The Meadowlands Sports Complex has long attracted fans from New York, and a casino is hoped by some lawmakers here could do the same. (Image: Wikimedia Commons)
Since New Jersey first legalized casino gambling in 1976, it’s been understood that casinos were only meant for Atlantic City into the Garden State. That made sense, at least during the time: the resort town had fallen out of favor with tourists, and gambling was viewed as a solution to bring cash back into the economy that is local. But with increasing competition from Pennsylvania as well as the specter of New York casinos 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 idea of placing a casino into the Meadowlands located just outside of the latest York City was floated once again 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,’ stated Assemblyman Ralph Caputo, a Democrat. ‘we have become fighting for those customers. That’s exactly what Pennsylvania is doing. That’s exactly what New York wants to complete.’
Beating New York to the Market
Caputo’s idea is to get a casino built into the Meadowlands before one is made in New York City. The first few licenses are only available in upstate regions while the state of New York has recently started the licensing process for commercial casinos. Casinos in the city and suburbs that are surrounding a few years far from being proposed, let alone built.
The plan is really a popular one among legislators in north nj whom would like to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the concept, but made a 2011 agreement to give Atlantic City five years showing improvement before considering voters that are allowing approve casinos in other parts regarding the state.
Opponents Say New Casino Would Only Hurt Atlantic City
As revenues at Atlantic City’s casinos continue to fall, support for a Meadowlands casino has certainly increased. However, lawmakers close to the town are strongly against a proposal, saying it will not assist the state just hurt the already struggling casino ocean resort city.
‘ We need to stop talking about the Meadowlands,’ said State Senator Jeff Van Drew, a Democrat from Cape May County. ‘The Meadowlands would cannibalize the industry; the Meadowlands will just further split that gambling pie and harm Atlantic City.’
Whether or not a Meadowlands casino isn’t in the cards, though, there are nevertheless many questions about the future 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 might be still too many for the populous city to support.
‘My heart is in Atlantic City, but clearly there was oversaturation in the forex market,’ said Anthony Faranca, general manager of Parx Casino. ‘Even I think there’s too much capacity in this great city if it does turn the corner. You can find decisions that are tough need to be made.’
State Senate President Steve Sweeney (D-3rd District) said that while it’s likely that casino expansion will eventually show up in the legislature, it is vital to strengthen Atlantic City very first. He also remarked that adding more gambling enterprises in New Jersey doesn’t necessarily mean that the Meadowlands will get to host one by standard.
Everett Strikes Surrounding Region Agreement with Mohegan Sun
The town of Everett, Massachusetts will get compensation if a Mohegan Sun casino is built at Suffolk Downs.
Whenever it comes to gambling, most authorities advise players against hedging their bets. The exception to that rule comes if you are talking about life-changing sums of money: that is whenever costs of hedging are far outweighed by locking in a profit that is big. Considering the ‘life-changing’ impact that a casino may have regarding the economy that is local it is clear to see why a town might desire perform a little hedging of their very own.
Maybe that’s why the populous city of Everett, Massachusetts has struck a cope with Mohegan Sun, also as they’re still hoping the business never sees their casino built. The 2 sides reach terms on a surrounding community contract that would get into effect just if Mohegan Sun wins the right to build a casino at the Suffolk Downs racetrack in Revere.
Agreement Provides Insurance for Everett
That’s perhaps not the most outcome that is profitable Everett, which is the host royal las vegas online casino city for a competing casino proposal from Wynn Resorts. But should Wynn miss out to Mohegan Sun in the bid for the one license offered to the more Boston area, Everett will be certain that now they will get something out of the deal.
Underneath the agreement, Mohegan Sun would spend Everett a flat fee of $575,000 every year. They would also pay the costs of the $300,000 traffic study, and consent to market the cultural and attractions in the town. This is all contingent on the Suffolk Downs casino really winning the license and being built, however.
