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

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 particular gain. The war of words started after Sweeney participated in protests with union employees from the Trump Taj Mahal, protests of which Icahn proved to be a major target.

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

The company states that the casino will have to close on November 13 unless numerous concessions are granted to it, like the cutbacks in worker benefits and $25 million in help from the state, along with a tax assessment that is reduced.

Workers Blame Icahn

But Icahn became a major figure in the protests. The protesters demonstrated near the Tropicana, which is owned by a group led by Icahn, and numerous see him as the threat that is true the benefits and wages provided by their present positions. In bankruptcy court, Trump Entertainment has required permission to turn over its venue to Icahn by transforming the debt he holds in the company into ownership of the casino. Icahn says he’d then be willing to invest another $100 million in to the Taj Mahal, but as long as his concessions are issued.

Sweeney reacted for this by saying that there was no method the state would contribute to the proposed transfer to Icahn, and sharply criticized the investor’s plan for the casino.

‘If he does not get every thing he wishes, he’s closing anyway,’ Sweeney said. ‘But then he’ll invest into the property. if he can get all this money from the taxpayers and the employees,’

Sweeney had been just one single of a few politicians from both major parties whom criticized Icahn’s proposal at a Boardwalk press conference.

‘You get absolutely nothing you treat workers with respect and dignity,’ Sweeney said from us until.

Icahn Fires Back

But Icahn had been prepared to fire back at Sweeney and other state officials who have criticized him while also proposing that gambling enterprises be built in north Jersey.

‘Sweeney is attempting to sell out Atlantic City to north New Jersey on the one hand, and now he’s telling all these employees in Atlantic City that Carl Icahn is to blame, whenever I’m the only one that took a risk with $80 million when no one else would,’ Icahn said. ‘ On the one hand, we are to believe Senator Sweeney is Atlantic City’s defender that is staunchest, yet having said that, exactly the same Senator Sweeney is off in north Jersey making plans to permit gaming outside of the latest York City, a concession which could mean the end of gaming in Atlantic City.’

Sweeney seems in United States District Court on this week so as to get a judge to force the concessions he has asked for, due to the fact state and Atlantic City have to date rejected his terms.

Trump Entertainment can be hoping that the Delaware bankruptcy court allows it to end the current union contract. The company is accusing the workers’ union of compromising 3,000 jobs at the Taj Mahal in an effort to protect workers at other casinos, as under the union contract, any concessions won at one casino would be allowed at 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 month that is next. (Image:

Great britain Gambling Act will go into effect next thirty days after a challenge from the Gibraltar Betting and Gaming Association (GBGA) was rejected by the High Court week that is last. The challenge that is legal already been successful in delaying the implementation of the Gambling (Licensing and Advertising) Act from October 1 to November 1, nevertheless the ruling means that the legislation will be enforced as anticipated.

‘we am for the conclusion that parliament was well within its rights to act as it did,’ stated Lord Justice Nicholas Green.

GBGA Does Not Make Its Instance

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

The ruling means that all gambling that is online who wish to conduct business with clients in britain will have to hold a permit with the gambling payment here by November 1. This defintely won’t be a problem for most organizations that wanted to stay in the united states, as most believed they would want to use for a license by October 1.

The genuine changes will come into play on December 1. That’s when a brand new point-of-consumption tax will be implemented in the UK on licensed operators. This will signify all operators will pay a 15 percent tax on their revenues derived from British customers, regardless of where they are headquartered or what taxes they may pay in their home nations.

GBGA Still Has Concerns

The UKGC had been pleased aided by the decision, as the organization not only beat straight back the challenge, but had been awarded £100,000 ($159,400) to pay for its legal costs.

‘We welcome this judgment and may now finish preparations for implementation of the Act on 1 November,’ the UKGC composed in a statement.

