New Jersey Governor Chris Christie is no longer crisscrossing the united states on the campaign that is presidential, and therefore the Republican, now in his 2nd gubernatorial term, has more time to refocus his efforts on issues facing his or her own state.
Nj-new Jersey Governor Chris Christie said enough will do on Thursday, calling on state lawmakers to take solid control of the city. He made his case equipped with colorful graphs showing the overspending that is reckless’s become rampant in Atlantic City.
No concern is more paramount in New Jersey right now than Atlantic City’s current crisis that is financial. On Thursday, Christie told their fellow legislators that it’s in the city’s interest that is best allowing hawaii to take control of its finances.
‘Even utilizing the support and the advice associated with the Emergency Manager that we set up in 2015, Atlantic City took only modest steps to rein their costs in,’ Christie said at the statehouse this week. ‘They face a $100 million budget shortfall this year, $100 million budget deficit this year . . . These are the numbers, this is the math, and these are the important points, and there’s no debate about this.’
Park Place & Boardwalk Salaries
The governor highlighted what he believes to be gross overspending on municipal workers in Christie’s arguments. Armed with maps and graphs, he showed that 119 city employees were paid over $100,000 through the last fiscal year, an amount which doesn’t even include the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the fact that Atlantic City paid $6.6 million in 2015 to retiring public employees, primarily to compensate unused sick and vacation times. Part-time council members were collectively paid $300,000, a cost seen as extravagant in the optical eyes associated with the governor.
Unless their state legislature takes action to provide control of the flailing gambling mecca to Trenton, Christie says he lacks the energy to renegotiate contracts with public sector unions getting the ‘exorbitant expenses of the city employees in order.’
Takeover may be the Only Solution
Christie is calling on State Assembly Speaker Vincent Prieto (D) to urge the chamber to hand over control of Atlantic City towards the state. Prieto opposes that path, opting in favor of the PILOT (payment in place of taxes) program rather.
PILOT would enable casinos to pay taxes for a schedule that is fixed isn’t determined on property value or gaming profits, which have both significantly diminished over the years, as tourism to the area has fallen.
Christie believes the PILOT program is a solution that is short-term won’t help Atlantic City’s long-term forecast. Financial analyst ensemble Moody’s generally seems to agree.
‘If only the bill that is PILOT [with no other measures instituted], the city continues to face distress since the single bill is insufficient to restore Atlantic City’s fiscal health,’ the credit history corporation said recently. ‘ Even though the PILOT bill creates additional profits and avoids incurring casino that is additional liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a year, throughout the next five years.’
Christie thinks public workers require to step up to the plate within the best interest of these city, but it appears some are usually doing that.
After Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees every one month instead of two, a modification that would allow the federal government to continue operating before the next quarterly tax payments are received on May 1.
But that’s just one away, so action will need to be taken, and soon month.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform casino that is social has survived a class action lawsuit attempt from a disgruntled Illinois customer who reported that the free video gaming platform offers ‘nothing more than camouflaged illegal games of possibility.’
IGT’s DoubleDown social casino beat back a class action lawsuit effort from a disgruntled Illinois online customer this week, whom claimed that its operations had been tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on virtual, value-less potato chips regarding the web site before deciding she wanted to claw back every play cent. Phillips claimed that because DoubleDown uses ‘gambling mechanics’ in its games, it really is tantamount to gambling that is actual.
Well, except for real money being involved, but apart from that.
In a course action lawsuit filed during the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown site to down be shut and money refunded to customers in Illinois. The lawsuit had been filed on behalf of all citizens of the state who had lost over $50 playing at DoubleDown, under the antiquated Illinois Loss Recovery Act (ILRA).
Claw-back Law Dragged Up
The 19th century law states that any Illinois gambler who loses $50 or more has got the right to sue the champion to get the funds right back. It also states which should the losing gambler perhaps not sue the winner within sixth months, then ‘any person’ is allowed to sue with respect to all losers, for approximately three times the quantity.
The legislation was originally made to protect destitute families who’d had their last dollar stolen by family members, which was later gambled away.
Phillips says she began playing on DoubleDown in January of 2013, and soon began purchasing digital (and value-less) chips with real money, once she had played through the supply that is original of chips. Because she paid for the chips, she argues, they possessed a value, just like chips purchased in a casino, and therefore the solutions offered by DoubleDown were tantamount to illegal gambling.
According to Phillips, along with ILRA, DoubleDown was in violation of the Illinois customer Fraud and Deceptive Business ways Act, and was guilty of unjustly enriching it self with the use of ‘gambling devices,’ another no-no under Illinois state law.
The filing might have had to establish that online social casino games can be understood to be ‘gambling devices,’ and that IGT had procured money from the plaintiff within an manner that is illegal.
But the judge pompeii slots, unlike Phillips, had beenn’t buying any of it.
JudgeEdmond Chang noted that ILRA calls for a success and a loser through the outcome of a gambling proposition. Because virtual chips bought from DoubleDown cannot be cashed in for a real income, the social casino site cannot lose such a thing from the proposition, and therefore Phillips ended up being on shaky ground.
