New York Southern Tier Gets Another Look Today from Casino Licensing Board

 New Y<span id="more-62485"></span>ork Southern Tier Gets Another Look Today from Casino Licensing Board

Brand New York Governor Andrew Cuomo urged a situation board to reconsider a Southern Tier casino, but the board’s president claims the concluding decision will not be influenced by the Empire State’s leader.

The brand new York Southern Tier is waiting on pins and needles for the outcomes of a casino licensing meeting tonight with the State Gaming Facility Location Board.

Tonight’s meeting shall see the Board pay attention to reopening the bidding process for a resort in the Southern Tier.

That part of the state is everyone that is lobbying through ny Governor Andrew Cuomo in a effort to make its case that the location, located near the Pennsylvania edge, is worthy of the 4th and final license reserved for upstate New York.

Even the undeniable fact that the Southern Tier is still in the game is really a bit of a success for regional politicians and residents. The region was partnered with the Finger Lakes as a single area in the casino bidding process, and between the two, were only promised a license that is single. This one ultimately went to the Lago Resort and Casino, a Finger Lakes proposition that was larger compared to the bids developing of the Southern Tier.

But individuals in the region felt which they’d been passed over in the casino process, when on the day that is same were denied certification, a hydraulic fracturing (or ‘fracking) ban was placed into devote the state, which could leave the Southern Tier in dire economic straits. That led to appeals to the continuing state Gaming Commission and Governor Cuomo to supply the area another chance.

New Meeting Could Open Bidding for Fourth License

That led Cuomo to attract the Gaming Facility Location Board, which often chose to hold a gathering on night in New York City to consider reopening the bidding in the Southern Tier tuesday.

Because the board originally only recommended three casinos for upstate New York, there is certainly still a license that is fourth could potentially be awarded. While that license was originally up for grabs in all three upstate regions, however, the board will simply be considering offering it to the Southern Tier at this meeting.

It doesn’t sit well with many lawmakers along with other observers throughout hawaii. Some believe other aspects of New York should have the ability to bid for that fourth license if it becomes available, while others question how much impact Governor Cuomo has in the casino process.

Hudson Valley Officials Want a Shot

At one point in the bidding procedure, it seemed likely that the fourth casino would become in the Catskills/Hudson Valley area, which was probably the most lucrative area and saw the interest that is most from major casino firms. Given its proximity to New York City and the fact that regional competition could be tough there, Orange County Executive Steve Neuhaus thinks that the region must be a part of any conversation over the casino license that is final.

‘Given the possibility that is distinct casino gambling in New Jersey could expand outside of its current Atlantic City location, such as the Meadowlands, it seems sensible for brand New York jobs and revenue that the most effective areas in southern New York be included in this discussion,’ read a statement from Neuhaus.

Cuomo’s Impact Questioned

There are also concerns that Cuomo, who pledged to permit the board to work independently, has already established influence that is too much the licensing process.

‘Every time he says one thing, he does the opposite when it doesn’t turn the way out he wants it to come out,’ said Assemblyman James Tedisco (R-Schenectady). ‘If you will say something is independent, keep it independent.’

But members of the facility location board state they have been able to act individually, without any pressure from the governor’s office, and that your choice on the Southern Tier will come from them, not from Cuomo.

Washington State Gets Its Very Own Online Poker Bill

Washington State’s current internet poker laws are draconian, which has prompted the push for legislative change. (Image: livingmylifeaway.wordpress.com)

A Washington State on-line poker bill has arrived unexpectedly during the opening of the state’s new legislative session this week.

The bill to legalize and control online poker, known as HB 1114, is sponsored by Representative Sherry Appleton (D), and comes as a complete shock to industry observers.

While all eyes have been on the ongoing legislative efforts in Ca, and the periodic debate in Pennsylvania in regards to the possibility of regulation, Washington’s bill ambushed us without warning.

The fact that Washington State could be the only state of this Union where the actual act of playing online poker is unlawful makes the headlines even surprising.

Lawmakers managed to make it A class C felony in 2006, with Section 9.46.240 of this state’s gambling law declaring that anyone who ‘knowingly transmits or receives gambling information by telephone, telegraph, radio, semaphore, the online, a telecommunications transmission system, or means that are similar is breaking the law.

What this means is that, theoretically at least, playing online poker could secure you a jail sentence of up to five years and a $10,000 fine.

Even Utah, where all types of gambling are strictly illegal, including lotteries, does perhaps not get quite this far, although we should point out that no one in Washington State has ever been prosecuted for the work of playing on-line poker.

Washington Web Poker Initiative

It is probably the draconian nature of part 9.46.240 that has driven the push for legislative change in this relatively liberal state.

Certainly, the main crux associated with the brand new bill is that prohibition fails, and neither does it adequately protect residents associated with state, many of whom carry on to play on-line poker illegally in unregulated offshore markets.

