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Jersey City $4.6 Billion Casino Resort Proposed for North Jersey

By March 3, 2020 No Comments

Jersey City $4.6 Billion Casino Resort Proposed for North Jersey

A casino in Jersey City could fight off competition from New York in the Garden State casino market (Image:

Venture capitalist Paul Fireman wants to create a $4.6 billion casino resort in Jersey City, according to reports by the newest Jersey press. State Governor Chris Christie recently declared his openness to the expansion of casino gaming into North Jersey, and it appears Fireman, who is A ceo that is former of now operates Fireman Capital Partners, is working hard to make it work.

The businessman has been ending up in New Jersey politicians over the past month to discuss his proposal for the 95-story hotel and casino rising above New York Harbor that will additionally feature a motorsports stadium and ‘the largest Ferris wheel into the globe.’

Atlantic City, which has always had the monopoly on casino gaming since the property that is first there in 1978, has lately been in dire financial straits. Despite injections of money and a plan that is five-year rejuvenate the town, spearheaded by Governor Christie in 2011, its casino market neglected to bounce back from the recession, because was hoped.

Moreover, it is often hit hard by new competition from neighboring states such as for instance Pennsylvania, which has superseded New Jersey as the 2nd biggest casino market in the usa, after Nevada. And while Atlantic City casinos like The Showboat and Revel contemplate closure, Christie has apparently been forced to concede that a tactic that is new needed.

Good News for AC?

But not even close to hurting Atlantic City, numerous analysts think that an expansion in the north will help the ailing resort. The proposed resort in Jersey would stay right across the harbor from Manhattan, and would act as being a bastion, protecting New Jersey from further competition through the new casinos prepared for upstate New York, diverting New Yorkers and vacationers away from those gambling enterprises, while gathering revenue that could assist develop Atlantic City.

State Senate President Stephen Sweeney agrees.

‘This discussion is likely to be had because it has to be had, however it won’t be had at Atlantic City’s expense,’ he said. ‘If anybody believes that I’m maybe not dedicated to Atlantic City, they’re crazy. We can not ignore that competition is likely to be in nyc shortly. But if nj-new Jersey responds by starting a casino in North Jersey, it should happen in a way that may truly benefit Atlantic City. Now we tax casinos at eight-and-a-half percent. Maybe we set a new tax price for a casino in the north and a portion of that that’s significant enough to simply help Atlantic City involves Atlantic City.’

‘It Will Blow Away Macau’

While casino expansion into North Jersey would require an amendment towards the state constitution, Sweeney said recently which he had been prepared to enable citizens to vote on this kind of amendment year that is next. And while details of the proposed development in Jersey City remain few and far between, it appears that Fireman has convinced some individuals in high places currently.

Jersey City Mayor Steve Fulop expressed his excitement this week about a ‘world-class facility which includes a casino, hotel and meeting center as well as the largest Ferris wheel on earth all situated close to the best park in nj-new jersey (Liberty State Park).’ He added that the project would ‘create 25,000 jobs’ and attract ‘over $5 billion of investment.’

‘It’s huge,’ stated state Senator Raymond Lesniak, that has met with Fireman. ‘It has the factor that is wow; it’ll blow away Macau as being a destination place for gaming.’

Casinos Seek Conscious Uncoupling from US Dog Rushing

Greyhound dog racing is now merely a sideshow at most US tracks, where casino games bring within the profits that are real. The sport has additionally been the subject of intense criticism. (Image:

If you look around america, you’ll still see an amount that is fair of racing, at least in those states that have not made the practice illegal, following massive criticism of numerous associated with the issues surrounding the sport. But at many tracks, greyhounds are actually raced simply to fulfill an obligation that is legal allows the owners to also stage more profitable tasks. And when the time comes when that motivation to stage dog races goes away, there may be no reason left to own them at all: one thing that lots of people would state is a thing that is good.

The signs of dog race’s demise are seen by industry experts for decades. In 1990, there was nearly $1 billion bet on real time dog races in Florida, one of many hotbeds that are remaining the contests. In 2013, that true number had dropped to $258 million. The decrease was mostly caused by the spread of casino gambling throughout the national nation, which gave gamblers and tourists more choices for spending their some time cash.

Dog Racing Merely a Road to Casino Revenues

Yet those same casinos have likely saved greyhound racing at the same time. Many tracks are subsidized by the casinos that are same have taken their business away, making it profitable to help keep the events going, even as interest in them has waned.

The track owners actually run casinos, slot parlors, or poker rooms themselves in many cases. In these situations, it’s almost always the other business that is lucrative; the events are needed as section of licenses that need ‘coupling’ the casino-style games with races.

That’s the situation in Florida, which is still home to 12 of the 21 American tracks that offer live greyhound racing. A number of other tracks do not even have their own races anymore, and keep up the racing part of the bargain only by simulcasting competitions from other tracks.

