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New Jersey Gambling Laws Might Change in November

Jun 18, 2015
Atlantic City may not be the sole gambling center in New Jersey

Atlantic City may not be the sole gambling center in New Jersey

New Jersey lawmakers are in a hurry to add a referendum to the November ballot that would permit operating more casinos in the state outside Atlantic City. On paper they have time until August 3, however, as a summer holiday is coming in legislation and the process is problematic, they have to achieve that in the following days. In the meantime the state Assembly approved a package of bills to help the declining Atlantic City and its casinos, while billionaire Carl Icahn was permitted to acquire Trump Taj Mahal Casino Resort. However he might shut down the facility eventually if he loses his battle against the casino workers’ union.

 

CBS New York: Clock Ticking On Putting NJ Casino Measure On November Ballot

 

In order to include it to the November ballot, New Jersey politicians have to push the bill that would legalize casinos in the state outside Atlantic City in the following days. According to blackjack news, the administration has time until August 3 to bring the topic in, however their time is cut short by the summer break and the process won’t be an easy one either.

There is an ongoing debate about how many casinos should be approved to operate by the gambling laws and where to put them in New Jersey. Assembly Speaker Vincent Pireto revealed he supports enabling up to three casinos, which doesn’t mean that all three will be built.

Mayor Ras Baraka and fellow local politicians want one in Newark. Baraka said, Casinos are coming to North Jersey and if Newark doesn’t get it, another city will and they will net the benefits.” Meadowlands and Jersey City reportedly might be other locations for possible gaming facilities.

 

The Sun Herald: Bills aim to help Atlantic City’s finances, casinos

 

The New Jersey state Assembly approved five laws to help the declining Atlantic City. Their eight casinos now can make payments instead of taxes for 15 years in order to let them know how much they owe precisely. An education aid had been also granted for the city, as well as improved insurance and retirement benefits for casino workers.

A couple of other bills will help Atlantic City to pay its debt and to develop further, gambling law news reported. “This bill and the entire package was introduced to stop the immediate bleeding in Atlantic City and the surrounding region,” explained Atlantic County Democrat member of the Assembly, Vincent Mazzeo.

He added, “Casino closings coupled with large refunds due to casinos by the city have created dire challenges for the city.” Four casinos in Atlantic City were closed last year and New Jersey locals might vote in November about approving casinos to be built outside America’s Favorite Playground.

 

Daily Record: NJ casino regulators approve Icahn to own Trump Taj Mahal

 

While lawmakers are working on how to save New Jersey’s gaming industry, billionaire businessman Carl Icahn was granted to purchase the Atlantic City Trump Taj Mahal Casino Resort from bankruptcy court by the Casino Control Commission. Icahn also holds another gaming facility in the city already, the Tropicana Casino and Resort.

Taj Mahal’s debts toward him are exceeding USD 290 million and he only has to trade that in exchange for getting control of the company. He also plans to invest USD 100 million according to online mobile news, though he might decide to close the casino down if he loses the battle against the number one casino workers’ union in Atlantic City.

Icahn clashed with the union after he abolished health insurance and pension plans made in last October by the casino’s parent company with the permission of a bankruptcy judge. However if the final decision goes against him, forcing him to restore the benefits, he might just shut Taj Mahal down for good.

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Court Puts New Jersey Sports Betting on Hold

Nov 21, 2014
Dennis Drazin New Jersey  sportsbetting

Dennis Drazin is confident about NJ sports betting

A federal judge intervened to temporarily block New Jersey’s plans to allow sports betting at the state’s racetrack and casinos.

State lawmakers have been trying to find ways to bring sports betting to New Jersey for years, but it looks like all attempts are destined to fail. A few weeks ago, officials passed a bill allowing licensed casinos and racetracks to accept wagers.

After Governor Chris Christie signed the document into law and Monmouth Park said it was ready to start taking bets last Sunday, professional sports leagues challenged the decision in court, asking the judge to issue a temporary restraining order to prevent this from happening.

U.S. District Judge Michael Shipp decided to grant the request made by the National Football League, the National Collegiate Athletic Association and other sports groups, but did not rule on the merits of the issue yet. A full hearing will be scheduled in the future.

