’s Derek Steven’s told virtual currency magazine CoinDesk the following: ‘ I don’t think the [State] Gaming Control Board or [the Nevada] Gaming Commission would expect you’ll deal with Bitcoin at this time. But I recognize that the Gaming Commission and Gaming Control Board have Bitcoin regarding the radar, and want to evaluate what their future plans will soon be.’

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