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

‘ Cross-border regulatory regimes require significant co-ordination and co-operation on key legal and regulatory issues and the united kingdom already had this using the Gibraltar industry, regulator and jurisdiction,’ the GBGA said after the ruling. ‘ We keep this law isn’t within the most useful interests of customers, the industry and the regulator itself and that you will find more effective means of dealing with the challenges of regulation and competition in this sector.’

The GBGA also stated that it may be time for European officials to show up having an framework that is overarching online gambling.

‘We remain concerned great britain regulator will discover it hard to hold companies to account in jurisdictions outside of the EU where it doesn’t have appropriate powers and common framework that is legal culture,’ the Association statement said. ‘Given this judgment there is now even greater requirement for 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 will also need operators to offer a appropriate rationale because of their operations in gray markets where they do not hold licenses. These requirements have led some operators to choose never to apply for a UK license, though the majority of major companies intend to stay static in the united kingdom market.

From Here to Eternity: The Massachusetts Casino Journey

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

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

But it is also the culmination greater than three years of laws and regulations, votes, debates and referendums, most of which combine to write the whole tale of Massachusetts’ casino gambling legislation. If you’re unfamiliar with what are you doing in their state, here’s a quick recap of everything you need to get up to speed.

How It All Started

On November 22, 2011, Massachusetts Governor Deval Patrick signed the Expanded Gaming Act. This bill allowed for four brand new gambling facilities to be built into the state: three gambling enterprises and one slots parlor. All of the three casino licenses was tied to a specific 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.

Developers who wanted to apply for starters of the four licenses were needed to go via an extensive application process, one that included mandatory referendums by neighborhood communities where casino proposals were made.

Those referendums ended up being a critical the main certification process, as several promising projects didn’t make the approval of voters. Such as, a plan for a casino at Suffolk Downs in East Boston had been scuttled when votes overwhelmingly rejected the proposal, which sooner or later led to that plan being resurrected on the Revere side of the Suffolk Downs racetrack.

Finally, the choice of whether to award licenses and to whom they should go was determined by the Massachusetts Gaming Commission, a five-member panel that oversaw the entire licensing process.

And the Award Goes To…

In late February, the very first license was awarded to Penn National Gaming, which received the right to build a slots parlor in Plainville. That plan ended up being selected over a Massachusetts Live! proposal in Leominster and a Raynham Park option that did not prove popular because of the payment. Finally, the payment voted 3-2 in favor of the Penn National plan over the Leominster alternative.

In the commission then approved MGM Resorts International for the Western Massachusetts casino license june. The payment voted unanimously and only awarding the license to the proposed MGM resort in Springfield, which emerged once the contender that is only the region.

This the gaming commission also awarded the Greater Boston casino license to a Wynn Resorts project in Everett week. The Wynn plan ended up being selected more than a Mohegan Sun proposal in Revere by a 3-1 vote, with gaming payment Chairman Stephen Crosby recusing himself through the procedure.

Southeastern Massachusetts License Still to Be Decided

Therefore far, few contenders that are serious emerged for the Southeastern Massachusetts casino license, which caused the video gaming commission to push back the deadline for applications from September 30, 2014 to December 1 of this year. The spot’s schedule had been behind the rest of the continuing state due to the possibility that the Mashpee Wampanoag tribe might create a casino in Taunton. Whenever that effort felt through, the location was opened up to developers.

So far, only KG Urban has used to construct in the area, although the commission believes that other applicants whom were rejected in the other two elements of the state may decide to try again in Southeastern Massachusetts.

Casino Law Repeal Still a Possibility

There continues to be the possibility that each of these venues may never open. There has been significant opposition to allowing casinos in Massachusetts since the law was first signed, and which has culminated in casino opponents finding a question on a statewide ballot this November that may ask voters if they desire to repeal the casino law. Present polling suggests that such a repeal is unlikely, however: one early September poll by UMass Lowell/7News found that 59 per cent of likely voters planed to vote against the repeal effort, with only 36 percent saying they would vote to repeal regulations.


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