Meadowlands Casino Debated at East Coast Gaming Congress

The Meadowlands Sports Complex has long drawn fans from New York, and a casino is hoped by some lawmakers there could perform some same. (Image: Wikimedia Commons)

Since New Jersey first legalized casino gambling in 1976, it has been recognized that casinos were only meant for Atlantic City in the Garden State. That made sense, at least during the time: the resort town had dropped out of favor with tourists, and gambling was seen as a solution to bring cash back to the neighborhood economy. However with increasing competition from Pennsylvania plus the specter of New York casinos regarding the horizon, some in the state now want to build a casino in a location that could directly take on venues in neighboring states.

The idea of placing a casino into the Meadowlands located just outside of New York City was floated week that is again last 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’ve got become fighting for those customers. That is just what Pennsylvania is doing. That’s what New York wants doing.’

Beating New York to the Market

Caputo’s idea is always to get a casino built within the Meadowlands before one is made in ny City. While the state of ny has recently started the licensing process for commercial casinos, the very first few licenses are only obtainable in upstate regions. Gambling enterprises within the city and suburbs that are surrounding several years far from being proposed, not to mention built.

The plan is a one that is popular legislators in north New Jersey who want to see more gambling revenue for their region. Republican Governor Chris Christie has not ruled out the concept, but made a 2011 agreement to provide Atlantic City five years to show improvement before considering allowing voters to approve gambling enterprises in other components of this state.

Opponents Say Brand New Casino Would Only Hurt Atlantic City

As revenues at Atlantic City’s gambling enterprises continue to fall, support for a Meadowlands casino has certainly increased. However, lawmakers in and around the city are strongly against a proposal, saying it will not help the state just hurt the casino that is already struggling resort city.

‘ We have 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 hurt Atlantic City.’

Even in the event a Meadowlands casino isn’t in the cards, though, there are still questions that are many the near future of Atlantic City to be answered. With the Atlantic Club closing in January, you can 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 is oversaturation in forex trading,’ said Anthony Faranca, general manager of Parx Casino. ‘Even if it will turn the part, I think there is excessively capacity in this great city. There are several decisions that are tough have to be made.’

State Senate President Steve Sweeney (D-3rd District) stated that while it’s likely that casino expansion will ultimately show up within the legislature, it is vital to strengthen Atlantic City very first. He also remarked that adding more gambling enterprises in New Jersey doesn’t suggest that the Meadowlands will reach host one by default.

Everett Strikes Surrounding Region Agreement with Mohegan Sun

The city of Everett, Massachusetts will receive 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 when you are talking about life-changing sums of money: that’s whenever expenses of hedging are far outweighed by locking in a profit that is big. Considering the ‘life-changing’ impact that a casino might have on the local economy, it’s clear to see why a town might want execute a little hedging of their very own.

Maybe this is exactly why the city of Everett, Massachusetts has struck a deal with Mohegan Sun, even while they’re still hoping the company never sees their casino built. The 2 edges have reached terms for a surrounding community contract that would get into impact 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 maybe not probably the most outcome that is profitable Everett, which is the host 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 higher Boston area, Everett will now ensure that they are going to get something from the deal.

A flat fee of $575,000 every year under the agreement, Mohegan Sun would pay Everett. They would also pay the expenses of the $300,000 traffic study, and agree to market the cultural and tourist attractions in the town. That is all contingent on the Suffolk Downs casino really winning the license and being built, however.

The agreement comes about two months following the Massachusetts Gaming Commission declared that Everett had the best to be considered a surrounding community to the Mohegan Sun casino, which may be situated in Revere. Negotiations was ongoing since that March 20 declaration. If the two edges had did not make an contract by mid-June, an arbitrator would have determined a reasonable solution for both sides.

The agreement would bring very money that is little Everett compared to the $30 million or even more the city might earn annually if the Wynn casino resort had been built there. But it at least offers town a backup plan in case they need to never be picked by the state gaming commission. Conversely, Revere didn’t submit an application for exactly the same surrounding community status for the Wynn casino, meaning they’d receive nothing if the Suffolk Downs casino loses out to the Everett proposal.

Surrounding Community Agreements Common, Vary in Size

Both casino firms have signed agreements that are such a few nearby towns and cities. While all of the deals are small, a few surrounding communities will get benefits that are substantial. As an example, 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.

Even the largest of the discounts is a relative drop in the bucket for the casino operators, nevertheless. Both proposed resorts would cost $1 billion or more to build, utilizing the Wynn Resorts project having a $1.6 billion price tag.

For any populous town to get benefits, at least one of the casinos will need to be built and while that nevertheless seems more than likely, it isn’t entirely certain to happen. A bid to put a casino repeal question on a statewide ballot is presently being heard by the Massachusetts Supreme Judicial Court, and a present poll found that the majority of state residents would like to see that question voted on by the entire state.

First Bitcoin ATM Arrives at Nevada Casino

The D Casino in downtown Las Vegas has installed the bitcoin that is first, but has no plans to enable the currency at its 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.

Exactly What it doesn’t do, but, is accept the digital currency for wagering yet although some online gambling internet sites do, none of which, we should 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 unit in Canada year that is last. The organization itself has main offices just about to happen from The vegas royal casino withdrawal D in downtown Las Vegas, which can be learning to be a area that is popular tech start-ups.

If, as of this true point, you are sitting there thinking, ‘What on earth is Bitcoin?’ well, firstly all, where have you been? And secondly, we are going to tell you.

What is Bitcoin?

Bitcoin is really 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 can be bought and sold beyond the watchful eye of financial regulators. Bitcoins can be purchased 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 mainstream business (more as a novelty than anything), because is evidenced by The D’s ATM, it all started off a bit shadily plus in numerous methods ‘s still.

As a way to facilitate online gambling in areas where financial institutions are forbidden from processing gambling transactions because it circumvents the central banking system, some maverick online gambling operators have seen it. And it seems like they’re appropriate. In 2012, two start-up Bitcoin online casinos, SatoshiDice and bitZino, posted May to December profits of $596,213 and $495,000, respectively.

Live Bitcoin Gaming?

Bitcoin was made as an anarchic, libertarian alternative to mainstream currency by a shadowy figure calling himself Satoshi Nakamoto who may have 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 with a comparable title. The truth is that Satoshi Nakamoto is just as probably be the pseudonym of a combined group of code writers at the time of an individual. What exactly is for sure, though, wherever and whoever he is, we don’t believe he intended his invention that is subversive to utilized to get trinkets in casino gift shops.

And, interestingly, about the subject 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 would need to approve [Bitcoins for gambling], which appears unlikely for the foreseeable future.’

However, tantalizingly, D Casino Hotel’s Derek Steven’s told virtual currency magazine CoinDesk the following: ‘ I do not think the [State] Gaming Control Board or [the Nevada] Gaming Commission would anticipate to handle Bitcoin at this point. But I do know that the Gaming Commission and Gaming Control Board have Bitcoin in the radar, and want to evaluate what their future plans will be.’