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 some lawmakers hope a casino here could do the same. (Image: Wikimedia Commons)

Since brand New Jersey first legalized casino gambling in 1976, it is often understood that casinos were only meant for Atlantic City in the Garden State. That made sense, at least at that time: the resort town had dropped out of favor with tourists, and gambling was seen as a way to bring cash back into the neighborhood economy. But with increasing competition from Pennsylvania and also the specter of New York gambling enterprises in the horizon, some in their state now want to create a casino in a location that could compete with venues directly in neighboring states.

The theory of placing a casino within the Meadowlands located simply outside of New York City was floated once more last week at the East Coast Gaming Congress in Atlantic City, attracting support as well as 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 have to be fighting for those clients. That’s what Pennsylvania is doing. That’s exactly what New York wants to do.’

Beating New York to the marketplace

Caputo’s idea is always to get a casino built within the Meadowlands before one is created in New York City. While the state of nyc has started the licensing process for commercial casinos, the first few licenses are just obtainable in upstate regions. Casinos in the city and surrounding suburbs are several years away from being proposed, not to mention built.

The plan is really a popular one among legislators in northern nj-new jersey whom wish to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the concept, but made a 2011 agreement to offer Atlantic City five years showing improvement before considering voters that are allowing approve gambling enterprises in other components of this state.

Opponents Say New Casino Would Only Hurt Atlantic City

As revenues at Atlantic City’s casinos continue steadily 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 assist the state just hurt the casino that is already struggling resort city.

‘ We need to stop discussing 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 harm Atlantic City.’

Even though a Meadowlands casino isn’t in the cards, though, you will find still questions that are many the long term 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 is certainly still a lot of for the city to guide.

‘My heart is in Atlantic City, but clearly there was oversaturation in this market,’ said Anthony Faranca, general manager of Parx Casino. ‘Even if it will turn the part, I think there is too much capacity in this great city. There are a few tough decisions that have to be made.’

State Senate President Steve Sweeney (D-3rd District) stated that while it’s likely that casino expansion will ultimately appear within the legislature, you need to strengthen Atlantic City very first. He additionally noticed that adding more casinos in New Jersey doesn’t indicate that the Meadowlands will get to host one by standard.

Everett Strikes Surrounding Area Agreement with Mohegan Sun

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

When it comes to gambling, most authorities advise players against hedging their bets. The exception to that rule comes when you’re talking about life-changing sums of cash: that’s if the expenses of hedging are far outweighed by locking in a big profit. Taking into consideration the ‘life-changing’ impact that a casino may have in the local economy, it’s easy to understand why a city might desire execute a little hedging of their very own.

Perhaps this is exactly why the populous city of Everett, Massachusetts has struck a deal with Mohegan Sun, even as they’re still hoping the company never ever sees their casino built. The two sides have reached terms for a surrounding community contract that would get into effect only if Mohegan Sun wins the right to build a casino at the Suffolk Downs racetrack in Revere.

Agreement Provides Insurance for Everett

That’s maybe not the absolute most profitable result for Everett, which will be the host city for a competing casino proposal from Wynn Resorts. But should Wynn get left behind to Mohegan Sun in the bid for the one license open to the higher Boston area, Everett will now make sure that they are going to get something out of the deal.

Under 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 consent to promote the cultural and attractions in the town. This is all contingent on the Suffolk Downs casino actually winning the license and being built, however.

The contract comes about two months following the Massachusetts Gaming Commission declared that Everett had the best become considered a community that is surrounding the Mohegan Sun casino, which would be based in Revere. Negotiations was indeed 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 compared to the $30 million or maybe more the city might earn annually if the Wynn casino resort had been built there. But it at minimum gives town a plan that is backup case they ought to never be picked by the state video gaming commission. Conversely, Revere didn’t make an application for similar surrounding community status for the Wynn casino, meaning they would get nothing if the Suffolk Downs casino loses out to the Everett proposal.

Surrounding Community Agreements Common, Vary in Size

Both casino organizations have signed agreements that are such a few nearby towns and cities. While the majority of the discounts are small, a few surrounding communities will receive benefits that are substantial. For example, Mohegan would spend $2.5 million annually to Chelsea, while Wynn Resorts is on the hook for $6 million in traffic improvements for Cambridge.

Even the biggest of those discounts is a relative drop in the bucket for the casino operators, nevertheless. 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 city to receive benefits, at least one among these casinos will need to be built and while that nevertheless seems most likely, 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 present poll found that a majority of state residents would like to see that question voted on by the entire state.

First Bitcoin ATM Finds Las Vegas Casino

The D Casino in downtown Las Vegas has installed the bitcoin that is first, but does not have any intends to enable the money at its gaming tables yet. (Image:

Because these days a growing amount of nevada businesses are accepting the online cryptocurrency known as Bitcoin from coffee shops to a candy store, and even an escort agency (we kid you perhaps not) it’s just fitting that the city must have its very own ATM, and that it must be installed within the D Las vegas, nevada Casino Hotel, the very first casino in Sin City to accept Bitcoin as repayment for resort rooms, meals at its restaurants, and even in its gift shop.

What it doesn’t do, nevertheless, is accept the digital money for wagering yet although some online gambling web sites do, none of which, we ought to include, 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 device in Canada last year. The business itself has main offices just about to happen from The D in downtown Las Vegas, that will be becoming a popular area for tech start-ups.

If, at this true point, you are sitting there thinking, ‘What on earth is Bitcoin?’ well, firstly all, where have you been? And next, we’ll tell you.

Exactly What is Bitcoin?

Bitcoin is a cryptocurrency that is digital a worldwide circulation of significantly more than $1.4 billion that operates outside the main banking system and is exchanged via encrypted peer-to-peer networks. That means goods are available and offered beyond the eye that is watchful of regulators. Bitcoins can be purchased via your smartphone or computer at an exchange service such as Bitinstant, and are then stored in an e-wallet.

So, while Bitcoin is starting to be embraced by conventional business (more as a novelty than any such thing), as is evidenced by The D’s ATM, it all started out a bit shadily as well as in many means is still.

Because it circumvents the central banking system, some maverick online gambling operators have observed it as a way to facilitate online gambling in areas where financial institutions are forbidden from processing gambling deals. And it seems like they are appropriate. 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 was created as an anarchic, libertarian alternative to mainstream currency by way of a shadowy figure calling himself Satoshi Nakamoto who may have now disappeared in to the ether. In March, Newsweek excitedly believed it had tracked him they purportedly had the wrong guy, a completely bewildered Japanese-American man with a similar name down it hadn’t. The truth is that Satoshi Nakamoto is just as likely to be the pseudonym of a combined number of code writers at the time of a person. What’s for sure, though, wherever and whoever he is, we don’t believe he intended his invention that is subversive to utilized to buy trinkets in casino gift shops.

And, interestingly, about them of using Bitcoin for live gaming in Las vegas, nevada, Robocoin’s co-founder Sam Glaser had this to say: ‘The Nevada Gaming Control Board will have to approve [Bitcoins for gambling], which appears unlikely for the foreseeable future.’

But, tantalizingly, D Casino Hotel’s Derek Steven’s told currency that is virtual CoinDesk the following: ‘ I do not think the [State] Gaming Control Board or [the Nevada] Gaming Commission would expect you’ll handle Bitcoin at this point. But I recognize that the Gaming Commission and Gaming Control Board have Bitcoin in the radar, and are attempting to assess what their future plans will be.’