This can also be the message that is crusading of Woodward, of the Washington online Poker Initiative, whoever tireless efforts in opposing prohibition have helped make the proposed legislation a truth.

‘It appeared to me that Washington State had just been written off regarding internet poker, which I discovered unsettling to say the least. Someone had to step-up and raise the issue or we will be a forgotten corner that is little the Northwest,’ Woodward told PokerNews this week. ‘I had reached out to every single legislative candidate prior towards the 2014 elections.

Representative Appleton has been a cosponsor on a few attempts to reduce or take away the penalty that is criminal players, and she was initially receptive of the idea and was certainly one of a handful of legislators I dedicated to. We got in contact with her again following the election, and she readily took on the bill for people.’

A Blueprint for future years

The bill it self believes that many associated with details that are legislative be fleshed out by the Gaming Commission and thus will not propose a degree of taxation, nor does it make no mention of bad actors.

It does, however, suggest that there must be two levels of licensing, one for network operators plus one for consumer-facing online poker rooms, and it might also leave the door open for ladbrokes casino free spins interstate pool sharing, at the governor’s discretion.

Moreover, there is additionally a hope that the bill may one day act as a blueprint for other states looking to legalize on-line poker in the future.

‘ Having the big operators serve as companies, with regional skins competing for players, creates the best opportunity for wide participation, without splintering player liquidity. The more neighborhood passions able to participate, the less opponents there will be among them,’ said Woodward.

Caesars Entertainment Goes for Bankrupt, While Creditors Decry Restructuring Plan

Caesars Palace is run by Caesars Entertainment Operating Company, Inc., which has filed for Chapter 11 bankruptcy. However, all Caesars properties will stay open during the method, says CEO Gary Loveman. (Image: lasvegas.se).

Caesars Entertainment Corp. (CEC) announced the filing of voluntary Chapter 11 bankruptcy this week for its operating that is main unit Caesars Entertainment Operating business Inc. (CEOC).

The move was a bid to ease some of its astronomical $23 billion debtload, the majority of which will be held by the device. CEOC listed around $12.4 billion in assets and $19.9 billion in liabilities in Chapter 11 documents on Thursday.

The subsidiary and its particular affiliates employ about 32,000 people over the US and run 44 gaming and resort properties in 13 states, because well as in five other countries, including the flagship Caesars Palace in Las Vegas.

However the core message from the parent business is its ‘business as always’ for several of its gambling enterprises.

‘The properties across the whole Caesars Entertainment network are available and will operate without interruption throughout CEOC’s reorganization process,’ said Gary Loveman, the CEO of CEC and chairman of CEOC, in an formal statement on Thursday.

‘Our visitors will stay to make benefits through the Total Rewards loyalty system, and our team remains entirely focused on delivering the same outstanding solution and unforgettable entertainment experiences guests have come to expect from Caesars Entertainment. Going forward, we are going to continue to build up and deliver new, innovative hospitality experiences to our guests.’

We Come to Bury Caesars…

But Caesars is not out of the woods yet, as it faces a revolt from the lower-level creditors, who accuse the debt restructuring plan it has worked out with its major creditors of unjustly protecting the organization’s interests during the expense of the own.

This group of lower-level creditors will be in a federal court in Delaware attempting to call a temporary halt to the Chicago case and to stop the restructuring plan from going through as drafted while CEOC files for bankruptcy in Chicago. The move this week follows months of negotiation and litigation between Caesars and its bondholders.

Caesars countered why these creditors try ‘to wreak havoc on the process that is orderly debtors, their professionals, plus the many consenting stakeholders have actually been preparing for months.’

Good Caesars / Bad Caesars

Caesars acquired most of its debt whenever it went private in 2008, following a $30.1 billion takeover by Apollo Global Management and TPG Capital, just round the onset of the global downturn that is economic.

As the recession hit the land-based casino industry in the usa, the group, with its 50 casinos across the United States, suffered.

Caesars has lost cash every since 2009, and has struggled to pay the interest on its enormous debt year. It recently posted 2014 Q3 losses of $908.1 million and month that is last on a $225 million payment.

‘We believe this restructuring is within the needs of CEOC’s stakeholders and certainly will result in a sustainable money structure for CEOC and value creation for all stakeholders,’ said Loveman.

‘The restructuring of CEOC is the culmination of a years-long effort to improve the wellness of CEOC’s stability sheet, which includes included significant investment in new and upgraded assets, especially in Las Vegas. I am very confident in the future prospects of our enterprise, which will combine a capital that is improved with a network of lucrative properties.’

However, Caesars’ disgruntled creditors have accused Apollo and TPG of attempting to produce a ‘good Caesars,’ that will acquire its famous and properties that are valuable and a ‘bad Caesars’ to carry the debt.

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