A spokesman for Christie emphasized that the restraining order is temporary and added: “We continue to have full confidence in the strength and appropriateness of our position as we move forward in the litigation.”

USA Today: Judge: New Jersey can’t launch sports betting

Latest gambling news announce that a federal judge decided not to allow casinos and racetracks in New Jersey to start taking sports bets. In his ruling late Friday, US District Court Judge Michael Shipp put in place a temporary restraining order to prevent state operators from offering such services last week.

Monmouth Park was planning on giving its bookmaking operations a test run on Sunday, when it would have accepted bets on NFL games, but the court said Governor Chris Christie can’t launch sports betting in the state for now.

Monmouth Park officials were expecting about 10,000 people to rush to the track this Sunday to bet on Jets-Bills, Eagles-Cardinals, as well as on other NFL games. The track was going to open as early as 7 am, in order to allow visitors to place wagers on the Lions-Falcons game played in London at 9:30 am E.T.

But the NFL and other American sports leagues have filed a complaint asking the judge to stop state operators from taking bets immediately, invoking a 1992 federal law restricting sports betting to Nevada, Delaware, Oregon, and Montana.

A final decision will be made only after a full hearing, but for now the judge has issued a restraining order stopping Monmouth Park from going ahead with its plans. Attorneys representing the racetrack have argued that the business won’t survive without this new source of revenue.

NESN: Judge Grants Leagues’ Request, Stops N.J. Sports Betting Temporarily

Following a request from four major professional sports leagues and the NCAA, a federal judge issued a restraining order preventing New Jersey operators from taking sports bets for now. The request was made by the NFL, the NBA, the NHL, Major League Baseball and the NCAA, who went to court over a new bill signed by Governor Chris Christie, allowing casinos and racetracks in the state to offer betting services.

Under current gambling laws, Nevada is the only state allowed to offer betting on individual games at local bookmakers. Delaware also offers multi-game parlay pools, requiring players to pick several games correctly before winning any money.

“More legal gambling leads to more total gambling, which in turns leads to an increased incentive to fix plaintiffs’ matches,” Shipp said in court last Friday, adding that sports betting in New Jersey “would engender the same ills” that lawmakers sought to combat when they came up with the 1992 federal law.

Attorneys representing the sports organizations have argued that the leagues would suffer irreparable harm if such offers were available in the state. The lawsuit will proceed and the court will schedule a full hearing, but Shipp said a temporary restraining order was necessary to make sure that the matter is properly debated in court first.

Wall Street Journal: Judge Blocks Bid to Legalize Sports Betting in New Jersey

A previous attempt to overturn the sports betting ban and allow New Jersey players to bet on sports failed, and officials are not sure what will happen next. For now, Nevada continues to remain the only state where sports betting is fully legal. Delaware has a few similar operations, but the state only offers multi-game parlay pools.

While Atlantic City casinos said they would wait for the judge’s decision before starting any bookmaking operations, Monmouth Park Racetrack had originally planned to begin sports betting this weekend. The venue’s plans were put on hold by the restraining order.

Dennis Drazin, the operator of Monmouth Park, wrote in a recent statement: “While we are disappointed not to be able to start this Sunday, we are confident that sports betting will be coming to New Jersey in the very near future.”

While preventing the racetrack from starting its new operations, Judge Shipp also requested the five plaintiffs to put up a $1.7 million bond, to cover New Jersey’s potential revenue losses should the state eventually win the argument. The judge also said the temporary restraining order only applies to sports scores at events run by the four leagues and the NCAA.

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The week in pictures: November 11th – November 17th, 2014

Nov 19, 2014

Weekly news in pictures

The world last week was a place of excitement and disaster so lets look back at some of the big stories that hit the headlines

Quatar was cleared of allegations of wrong doing surrounding their being awarded the 2022 World Cup by FIFA the body that oversees international soccer. Despite a huge number of allegations the report supposedly gave the rich nation in which it’s actually too hot to feasibly play football a clean bill of health although the report itself is not to be published in full and has already been criticized by one of the authors for being misrepresented. UEFA are already threatening to quit FIFA over the scandal.And a scandal is perhaps what the Rosetta project could become as the 1.4 billion Euro adventure into the depths of space managed to get 300 million miles from Earth, catch up with a speeding comet and then crash into it, bounce a few times and dive into one of the few places its solar panels couldn’t recharge its batteries. Still hailed as a huge success by the scientific community it remains to be seen just how much real information will be gleaned from the results.

