Jersey City $4.6 Billion Casino Resort Proposed for North Jersey

A casino in Jersey City could fight down competition from New York in the Garden State casino market (Image: sloanspringer.com)
Venture capitalist Paul Fireman wants to build a $4.6 billion casino resort in Jersey City, according to reports by the latest Jersey press. State Governor Chris Christie recently declared his openness towards the expansion of casino video gaming into North Jersey, and it appears Fireman, who is A ceo that is former of and now runs Fireman Capital Partners, is working difficult to make it happen.
The businessman has been ending up in New Jersey politicians over the past thirty days to discuss his proposition for a 95-story hotel and casino increasing above New York Harbor that will additionally feature a motorsports stadium and ‘the largest Ferris wheel in the globe.’
Atlantic City, that has always had the monopoly on casino gaming since the property that is first there in 1978, has lately been in dire financial straits. Despite injections of cash and a five-year plan to rejuvenate the city, spearheaded by Governor Christie in 2011, its casino market failed to bounce back from the recession, because had been hoped.
Also, it’s been hit hard by new competition from neighboring states such as for example Pennsylvania, which has superseded New Jersey as the second casino market that is biggest in the US, after Nevada. And even though Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has evidently been forced to concede that the tactic that is new needed.
Very good News for AC?
But definately not hurting Atlantic City, numerous analysts believe an expansion in the north will help the resort that is ailing. The proposed resort in Jersey would sit right across the harbor from Manhattan, and would work as being a bastion, protecting New Jersey from further competition from the brand new casinos planned for upstate New York, diverting New Yorkers and vacationers away from those casinos, while gathering revenue that could assist develop Atlantic City.
State Senate President Stephen Sweeney agrees.
‘This discussion is likely to be had because it has to be had, nonetheless it won’t be had at Atlantic City’s expense,’ he said. ‘If anybody thinks that we’m perhaps not committed to Atlantic City, they’re crazy. We can not ignore that competition will be in New York shortly. But if nj-new Jersey responds by starting a casino in North Jersey, it should take place in a way which will benefit Atlantic City truly. At this time we tax casinos at eight-and-a-half %. Maybe we set a new tax rate for a casino in the north and a percentage of that that’s significant enough to aid Atlantic City comes to Atlantic City.’
‘It Will Blow Away Macau’
While casino expansion into North Jersey would require an amendment towards the state constitution, Sweeney said recently that he had been willing to allow citizens to vote on such an amendment the following year. And while details of the proposed development in Jersey City remain few and far between, this indicates that Fireman has convinced some social individuals in high places currently.
Jersey City Mayor Steve Fulop expressed his excitement this week about a ‘world-class facility which includes a casino, hotel and convention center in addition to the biggest Ferris wheel on the planet all found next to the park that is best in New Jersey (Liberty State Park).’ He added that the project would ‘create 25,000 jobs’ and attract ‘over $5 billion of investment.’
‘It’s huge,’ said state Senator Raymond Lesniak, who’s got met with Fireman. ‘It has the factor that is wow; It will blow away Macau as a location place for gaming.’
Casinos Seek Conscious Uncoupling from US Dog Racing
Greyhound dog racing is now simply a sideshow at many US tracks, where casino games bring in the real profits. The sport in addition has been the topic of intense criticism. (Image: derrydaily.net)
In the event that you browse around the USA, you’ll nevertheless see an amount that is fair of racing, at least in those states that haven’t made the practice illegal, following massive critique of many associated with the problems surrounding the sport. But at many songs, greyhounds are now raced and then fulfill a legal obligation that allows the owners to also stage more profitable activities. And when the time comes when that motivation to stage dog races goes away, there might be no reason left to possess them at all: one thing that many people would say is a good thing.
The signs of dog race’s demise have now been seen by industry experts for decades. In 1990, there was nearly $1 billion bet on real time dog races in Florida, one of the hotbeds that are remaining the competitions. In 2013, that true number had dropped to $258 million. The decrease is largely attributed to the spread of casino gambling over the national nation, which gave gamblers and tourists more choices for spending their time and money.
Dog Racing Just a Path to Casino Revenues
Yet those exact same casinos have likely saved greyhound racing at the same time. Many tracks are subsidized by the same casinos that have taken their business away, making it profitable to keep the races going, even as interest in them has waned.
Oftentimes, the track owners actually operate casinos, slot parlors, or poker rooms by themselves. In these situations, it’s almost always the other business that is profitable; the races are needed as section of licenses that need ‘coupling’ the games that are casino-style races.
That’s the situation in Florida, that will be still home to 12 of the 21 American tracks offering live greyhound racing. A number of other tracks don’t even have their very own races anymore, and keep up the part that is racing of bargain only by simulcasting competitions off their tracks.