Owners, Opponents Want Decoupling

It has left racetrack that is many to push for a ‘decoupling’ movement that would end their obligation to perform dog events and just allow them to focus on their other gambling passions. This has triggered an alliance that is unusual track owners and animal rights groups whom believe that the events are cruel and that the dogs are mistreated. These teams think that decoupling will inevitably cause the end (however slowly) of greyhound racing in america.

In Florida’s newest make an effort to restructure the state’s gaming laws, one proposal to decouple casino gambling from greyhound racing was rejected, though it could come year that is back next. Similarly, western Virginia killed a bill that would have cut the certification fees and paid off the minimal amount of race days needed at one of the state’s two dog racing tracks.

With both owners and opponents up to speed for decoupling, you may be wondering who’s against the change. One answer is the horse industry that is racing which believes such a movement could eventually kill their sport too.

Horse racing is a a great deal more popular and financially viable sport than greyhound racing. However, only the largest tracks are truly lucrative, and numerous now run ‘racinos’ with slot machines as well as other games in order to show a profit. If horse racing are not required, some of the tracks could switch up to casino that is pure, shrinking the industry.

Greyhound racing is presently illegal in 39 states, while four others have no tracks, despite the possible lack of legislation prohibiting them. Along with Florida, which features a dozen venues, Alabama, Arizona, Arkansas, Iowa, Texas and western Virginia each host 1 or 2 dog racing tracks.

As Portuguese Economy Tumbles, RGA Chides Online Tax Hikes

The Remote Gambling Association has reacted to new Portuguese online sports betting operator taxes, even as Portugual continues to face economic crisis. (Image:

Even as Portuguese banking shares tumbled this week, sending fear throughout the EU bank system, the Remote Gambling Association (RGA), the largest Web video gaming trade association worldwide, has slammed Portugal’s draft gambling bill, branding its tax rates as ‘unworkable’ and urged regulators to think again. The punitive 8 to 16 % tax on recreations stakes that are betting make the market ‘unviable’ for online operators, it claims.

The bill is currently winging its means through the Portuguese parliamentary system, with the government anxious to control at the earliest opportunity as section of a wide-ranging recovery plan that is economic. Portugal was once bailed out of a crisis that is financial 2011 by the EU Commission, the European Central Bank and Overseas Monetary Fund in a €78 billion ($106.14 billion) rescue system. It exited the system in might and now faces pressure that is increasing bolster its still-embattled economy.

Secretary of State Adolfo Mesquita Nunes announced recently that income tax profits through the new on the web gambling market will be split between central and regional governments and used to ‘encourage sport and for cultural development.’ Also the tax on stakes, gross revenue on recreations betting will be taxed at around 37.5 percent, while ‘games of chance,’ which include casino gaming, and, apparently, poker, will be somewhere between the 15 to 30 percent mark.

‘To the Detriment of users and State’

The RGA claims that current taxation levels will restrict competition into the market ‘to the detriment of Portuguese consumers and also the income tax revenues that the Portuguese state could take had been industry become taxed at a sensible price of gross video gaming revenue.’ It also criticized the very fact that the Portuguese monopoly operator of offline sports gambling, Santa Casa, will likely be just taxed at half the rate of its counterparts that are online.

Clive Hawkswood, ceo of this RGA, said: ‘Whilst the RGA and its particular members welcome the Portuguese initiative in wanting to control the online gambling sector, our members are extremely concerned about the unworkable tax rates that are proposed in the draft legislation which can be presently being considered.

‘The extent associated with the disparity in tax burden between licensed online sports betting operators while the offline monopoly operator Santa Casa could be just as much as 50 per cent in support of Santa Casa. This kind of differential has the potential to create a situation of substantial illegal state aid being given to Santa Casa by the Portuguese government whilst also destroying any hope for fair competition in a future regulated online sports gambling government.’

Constructive Dialogue Needed

While some lawmakers in Portugal wanted to start to see the introduction of an open market, the current draft gambling bill advises a jurisdiction similar to those which exist in countries like France and Italy. Foreign operators are going to be able submit an application for licenses providing they ‘meet the requirements,’ and ‘are in good financial standing inside their funds and social security.’ But, companies will also need to be ‘established and registered’ within the nation and will have to offer their services through a bot.PT domain name.

Mesquita Nunes refused become drawn recently on any projections of annual revenue for the new market, saying it’s impractical to know how many operators would apply for Portuguese licenses. Utilizing the current proposed taxation figures, argues the RGA, the solution to that might be ‘not many.’

The RGA says it would welcome the chance to engage in a ‘constructive dialogue with the Portuguese government to ensure a playing that is level for several online recreations betting operators seeking to obtain licenses.’

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