Of course real information is hard to come by these days and Vladimir Putin seemed a tad disingenuous when he cited a long journey home and a need for sleep as being the reasons behind his leaving the G20 Summit in Australia quite as early as he did. Of course many observers would point to the fact just about every other leader had lambasted him for his attitude and behavior over Ukraine, and that Russia was rapidly becoming isolated on the world stage.

In sports a very disappointed Roger Federer was forced to pull out of the ATP World Tour final versus long term rival Novak Djokovic due to a back injury. Apologizing in person at the O2 Arena in London he said sorry for not being match fit in what was a massive PR disaster for the ATP, and an unfortunately tainted default win for Djokovic who admitted this wasn’t the way he wanted to win the trophy. Will Federer recover his fitness or have we seen the last of the six time ATP champion? Find out on our daily news pages but in the meantime lets have a look back at our headlines from last week.

1. One company’s trash is another company’s treasure. With Echo Group hunting VIP gamblers, the Townsville casino was becoming too insignificant in the whole picture, so the company sold it for $70 million to someone willing to fix it up and revive it.
Jupiter Townsville

Townsville’s gem (Photo: Morgan Evan)

2. After remote gambling operators have taken a major financial blow because of the new license fees and taxes imposed in the UK, the Maltese Government is offering to help heal their bleeding wounds.
Parliamentary Secretary José Herrera comes to the rescue (Photo: Times of Malta)

Parliamentary Secretary José Herrera comes to the rescue (Photo: Times of Malta)

3. A trained chef and poker player, Martin Jacobson has surely figured out the secret recipe for success, because he just won $10 million and his very first gold bracelet at the World Series of Poker.
If  the game of poker were a dish...what would it be?  (Photo: Martin  Jacobson blog)

If the game of poker were a dish…what would it be? (Photo: Martin Jacobson blog)

4. It took a long time, but Atlantic City is finally waking up and smelling the coffee. Losing five casinos and leaving thousands of workers unemployed has finally hurt enough to convince officials that it’s time for a change.
Casino Campus

Casino Campus (Photo: Spy Hollywood)

5. One of the largest Asian gambling groups, Genting, is resilient to the general decline on the gambling market.
Genting says VIPs will save the day

Genting says VIPs will save the day (Photo: Genting Casino)

6. The state of Illinois allowed video gaming machines in bars and restaurants and so far the experience has been positive.
Joy of casino: Illinois style (Photo:)

Casino joy: Illinois style (Photo: Chris LaPelusa/Sun Day Photo)

7. New information has been made available in connection to Paul Phua illegal betting ring, which might lead to case dismissal.
Paul Phua: case dismissed? title=

Paul Phua: case dismissed? (Photo: Youtube via The Review Journal )

Meanwhile Boko Haran we accused of being behind the suicide bombing that struck a Nigerian school assembly killing 46 and injuring 79 students, an event that made a mockery of government claims to have signed a ceasefire with the Islamic terrorist group, and elsewhere the Dutch have discovered a new outbreak of an even more contagious, and thus dangerous, strain of bird flu that can be transmitted to humans. Will we all end up tarred and feathered? You’ll have to keep up to date with our daily news pages to find out.

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Former Gambling Resort Opens the Door for Schools and Conference Centers

Nov 17, 2014
Snowboat to open the door for schools and conference centers

Snowboat to open the door for schools and conference centers

Atlantic City hasn’t had much luck this year, but authorities are looking for ways to “stop the bleeding” and help the city recover financially.

The former gambling kingdom just can’t catch a break. By the end of this year, Atlantic City may see its fifth casino sink, causing unemployment rates to go up yet again. As the city is suffering from the closures, authorities are looking for a way to bounce back by completely rebuilding it.

There are a number of closed shops and casinos in the city, but if you think about how hard Atlantic City has had it this year, you’ll be quite pleasantly impressed with the amount of new construction here. Right across from the now-bankrupt Trump Plaza, a Bass Pro outdoor goods store will rise over an entire city block.

