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 final Friday, with each accusing the other of selling out some portion of Atlantic City for their gain. The war of words started after Sweeney participated in protests with union workers from the Trump Taj Mahal, protests of which Icahn proved to be always a target that is major.

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 organization says that the casino will need to close on November 13 unless numerous concessions are granted to it, such as the cutbacks in employee benefits and $25 million in aid from hawaii, along side a reduced taxation assessment.

Workers Blame Icahn

But Icahn became a major figure in the protests. The protesters demonstrated near the Tropicana, which will be owned by a group led by Icahn, and numerous see him as the real threat to the huge benefits and wages made available from their current positions. In bankruptcy court, Trump Entertainment has requested 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 would then be willing to invest another $100 million in to the Taj Mahal, but only when his concessions are granted.

Sweeney reacted to the by saying that there ended up being no means hawaii would contribute to the transfer that is proposed 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 then he will invest into the property. if he is able to get all this money from the taxpayers and the employees,’

Sweeney ended up being just one single of several politicians from both major parties whom criticized Icahn’s proposal at a Boardwalk press conference.

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

Icahn Fires Back

But Icahn was prepared to fire right back at Sweeney and other state officials who possess criticized him while also proposing that casinos be built in north Jersey.

‘Sweeney is attempting to sell out Atlantic City to New that is northern Jersey the one hand, and now he’s telling all these workers in Atlantic City that Carl Icahn would be to blame, whenever I’m the only one that took a risk with $80 million when no one else would,’ Icahn stated. ‘ On the one hand, our company is to trust Senator Sweeney is Atlantic City’s staunchest defender, yet on the other hand, exactly the same Senator Sweeney is off in north Jersey making plans allowing gaming outside of the latest York City, a concession which could suggest the end of gaming in Atlantic City.’

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

Trump Entertainment can be hoping that a Delaware bankruptcy court allows it to terminate the union contract that is current. The company is accusing the workers’ union of compromising 3,000 jobs at the Taj Mahal in an attempt to protect workers at other casinos, as under the union contract, any concessions won at one casino would be allowed at other Atlantic City casinos aswell.

UK Gambling Act Challenge by GBGA Snuffed by London High Court

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

Great britain Gambling Act goes into impact next month after a challenge from the Gibraltar Betting and Gaming Association (GBGA) was rejected by the High Court last week. The legal challenge had already been successful in delaying the implementation of the Gambling (Licensing and Advertising) Act from October 1 to November 1, nevertheless the ruling ensures that the legislation will be enforced as anticipated.

‘I am of this conclusion that parliament was well within its rights to act since it did,’ stated Lord Justice Nicholas Green.

GBGA Does Not Make Its Instance

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

The ruling means that all online gambling operators who wish to conduct business with clients in the United Kingdom will need to hold a license with the gambling payment there by November 1. This will not be a challenge for most businesses that wanted to stay in the united kingdom, as most believed which they would require to use for a license by 1 october.

The changes that are real come into play on December 1. That’s whenever a new point-of-consumption tax are going to be implemented in the united kingdom on licensed operators. This will signify all operators will probably pay a 15 percent tax on the revenues derived from British customers, no matter where they are headquartered or what taxes they might pay in their house nations.

GBGA Still Has Concerns

The UKGC was pleased with all the decision, since the organization not just beat back the challenge, but was awarded £100,000 ($159,400) to cover for its appropriate costs.

‘We welcome this judgment and can 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 regulatory regimes require significant co-ordination and co-operation on key legal and regulatory issues and the UK already had this with the Gibraltar industry, regulator and jurisdiction,’ the GBGA said following the ruling. ‘ We maintain this statutory legislation isn’t within the best interests of customers, the industry and the regulator itself and that there are more effective ways 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 appear with an framework that is overarching online gambling.

‘We remain concerned the UK regulator will find it hard to hold companies to account in jurisdictions outside of the EU where it doesn’t have legal powers and common framework that is legal culture,’ the Association statement stated. ‘Given this judgment there is now even greater dependence on an EU legal framework for online gambling if our company is to effectively protect all European consumers, enjoy a common market and avoid each member state deciding alone how to approach an activity that naturally crosses borders.’

The new licensing regime will even need operators to provide a appropriate rationale due to their operations in gray markets where they cannot hold licenses. These requirements have led some operators to choose to not apply for a UK permit, though the majority of major companies intend to remain in great britain market.

From Here to Eternity: The Massachusetts Casino Journey

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

Massachusetts casino certification law is back in the headlines in a big way this week, as the Wynn Everett project won the Greater Boston casino license after having a contentious battle against a Mohegan Sun proposal. That choice, which was reached by the Massachusetts Gaming Commission in a vote that is 3-1 sets the phase for Steve Wynn to build his large resort in Everett, on the site of the former Monsanto plant regarding the outskirts of Boston.

But it’s additionally the culmination greater than three years of legislation, votes, debates and referendums, most of which combine to write the whole tale of Massachusetts’ casino gambling law. In the event that you’re unknown with what are you doing in the state, right here’s a fast recap of everything you require to get fully up to speed.

How It All Started

On November 22, 2011, Massachusetts Governor Deval Patrick signed the Gaming that is expanded 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 tied to a particular 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 desired to apply for starters 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 area of the licensing process, as several promising projects did not make the approval of voters. Especially, a plan for a casino at Suffolk Downs in East Boston was scuttled when votes overwhelmingly rejected the proposal, which eventually led to that plan being resurrected on the Revere side of the Suffolk Downs racetrack.

Finally, the choice of whether to award licenses and to whom they ought to go was determined by the Massachusetts Gaming Commission, a five-member panel that oversaw the entire licensing procedure.

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 was selected over a Massachusetts Live! proposal in Leominster and a Raynham Park option that did not prove popular using the payment. Eventually, the payment voted 3-2 in favor of real-money-casino.club the Penn nationwide plan over the Leominster alternative.

In the commission then approved MGM Resorts International for the Western Massachusetts casino license june. The commission voted unanimously and only awarding the license towards the proposed MGM resort in Springfield, which emerged while the contender that is only the region.

This the gaming commission also awarded the Greater Boston casino license to a Wynn Resorts project in Everett week. The Wynn plan was selected over a Mohegan Sun proposal in Revere by a 3-1 vote, with gaming payment Chairman Stephen Crosby recusing himself from the process.

Southeastern Massachusetts License Still to Be Decided

Therefore far, few contenders that are serious emerged for the Southeastern Massachusetts casino license, which caused the video gaming commission to rebel the deadline for applications from September 30, 2014 to December 1 of this 12 months. The spot’s schedule was already behind the rest of the continuing state because of the possibility that the Mashpee Wampanoag tribe might develop a casino in Taunton. Whenever that effort felt through, the region was exposed to developers.

So far, just KG Urban has used to build in the region, though the commission believes that other applicants whom were refused in one other two elements of the state may take to once again in Southeastern Massachusetts.

Casino Law Repeal Still a chance

There remains the opportunity that most of these venues may never open. There is significant opposition to permitting casinos in Massachusetts since the law was first signed, and which has culminated in casino opponents finding a question on a statewide ballot this November that will ask voters if they wish to repeal the casino law. Current polling suggests that such a repeal is unlikely, however: one early September poll by UMass Lowell/7News discovered that 59 % of likely voters planed to vote against the repeal effort, with just 36 percent saying they’d vote to repeal regulations.