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



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

Business mogul Carl Icahn and New Jersey State Senate President Stephen Sweeney exchanged harsh terms last Friday, with each accusing the other of selling out some portion of Atlantic City for their very own 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 become a major target.

As we reported earlier this week, those protests were designed to fight back against a Trump Entertainment intend to use of a contract and cut pensions and benefits for workers in order to cut costs and keep the casino available.

The organization says that the casino will have 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 turned out to be a major figure in the protests. The protesters demonstrated near the Tropicana, which will be owned by a group led by Icahn, and many see him as the threat that is true the huge benefits and wages provided by their current positions. In bankruptcy court, Trump Entertainment has requested permission to turn over its venue to Icahn by converting the debt he holds in the company into ownership of the casino. Icahn says he would then be willing to invest another $100 million to the Taj Mahal, but only if his concessions are provided.

Sweeney reacted to the by saying that there ended up being no method hawaii 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 desires, he’s closing anyway,’ Sweeney stated. ‘But if he is able to get all this money from the taxpayers and the employees, he then’ll invest in the property.’

Sweeney had been only one of a few politicians from both parties that are major 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 ended up being ready to fire back at Sweeney and other state officials who possess criticized him while also proposing that casinos be built in north Jersey.

‘Sweeney is offering 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 is to blame, when I’m the only one that took a risk with $80 million when no one else would,’ Icahn stated. ‘ On the main one hand, we’re to believe Senator Sweeney is Atlantic City’s staunchest defender, yet on the other hand, the same Senator Sweeney is off in north Jersey making plans allowing gaming outside of the latest York City, a concession that will mean the end of gaming in Atlantic City.’

Sweeney appears in US District Court on this week so that they can get a judge to force the concessions he’s asked for, while the state and Atlantic City have thus far rejected his terms.

Trump Entertainment normally hoping that a Delaware bankruptcy court will allow it to terminate the union contract that is current. The company is accusing the workers’ union of sacrificing 3,000 jobs at the Taj Mahal in an effort to guard 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 British Gambling Act, letting it be implemented the following month. (Image: thesun.co.uk)

The UK 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 execution of the Gambling (Licensing and Advertising) Act from October 1 to November 1, however the ruling implies that the legislation will be enforced as expected.

‘I am regarding the conclusion that parliament was well within its rights to act since it did,’ said Lord Justice Nicholas Green.

GBGA Fails to Make Its Instance

In his ruling, Green said that the GBGA failed to exhibit that the new regulations would be illegal 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 licensing control over its operators while agreeing to share data aided by the UK Gambling Commission (UKGC).

The ruling means that all gambling that is online who wish to conduct business with customers in britain will need to hold a license with the gambling commission there by November 1. This won’t be a challenge for most companies that wanted to keep in the united states, as most believed which they would want to apply for a license by 1 october.

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

GBGA Still Has Questions

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

‘We welcome this judgment and may now complete preparations for utilization of the Act on 1 November,’ the UKGC had written in a statement.

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

‘ Cross-border regimes that are regulatory significant co-ordination and co-operation on key legal and regulatory issues and the UK already had this using the Gibraltar industry, regulator and jurisdiction,’ the GBGA said following the ruling. ‘ We keep this legislation is not in the most readily useful interests of customers, the industry and the regulator itself and that you can find more effective means of dealing with the challenges of regulation and competition in this sector.’

The GBGA also stated that it may be real-money-casino.club time for European officials to show up having an overarching framework for online gambling.

‘We remain concerned great britain regulator will discover it tough to hold businesses to account in jurisdictions outside of the EU where it has no appropriate powers and common legal framework or 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 deal with an activity that naturally crosses boundaries.’

The licensing that is new may also require operators to give a appropriate rationale for his or her operations in gray markets where they cannot hold licenses. These requirements have led some operators to decide on not to ever apply for a UK license, though the majority of major companies want to stay in great britain market.

From Here to Eternity: The Massachusetts Casino Journey

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

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

But it’s additionally the culmination in excess of three years of regulations, votes, debates and referendums, each of which combine to write the tale of Massachusetts’ casino gambling law. If you’re unknown with what’s going on in hawaii, here’s a quick recap of everything you need to get right 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 new gambling facilities to be built into the state: three casinos and one slots parlor. Each of the three casino licenses was linked with a particular region: 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.

Designers who desired to apply for starters of the four licenses were needed to get through an application that is extensive, one that included mandatory referendums by regional communities where casino proposals were made.

Those referendums ended up being a part that is critical of licensing process, as several promising jobs failed to make the approval of voters. Especially, a plan for the casino at Suffolk Downs in East Boston had been scuttled when votes overwhelmingly rejected the proposal, which eventually led to that plan being resurrected on the Revere side of the Suffolk Downs racetrack.

Fundamentally, the decision of whether to award licenses and to whom they need to go was determined by the Massachusetts Gaming Commission, a five-member panel that oversaw the whole licensing process.

And the Award Goes To…

In late February, the very first license was awarded to Penn National Gaming, which attained the right to create a slots parlor in Plainville. That plan had been chosen over a Massachusetts Live! proposal in Leominster and a Raynham Park option that did not prove popular aided by the commission. Fundamentally, the commission voted 3-2 in favor of 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 in support of awarding the license towards the proposed MGM resort in Springfield, which emerged because the only contender in the region.

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

Southeastern Massachusetts License Still to Be Decided

Therefore far, few serious contenders have emerged for the Southeastern Massachusetts casino license, which caused the gaming commission to push back the due date for applications from September 30, 2014 to December 1 of this year. The spot’s schedule was already behind the rest of the state because of the possibility that the Mashpee Wampanoag tribe might develop a casino in Taunton. When that effort felt through, the region was opened to developers.

So far, just KG Urban has applied to construct in the area, though the commission believes that other applicants whom were rejected in the other two parts of the continuing state may decide to try once more in Southeastern Massachusetts.

Casino Law Repeal Still a chance

There is still the possibility that all of these venues may open never. There has been significant opposition to allowing casinos in Massachusetts since the law was first signed, and who has culminated in casino opponents finding a question on a statewide ballot this November that will ask voters if they desire to repeal the casino law. Current polling implies that such a repeal is not likely, however: one very early September poll by UMass Lowell/7News discovered that 59 per cent of likely voters planed to vote against the repeal effort, with only 36 percent saying they might vote to repeal the law.

 
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