According to online gambling news, New Jersey’s Casino Reinvestment Development Authority offered land and $12 million in cash to help develop the project which will employ 290 people. Mayor Don Guardian says the city has become too dependent on gambling revenues, but it’s time for a change.

“The city was happy, because it provided decent jobs with benefits and it paid the taxes, but we lost everything else. You lose your whole entrepreneurial spirit,” he said in an interview.

NPR: As Casinos Fold, Stakes Are High For Atlantic City Transformation

Just as Las Vegas did two decades ago, Atlantic City is trying to become less dependent on casino profits and branch out more into entertainment. It’s looking to become a destination for conferences and various events, not just a place where you can gamble.

Caesars Entertainment said it took nine million pounds of steel to build the structure of the new Waterfront Conference Center in Atlantic City, which has received substantial backing from the developer and from the casino reinvestment authority. Rick Mazer, regional president of Caesars Entertainment said: “This is the business that I think will evolve and regrow Atlantic City.”

However, some experts are skeptical of the project’s potential to succeed. Oliver Cooke, an economist at nearby Richard Stockton College of New Jersey, has his doubts. “You simply are not going to consume your way out of the morass that you’re in,” he explained. “Doing things like building more retail, building more convention centers, has a very, very limited upside.”

Meanwhile, authorities are talking about reselling, reopening and repurposing some casinos. Just last week, Stockton College announced it was going to buy the old Showboat property and The Revel’s new owners are allegedly planning to make a new investment and reopen the venue.

But Atlantic City needs more than just commercial projects. Mayor Don Guardian hopes to see new residents move in and rebuild the city. “Then we’ve gotta work on our school system,” he continues. “But I gotta fix the city first, find jobs, get taxes, reduce cost of government, make the place pretty, and then we’ll work on the schools. I like the challenge.”

Washington Times: Taxes, schools, casinos key to Christie AC plan

Atlantic City officials are trying to come up with ways to get the economy up and running again. Governor Chris Christie has commissioned a plan calling for more predictable taxes for casinos, temporarily freezing taxes on non-gambling property and halting payments on employee pension plans, as well as offering more support for schools that reduce costs.

The commission appointed to study Atlantic City’s future prospects has released a set of recommendations, but the governor hasn’t committed himself to anything yet. According to the commission, the city should have an emergency manager holding “extraordinary supervisory powers” over expenses and taxes.

Experts added that Atlantic City should form a public-private development corporation, similar to the one that helped New Brunswick. An essential part of the plan is property tax reform.

“Extraordinary state and local support is required in the transition phase of the Atlantic City revitalization strategy focusing on immediate activities with a high probability of success, including balancing the municipal and school cost structure toward ‘new normal,’” panel Chairman Jon Hanson wrote.

The report said: “High effective rates and a rapidly declining tax base have created an immense financial burden for residents, local businesses and the casino industry,” the report read. The “entire Atlantic City gaming industry is at risk as each incremental casino closure results in a greater tax increase than revenue increase for the surviving casinos.”

If freed from making pension payments for three years, the city could save up to $71.1 million, while in the same time reducing the need to borrow money. The plan proposes regionalizing the police and fire departments, thus cutting costs by $25 million a year.

The $30 million used by the Atlantic City Alliance to promote the city should be redirected to the new development corporation, ACDevCo, the commission recommended.

Reuters: New Jersey college buys Atlantic City’s closed Showboat casino

The shuttered Showboat Atlantic City gambling resort formerly operated by Caesars Entertainment could be bought by a college in southern New Jersey. The Richard Stockton College wants to transform the 1.4 million square foot property completely, by turning it into a campus.

The building sits on 28 beachfront acres and holds 1,329 hotel rooms. The deal is subject to due diligence checks, but the terms of the contract were not disclosed yet.

Stockton president Herman Saatkamp said: “Our intent is to engage in a project that enhances Stockton’s educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City.”

Although the casino resort was still making profit, Caesars closed it in August. The venues was reportedly sacrificed in an attempt to consolidate the city’s deteriorating gaming market.

Caesars CEO Gary Loveman is hopeful that the new agreement could help steer the local economy in a new direction. “The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit,” he told reporters.

In 2010, Stockton College bought the Seaview Resort in Galloway Township for $20 million. Part of the property is used to house students and train them in hospitality.