In fact, broadly speaking, Phillips was asking the court to reconsider the definition that is very of as it is construed in basically every state in the US: namely, the proposition that something of value is risked upon the results of an event or game that is susceptible to opportunity within the hope of receiving something different of equal or greater value.
While investing in virtual potato chips constitutes a financial stake, with no financial reward involved, no form of gambling has occurred, by any legal definition, at least.
In fact, one could say that Phillip’s decision to sue DoubleDown is a much better example of gambling than something that happens regarding the social casino site. And in this instance, it had been a bet that is losing.
Money Laundering and Suspicious Activity at Casinos Continues to Rise, FinCEN Reports
Money laundering is serious business.
Unfortunately for anyone in the casino industry, criminals have long relished the attractiveness regarding the floor cage as being the perfect tool to clean dirty money into purportedly legitimate funds.
‘Washing’ cash by trading it in for chips and then cashing it away again has develop into a preferred method of money laundering by criminals. Now FinCEN wants the industry to better monitor itself for possible crimes being committed by patrons, and the dilemmas have become worldwide. (Image: i5design.com)
A bureau of the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a customer transacts over $10,000 in a single day since 1996, the Financial Crimes Enforcement Network ( FinCEN. In addition, federal legislation mandates that a suspicious activity report (SAR) be completed if the patron is suspected of participating in the laundering of money.
With thousands of commercial banks in the United States, including smaller institutions that are regional FinCEN has been cracking down on money laundering by threatening non-conforming banks with financial penalties.
With no choice but to comply with FinCEN, SARs filed by banking institutions rose from 288,343 in 2003 to 972,037 in 2013, a 70 percent increase in just 10 years. But, a unanticipated decline in SARs followed in 2014, and with it came a rise in suspicious activity reports being filed by the casino, securities, and insurance coverage industries.
What does it all mean?
Underground and Out of Sight
In a Wall Street Journal report this week titled, ‘Losing Count: US Terror Rules Drive Money Underground,’ the argument is made that present FinCEN guidelines might be hampering the government’s capability to monitor dubious activity and intercept potential terrorism.
Afraid of dealing with significant financial penalties for facilitating a suspicious customer’s demand, banking institutions are rapidly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative ways to move money, and the funds efficiently vanish from regulatory oversight.
‘What do we do, within the law enforcement arena, as soon as the money goes underground?’ FBI crimes that are financial Patrick Fallon pondered in the piece. ‘It’s what you do not realize that’s the frightening thing.’
Those who are indeed trying to facilitate money movement illegally may be drawn more and more to the casino cage as banks refuse to provide services for suspected launderers.
And while bank SARs dropped by nearly nine percent between 2013-2014, the reports increased in the casino industry by 69 percent during the time frame that is same.
Gambling enterprises Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the usa financial system and promoting national security, and SARs play a vital role in those efforts.
‘The information that casinos and other finance institutions provide is employed to confront terrorist organizations, rogue countries, WMD proliferators, international grand corruption, and increasingly serious cyber threats,’ Calvery said in 2014. ‘Violating the BSA (Bank Secrecy Act) might result in FinCEN imposing penalties that are civil the casino it self.’
And imposing penalties they are, as Calvery’s team levied economic fines on four gambling companies year that is last. Such as had been the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las Vegas for what FinCEN found to be always a willful violation of the BSA and failure to adhere to SAR protocols.
The recent alleged involvement of two Philippines banks in a $83 million cyber heist through the New York Federal Reserve has shined a level brighter light with this issue that is troubling and also you can bet that regulatory hands around the world will be moving into the casino industry for the closer look.
The list of web sites, which detectives have said were predicated on servers outside Italy and have been impounded, are the following: www4.dgbpoker.com; www.pkgambling373.com; www.pkwildpoker.net; www.betfaktor.com; www.planetwin365.com; www.new5.betaland.com; www.new4.betaland.com; www.new2.betaland.com; www.new1.betaland.com; www.new.betaland.com; and www.betaland.com.
But in accordance with CalvinAyre.com, two of the internet sites might have been targeted in error. Austria’s SKS365 Group, which operates Planet365, has categorically distanced itself from any involvement, stating that the unlawful group had exploited Planet365’s brand name reputation to lure bettors to copycat web sites.
OIA Services Ltd, meanwhile, which has Betaland, says that Betaland.com has been closed to players that are italian over a year, and the internet sites connected with the gambling ring that used the Betaland extension did so without permission and had been ‘rightly already darkened to access, as unlicensed.’
Italian authorities said that the ring additionally had links to Luigi Tancredi, a guy understood in Italy as ‘the King of Slots’ for their operations in the legal gambling world that is land-based.
Tancredi is thought to be the dog owner of DollaroPoker, and was arrested in January and accused of being the mastermind of the gambling ring that operated 12,000 gaming that is online lottery video terminals in bars, cafes and gaming halls throughout Italy.