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

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

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

As we reported earlier this week, those protests were built to fight against a Trump Entertainment plan to use of a contract and cut pensions and benefits for workers to be able to cut costs and keep the casino open.

The organization states that the casino will need to close on November 13 unless many concessions are granted to it, including the cutbacks in worker benefits and $25 million in aid from hawaii, along with a tax assessment that is reduced.

Workers Blame Icahn

But Icahn became a major figure in the protests. The protesters demonstrated near the Tropicana, that will be owned by a group led by Icahn, and numerous see him as the threat that is true the advantages and wages provided by 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 invest another $100 million to the Taj Mahal, but as long as his concessions are provided.

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

‘If he does not get everything he wishes, he’s shutting anyway,’ Sweeney stated. ‘But then he’ll invest into the property. if they can get all this cash from the taxpayers and the employees,’

Sweeney had been only one of several politicians from both parties that are major 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 was 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 selling out Atlantic City to northern nj-new jersey on the one hand, and now he’s telling all these workers in Atlantic City that Carl Icahn would be to blame, when I’m the only person that took a risk with $80 million when nobody else would,’ Icahn stated. ‘ On usually the one hand, we’re to believe Senator Sweeney is Atlantic City’s staunchest defender, yet having said that, the exact same Senator Sweeney is down in north Jersey making plans to allow gaming outside of the latest York City, a concession which could mean the finish of gaming in Atlantic City.’

Sweeney seems in United States 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 normally hoping that the Delaware bankruptcy court enables it to end the current union contract. The organization is accusing the workers’ union of compromising 3,000 jobs at the Taj Mahal in an attempt to safeguard 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 towards the new UK Gambling Act, letting it be implemented month that is next. (Image: thesun.co.uk)

The united kingdom Gambling Act goes into effect next thirty days 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 expected.

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

GBGA Does Not Make Its Situation

In his ruling, Green said that the GBGA failed to exhibit that the regulations that are new be unlawful under 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 allow the GBGA to maintain complete certification control over its operators while agreeing to share data using the British Gambling Commission (UKGC).

The ruling means that all gambling that is online wishing to conduct business with clients in the United Kingdom will need to hold a permit with the gambling commission here by November 1. This will not be a challenge for most companies that wanted to keep in the united kingdom, as most believed they would require to utilize for a license by October 1.

The real changes will come into play on December 1. That is when a point-of-consumption that is new is implemented in the united kingdom on licensed operators. This will signify all operators can pay a 15 percent taxation on the revenues derived from British customers, regardless of where they are headquartered or what taxes they might pay in their home nations.

GBGA Still Has Concerns

The UKGC was happy because of the decision, while the organization not only beat back the challenge, but was granted £100,000 ($159,400) to cover for its costs that are legal.

‘We welcome this judgment and may now finish preparations for implementation of the Act on 1 November,’ the UKGC penned in a statement.

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

‘ Cross-border regulatory regimes require significant co-ordination and co-operation on key legal and regulatory issues and great britain already had this aided by the Gibraltar industry, regulator and jurisdiction,’ the GBGA said after the ruling. ‘ We maintain this statutory law is not within the best interests of customers, the industry and the regulator itself and that you can find 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 come up having an framework that is overarching online gambling.

‘We remain concerned the UK regulator will see it tough to hold businesses to account in jurisdictions outside the EU where it does not have any appropriate powers and common framework that is legal culture,’ the Association statement said. ‘Given this judgment there is now even greater importance of an EU framework that is legal online gambling if we have been 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 licensing that is new may also require operators to provide a appropriate rationale for their operations in gray markets where they cannot hold licenses. These requirements have led some operators to choose not to ever apply for a UK permit, though the most of major companies intend to stay in the united kingdom market.

From Here to Eternity: The Massachusetts Casino Journey

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

Massachusetts casino licensing law is back in the headlines in a way that is big week, as the Wynn Everett task won the Greater Boston casino permit after a contentious battle against a Mohegan Sun proposal. That decision, that has been reached by the Massachusetts Gaming Commission in a 3-1 vote, sets the stage for Steve Wynn to create their large resort in Everett, on the webpage of a former Monsanto plant in the outskirts of Boston.

But it is also the culmination of more than three years of laws, votes, debates and referendums, each of which combine to write the whole tale of Massachusetts’ casino gambling legislation. In the event that you’re unfamiliar with what’s happening in their state, here’s a fast recap of everything you require to get right 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 in the state: three gambling enterprises and one slots parlor. Every one of the three casino licenses was associated with a region that is specific 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 wanted to apply for just one of the four licenses were needed 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 part that is critical of licensing process, as several promising tasks neglected to make the approval of voters. Especially, a plan for a casino at Suffolk Downs in East Boston had been scuttled when votes overwhelmingly rejected the proposal, which ultimately led to that plan being resurrected on the Revere side of the Suffolk Downs racetrack.

Fundamentally, the choice 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 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 had been chosen over a Massachusetts Live! proposal in Leominster and a Raynham Park option that did not prove popular because of the commission. Eventually, the payment 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 license. The payment voted unanimously in favor of awarding the license to your proposed MGM resort in Springfield, which emerged because the only contender in the region.

This week, the gaming payment also awarded the Greater 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 commission Chairman Stephen Crosby recusing himself through the process.

Southeastern Massachusetts License Still to Be Determined

So far, few severe contenders have actually emerged for the Southeastern Massachusetts casino license, which caused the gaming commission to rebel the due date for applications from September 30, 2014 to December 1 of this year. The region’s timeline had been behind the rest of the state due to the possibility that the Mashpee Wampanoag tribe might build a casino in Taunton. When that effort felt through, the region was opened to developers.

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So far, just KG Urban has used to build in the area, though the commission believes that other applicants who had been refused in the other two regions of the continuing state may decide to try once again in Southeastern Massachusetts.

Casino Law Repeal Still a Possibility

There continues to be the chance that every one of these venues may never open. There has been opposition that is significant enabling casinos in Massachusetts since the law was first signed, and that has culminated in casino opponents getting a question on a statewide ballot this November that may ask voters if they wish to repeal the casino law. Current polling shows 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 what the law states.

 

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