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Court Puts New Jersey Sports Betting on Hold

Oct 28, 2014
Judge Shipp issues a temporary restraining order on sports betting operations in New Jersey

Judge Shipp issues a temporary restraining order on sports betting operations in New Jersey

A federal judge intervened to temporarily block New Jersey’s plans to allow sports betting at the state’s racetrack and casinos.

State lawmakers have been trying to find ways to bring sports betting to New Jersey for years, but it looks like all attempts are destined to fail. A few weeks ago, officials passed a bill allowing licensed casinos and racetracks to accept wagers.

After Governor Chris Christie signed the document into law and Monmouth Park said it was ready to start taking bets last Sunday, professional sports leagues challenged the decision in court, asking the judge to issue a temporary restraining order to prevent this from happening.

U.S. District Judge Michael Shipp decided to grant the request made by the National Football League, the National Collegiate Athletic Association and other sports groups, but did not rule on the merits of the issue yet. A full hearing will be scheduled in the future.

A spokesman for Christie emphasized that the restraining order is temporary and added: “We continue to have full confidence in the strength and appropriateness of our position as we move forward in the litigation.”

USA Today: Judge: New Jersey can’t launch sports betting

Latest gambling news announce that a federal judge decided not to allow casinos and racetracks in New Jersey to start taking sports bets. In his ruling late Friday, US District Court Judge Michael Shipp put in place a temporary restraining order to prevent state operators from offering such services last week.

Monmouth Park was planning on giving its bookmaking operations a test run on Sunday, when it would have accepted bets on NFL games, but the court said Governor Chris Christie can’t launch sports betting in the state for now.

Monmouth Park officials were expecting about 10,000 people to rush to the track this Sunday to bet on Jets-Bills, Eagles-Cardinals, as well as on other NFL games. The track was going to open as early as 7 am, in order to allow visitors to place wagers on the Lions-Falcons game played in London at 9:30 am E.T.

But the NFL and other American sports leagues have filed a complaint asking the judge to stop state operators from taking bets immediately, invoking a 1992 federal law restricting sports betting to Nevada, Delaware, Oregon, and Montana.

A final decision will be made only after a full hearing, but for now the judge has issued a restraining order stopping Monmouth Park from going ahead with its plans. Attorneys representing the racetrack have argued that the business won’t survive without this new source of revenue.

NESN: Judge Grants Leagues’ Request, Stops N.J. Sports Betting Temporarily

Following a request from four major professional sports leagues and the NCAA, a federal judge issued a restraining order preventing New Jersey operators from taking sports bets for now. The request was made by the NFL, the NBA, the NHL, Major League Baseball and the NCAA, who went to court over a new bill signed by Governor Chris Christie, allowing casinos and racetracks in the state to offer betting services.

Under current gambling laws, Nevada is the only state allowed to offer betting on individual games at local bookmakers. Delaware also offers multi-game parlay pools, requiring players to pick several games correctly before winning any money.

“More legal gambling leads to more total gambling, which in turns leads to an increased incentive to fix plaintiffs’ matches,” Shipp said in court last Friday, adding that sports betting in New Jersey “would engender the same ills” that lawmakers sought to combat when they came up with the 1992 federal law.

Attorneys representing the sports organizations have argued that the leagues would suffer irreparable harm if such offers were available in the state. The lawsuit will proceed and the court will schedule a full hearing, but Shipp said a temporary restraining order was necessary to make sure that the matter is properly debated in court first.

Wall Street Journal: Judge Blocks Bid to Legalize Sports Betting in New Jersey

A previous attempt to overturn the sports betting ban and allow New Jersey players to bet on sports failed, and officials are not sure what will happen next. For now, Nevada continues to remain the only state where sports betting is fully legal. Delaware has a few similar operations, but the state only offers multi-game parlay pools.

While Atlantic City casinos said they would wait for the judge’s decision before starting any bookmaking operations, Monmouth Park Racetrack had originally planned to begin sports betting this weekend. The venue’s plans were put on hold by the restraining order.

Dennis Drazin, the operator of Monmouth Park, wrote in a recent statement: “While we are disappointed not to be able to start this Sunday, we are confident that sports betting will be coming to New Jersey in the very near future.”