Owners, Opponents Want Decoupling
It has kept racetrack that is many to push for a ‘decoupling’ movement that could end their obligation to run dog events and just let them focus on their other gambling passions. This has caused a unusual alliance between track owners and animal rights groups who believe that the events are cruel and that the dogs are mistreated. These groups genuinely believe that decoupling will lead to the inevitably end (however slowly) of greyhound racing in the usa.
In Florida’s most recent try to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it might come right back next year. Similarly, western Virginia killed a bill that would have slice the licensing fees and paid down the minimal amount of race days needed at one of hawaii’s two dog racing tracks.
With both owners and opponents up to speed for decoupling, you may be wondering that is against the change. One answer is the horse industry that is racing which believes such a movement could ultimately kill their sport as well.
Horse racing is really a even more popular and financially viable sport than greyhound race. However, just the largest tracks are truly profitable, and numerous now run ‘racinos’ with slot machines along with other games in order to show a profit. If horse racing are not needed, some among these tracks could switch up to pure casino operations, shrinking the industry.
Greyhound racing is presently illegal in 39 states, while four others have no songs, despite the possible lack of laws prohibiting them. Along with Florida, which has a dozen venues, Alabama, Arizona, Arkansas, Iowa, Texas and West Virginia each host a couple of dog racing tracks.
As Portuguese Economy Tumbles, RGA Chides Online Tax Hikes
The Remote Gambling Association has reacted to new Portuguese online sports betting operator taxes, even as Portugual continues to face economic crisis. (Image: bullionstreet.com)
Even as Portuguese banking shares tumbled this week, sending fear throughout the EU bank system, the Remote Gambling Association (RGA), the largest Internet video gaming trade association worldwide, has slammed Portugal’s draft gambling bill, branding its tax rates as ‘unworkable’ and urged regulators to imagine again. The punitive 8 to 16 percent tax on activities betting stakes would make the market ‘unviable’ for online operators, it says.
The bill is currently winging its method through the Portuguese parliamentary system, with the federal government anxious to manage asap as part of a wide-ranging recovery plan that is economic. Portugal was previously bailed away from a crisis that is financial 2011 by the EU Commission, the European Central Bank and International Monetary Fund in a €78 billion ($106.14 billion) rescue program. It exited the system in May and now faces increasing pressure to bolster its still-embattled economy.
Secretary of State Adolfo Mesquita Nunes announced recently that tax revenues from the new online gambling market will be split between central and regional governments and used to ‘encourage sport and for cultural development.’ In addition to the tax on stakes, gross revenue on myfreepokies.com recreations betting will be taxed at around 37.5 percent, while ‘games of chance,’ which include casino gaming, and, apparently, poker, will be somewhere between the 15 to 30 percent mark.
‘To the Detriment of Customers and State’
The RGA claims that current taxation levels will limit competition within the market ‘to the detriment of Portuguese consumers while the tax revenues that the Portuguese state could take were industry to be taxed at a sensible price of gross gaming revenue.’ It criticized the very fact that the Portuguese monopoly operator of offline sports wagering, Santa Casa, is going to be only taxed at half the rate of its counterparts that are online.
Clive Hawkswood, chief executive officer of this RGA, said: ‘Whilst the RGA and its own people welcome the Portuguese initiative in trying to manage the internet gambling sector, our members are extremely concerned about the unworkable tax rates that are proposed in the draft legislation which is presently being considered.
‘The extent for the disparity in income tax burden between licensed sports that are online operators and the offline monopoly operator Santa Casa could be as much as 50 % and only Santa Casa. This kind of differential has the potential to create a situation of substantial illegal state aid being given to Santa Casa by the Portuguese government whilst also destroying any hope for fair competition in a future regulated online sports wagering government.’
Constructive Dialogue Needed
The current draft gambling bill recommends a jurisdiction similar to those that exist in countries like France and Italy while some lawmakers in Portugal wanted to see the introduction of an open market. Foreign operators are going to be able make an application for licenses providing they ‘meet the requirements,’ and ‘are in good financial standing inside their funds and social security.’ Nonetheless, organizations will additionally have to be ‘established and registered’ within the united states and certainly will have to offer their services by way of a domain name that is bot.PT.
Mesquita Nunes refused become drawn recently on any projections of annual revenue for the new market, saying it’s impractical to know how many operators would apply for Portuguese licenses. The response to that could be ‘not many. with the present proposed taxation figures, argues the RGA’
The RGA says it would welcome the chance to engage in a ‘constructive dialogue with all the Portuguese government to ensure a playing that is level for several online sports wagering operators seeking to obtain licenses.’
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