The contract comes about 8 weeks following the Massachusetts Gaming Commission declared that Everett had the proper to be considered a community that is surrounding the Mohegan Sun casino, which will be located in Revere. Negotiations was indeed ongoing since that March 20 declaration. In the event that two edges had neglected to make an contract by mid-June, an arbitrator could have determined a fair solution for both sides.
The agreement would bring very money that is little Everett compared to the $30 million or more the city might earn annually if the Wynn casino resort were built there. But it at least provides the town a backup plan in case they ought to never be picked by the state gaming commission. Conversely, Revere failed to make an application for the exact same community that is surrounding for the Wynn casino, meaning they’d receive nothing if the Suffolk Downs casino loses out to the Everett proposal.
Surrounding Community Agreements Typical, Differ in Size
Both casino firms have signed such agreements with a few nearby towns and cities. While all the discounts are small, a few surrounding communities will get benefits that are substantial. For instance, Mohegan would spend $2.5 million yearly to Chelsea, while Wynn Resorts could be on the hook for $6 million in traffic improvements for Cambridge.
Also the biggest among these discounts is a relative drop in the bucket for the casino operators, nonetheless. Both proposed resorts would cost $1 billion or more to build, with all the Wynn Resorts project having a $1.6 billion price tag.
For any populous city to receive benefits, one or more among these casinos will have to be built and while that still 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 state that is entire.
First Bitcoin ATM Arrives at Nevada Casino
The D Casino in downtown Las Vegas has installed the very first Bitcoin ATM, but has no intends to let the currency at its video gaming tables yet. (Image: Wikipedia.org/wtstoffs)
An increasing amount of Las Vegas businesses are accepting the online cryptocurrency known as Bitcoin from coffee shops to a candy store, and even an escort agency (we kid you not) it’s only fitting that the city should have its own ATM, and that it should be installed in The D Las Vegas Casino Hotel, the first casino in Sin City to accept Bitcoin as payment for hotel rooms, meals at its restaurants, and even in its gift shop because these days.
What it does not do, but, is accept the digital currency 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 areas.
The D has partnered with Robocoin, pioneers of Bitcoin ATMs, which established the world’s first such device in Canada this past year. The company it self has main offices just about to happen from The D in downtown Las Vegas, which is learning to be a area that is popular tech start-ups.
If, only at that point, you are sitting there thinking, ‘What on earth is Bitcoin?’ well, firstly all, where have you been? And next, we’ll tell you.
What is Bitcoin?
Bitcoin is really a electronic cryptocurrency with a global blood circulation of more than $1.4 billion that operates outside the main banking system and is exchanged via encrypted peer-to-peer systems. That means goods can be purchased and sold beyond the eye that is watchful of regulators. Bitcoins can be bought via your computer or smartphone at an exchange service such as Bitinstant, and are then stored in an e-wallet.
So, while Bitcoin is starting to be embraced by main-stream business (more as a novelty than any such thing), as is evidenced by The D’s ATM, it all started off a bit shadily plus in numerous ways still is.
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 transactions. And it seems like they’re right. 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 with a shadowy figure calling himself Satoshi Nakamoto who has now disappeared to the ether. In March, Newsweek excitedly believed it had tracked him down it hadn’t they purportedly had the wrong guy, an entirely bewildered Japanese-American man having a comparable name. The reality is that Satoshi Nakamoto is just as likely to be the pseudonym of a combined number of code writers as of an individual. What is for sure, though, wherever and whoever he is, we don’t believe he intended his subversive innovation become used to get trinkets in casino gift shops.
And, interestingly, about them of using Bitcoin for live gaming in Las Vegas, Robocoin’s co-founder Sam Glaser had this to say: ‘The Nevada Gaming Control Board would have to approve [Bitcoins for gambling], which seems unlikely for the foreseeable future.’
However, 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 anticipate to cope with Bitcoin at this time. But I do know that the Gaming Commission and Gaming Control Board have Bitcoin on the radar, and want to evaluate what their future plans will soon be.’