While preventing the racetrack from starting its new operations, Judge Shipp also requested the five plaintiffs to put up a $1.7 million bond, to cover New Jersey’s potential revenue losses should the state eventually win the argument. The judge also said the temporary restraining order only applies to sports scores at events run by the four leagues and the NCAA.

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NJ Preparing for another Legal Battle over Sports Betting in the State

Oct 22, 2014
NJ professional sports leagues seeking a temporary injunction to stop local gambling venues from opening sportsbooks

NJ professional sports leagues against gambling venues opening sportsbooks

New Jersey residents might have to wait a while longer before they can place bets on sports and horse races in the state.

With Governor Chris Christie approving a new gambling bill and rumors of the Taj Mahal closing later in November, New Jersey continues to be at the centre of attention in the US. At the end of last week, state authorities gave casinos and racetracks the green light to start accepting bets, but professional sports leagues have challenged the decision in court.

Monmouth Park is prepared to start taking bets at the racetrack this Sunday, but punters might have to wait a while longer because the country’s four professional sports leagues and the National Collegiate Athletic Association (NCAA) have filed a lawsuit on Monday, seeking a temporary injunction to stop local gambling venues from opening sports books.

On the other hand, industry representatives argue that allowing sports betting in the state could help thousands of former Atlantic City casino employees find a new job.

NY Times: Sports Betting in New Jersey Is Challenged

For a while now, New Jersey has been trying to come up with ways to circumvent a 1992 federal law banning state regulators from handing out sports betting licenses. Last week, an important step has been taken in that direction after Governor Chris Christie signed the new gambling law partially repealing the statewide sports wagering ban. But then came the bad news: professional leagues are seeking an injunction from Judge Michael A. Shipp of Federal District Court.

New Jersey’s first sports book is schedules to have a soft opening this Sunday at Monmouth Park. The racetrack’s operators said they’re planning to have 10 tellers take bets, only on the National Football League for now, all by hand. Both the track’s managers and state leaders expect thousands of people lining up to place their bets on football Sundays.

Dennis Drazin, a legal adviser for Monmouth Park, told reporters: “As we speak, we are geared up to start taking bets.” Lawyers representing the NCAA, the National Basketball Association, the National Football League, the National Hockey League and the Office of the Commissioner of Baseball declined to make any comments at this point.

The challenge argues that New Jersey has tried this trick three years ago, when attempts to legalize gambling on amateur and professional sports failed. “Because this effort is no more lawful than New Jersey’s past ones, it, too, should be enjoined,” lawyers wrote in the complaint.

On the other hand, State Senator Raymond J. Lesniak said: “I have a hard time believing that a judge will determine that the leagues can prove they can be irreparably damaged by Monmouth racetrack’s taking bets, when people are betting every single day legally in Nevada,” adding that sports associations are looking to secure a monopoly.

USA Today: NFL, other leagues move to stop N.J. sports betting plan

In the complained filed earlier this week, the NFL, NBA, NHL, MLB and the NCAA said New Jersey was “in clear and flagrant violation of federal law.” Attorneys representing the leagues are expected to ask the judge for a temporary restraining order or a preliminary injunction, to prevent local businesses from taking bets.

According to track consultant Dennis Drazin, Monmouth Park is planning to take bets on sports scores as early as October 26, during the Jets-Bills game, as well as for other NFL match-ups scheduled for Sunday. The operator is likely to add a $100 bet limit for the first day. Records will initially be kept by hand, and the track expects 5,000 customers to rush to the bookies this Sunday.

“We won’t be able to have everything set up electronically for 3 or 4 weeks,” Drazin explained. “My own take on this is the people have been clamoring for this for so long that we want to introduce them to it even if you can’t do it full scale just yet.’”

Legal analysts said it’s hard to predict if all this will actually happen on Sunday.

“The leagues loaded up their complaint with buzzwords to paint a picture of immediate and irreparable harm to the plaintiffs if bets start being taken, and they’ve won injunctive relief in the past,” gaming attorney Christopher Soriano said.

According to Drazin, the track could earn as much as $1 billion per year from sports betting, giving the state’s gambling industry a much needed boost.

Philadelphia Business Journal: Hundreds file for unemployment after casino closures

Atlantic City saw its last wave of casino workers filing for unemployment at the beginning of September, following the closure of two casinos over Labor Day weekend. More than 5,000 employees lost their jobs in the process.

An assistance center was set up at the Atlantic City Convention Center, and officials from the state Department of Labor and union representatives from Local 54 of Unite-HERE were there to offer them help in filing for unemployment. They were also given information on how to sign up for health insurance.

“We’re working every day to create solutions,” Mayor Don Guardian told reporters. “As a city that cares about its residents first, we want you to know what steps we’re taking to assist in transitioning individuals losing jobs.”

Officials added that laid-off workers would be getting all the necessary training “to help ensure [they] have a smooth, quick transition to new employment.”

Job-training initiatives will be held at the Atlantic Cape Community College, aiming to train up to 1,200 employees every year. Officials plan to open a job placement center by October, assisting all Atlantic City residents.

Atlantic City started the year with 12 casinos, but their number has dropped to just eight by mid-September.

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Taj Mahal Casino’s Fate to Be Decided Soon

Oct 15, 2014
Taj Mahal Casino Court Decission

Decisive moments for Taj Mahal Casino

The jobs of thousands of casino employees depend on a bankruptcy court ruling, expected to be issued by the end of this week.

The fate of the Taj Mahal Casino in Atlantic City will be decided later this week. The venue’s management claims the casino still has a chance to survive if the court allows the withdrawal of workers’ health care and pensions.

According to online gambling news, the Taj Mahal will close by November 13 if Trump Entertainment doesn’t get the union concessions. The Atlantic City gambling operator shut its other casino – the Trump Plaza – in September. Another three gambling venues closed this year, as Atlantic City has become less appealing to visitors over the past few years.

US Bankruptcy Judge Kevin Gross said he would rule on the issue by October 17, and added that the issue needs “a lot of analysis” and that it’s “going to take a while” until he makes a decision.

Bloomberg: Trump Casinos Fate, Union Fight to Be Decided This Week

Lawyers representing Trump Entertainment have argued that the union contract includes an unsustainable cost of about $20 million a year. Given its current financial situation, the company cannot afford to pay that, which is why it asked to cut employee benefits.

If the case succeeds, the casino operator has better chances of getting businessman Carl Icahn’s $100-million support, which could help save the casino from closure. The lenders also want to convert part of Trump Entertainment’s $292 million debt into equity.

In addition to cutting employee pensions and health care, investors also asked for $175 million in tax relief from New Jersey and Atlantic City. The program would be deferred over 5 years and the local administration might have to pass new gambling laws.

The management of the casino is seeking to transfer workers from a traditional pension plan to a 401(k) program, and to move them from to a new health care program under Affordable Care Act sponsorship. To help pay for coverage, workers would receive a $2,000 stipend.

According to lawyer Kathy L. Krieger, the law doesn’t allow a union accord to be rejected unless it is “essential” to a company’s survival.

ABC News: Icahn Aide: Taj Has to Close If Union Pact Remains

Allan Brilliant, a lawyer for business investor Carl Icahn, told US Bankruptcy Judge Kevin Gross that the casino company needs the financial relief in order to survive. Trump Entertainment has threatened to close the Taj Mahal by November 13 unless it can shed pension and health care obligations to its 3,000 employees.

“If you don’t grant the motion, it’s just not viable as a business,” Brilliant argued in front of the court. “Ultimately very quickly the casino will close. This is the window here; the window is open.”

Kris Hansen, who represented Trump Entertainment, added: “If you do grant it, we have a chance to stay alive. The cost structure of this casino doesn’t work, and it needs to be fixed. If we’re successful, employees get to keep their jobs, even though they made some concessions. Having a job is better than not having a job.”

In addition to union concessions, the company needs massive tax breaks from Atlantic City and New Jersey. Both administrations have already rejected the demand. The casino initially sought to have property taxes lowered by almost 80%. But Kathy Krieger, a lawyer for Local 54 of the Unite-HERE union, believes the investors are trying to profit on the backs of the low-wage casino employees.

“Let’s look at the poorest of the stakeholders here and make sure they give up everything permanently before we’re even willing to move. That’s absolute nonsense,” she said, adding that the businessman is “asking for major concessions that will give him a huge competitive advantage over every other casino in Atlantic City.”

After a negative response from Atlantic City Mayor Don Guardian and state Senate President Steve Sweeney, the company came forward with a different request, seeking $175 million in tax relief.

GamingZion: Union Members Make Strong Proposals to Keep Taj Mahal Open

Union members are also making efforts to stop the famous Atlantic City from closing and have proposed counteroffers to the company’s management.

While Trump Entertainment officials want to cut costs by getting rid of health care and pension plans, Local 54 of the Unite-HERE union has proposed an alternative solution: they said they would agree to smaller pension contributions, but they’re not willing to cancel pension funds altogether.

The two parties will be discussing details in a meeting, and Trump Entertainment CEO Robert Griffin did not want to comment on the union’s counteroffer. However, he added that the company “will remain committed to negotiating in good faith”.

“We hope to make the most of the three hours we will be meeting for on Friday,” he told reporters.

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Trump Saves His Reputation, Gets to Remove Name from Atlantic City Casinos

Oct 08, 2014
Donald Trump saves his reputation

Donald Trump saves his reputation

Donald Trump got what he wanted: his name is being taken off the now-bankrupt Trump Plaza casino in Atlantic City.

This week began with good news for Donald Trump. The business magnate won his case against Trump Entertainment Resorts, where he asked to have his name taken off the Atlantic City casinos. In fact, Donald Trump and his daughter Ivanka asked that the name be stripped from the company altogether.

Workers started taking down the letters spelling out Trump’s name on Monday morning. They also removed slot machines from the old Trump Plaza, after the casino shut down on September 16. Meanwhile, the Taj Mahal is also struggling and could close in November.

Trump’s lawyers argued in front of the court that the businessman doesn’t want to have his name associated with a company that left two casinos fall into such disrepair. Trump Entertainment violated quality standards that both sides had agreed upon, they said.

AP News: APNEWSBREAK: Trump Name Coming off Closed Casino

While Trump Entertainment is trying to figure out a way to save what’s left of its business, the latest gambling news
is talking about Trump’s victory in court.

“This is a very important step for us,” Ivanka Trump told reporters at The Associated Press. “It was pretty cut and dry: when we gave them a license to use our name, it was contingent on quality control and performance. They did not meet the high standards of luxury in every other asset in the Trump brand.”

The company declined to comment on the case.

Trump Plaza closed at the middle of September, but the businessman’s name was still up there. The mogul is simultaneously seeking to have his name removed from the Taj Mahal, and from Trump Entertainment Resorts. At the same time, his daughter said he is considering buying the casino, to save it from bankruptcy.

The investor sent out a statement emphasizing that he has had nothing to do with the company – other than associating his name with it – since 2009.

“I am saddened to see that the current managers and owners of the Trump Plaza and Trump Taj Mahal were unable to operate these properties to the highest standards of luxury and success as required under the license agreement and consistent with my name and reputation.”

“Because of constant defaults of the standards stipulated in the license agreement, I had no choice but to terminate the license agreement and require TER to remove the Trump name from both buildings,” he explained.

CNN: The Donald wins. Trump name coming off casino
Donald Trump got his way and his name will be peeled off the façade of the Trump Plaza Casino. A spokesperson for the company said removing the letters from the building will take a few weeks. The magnate sued Trump Entertainment Resorts, the company that runs the venue, asking that his name be removed from both the Plaza and the Taj Mahal.

“We have a very high standard and they didn’t meet it,” the businessman explained in an interview with CNN Money. “We essentially won the suit.”

The Taj Mahal is expected to shut down on November 13, after several attempts of saving it from bankruptcy have failed. Trump Plaza closed in September, becoming the fourth Atlantic City casino to go out of business this year and causing 8,000 people to lose their jobs. At this point, it seems like not even gambling laws or tax exemptions can save these businesses from bankruptcy.

“Atlantic City needs a total remake,” Trump said.

Trump built and owned both casinos in the beginning, but he decided to sell them seven years ago. Since then, he has been licensing his name and image to the new owners. The lawsuit was filed in August, when the investor accused Trump Entertainment Resorts of neglecting the venues and letting them “fall into an utter state of disrepair”.

The license agreement stipulated the brand’s “superior reputation” should be used in a “dignified manner”, offering the “highest quality”. But the business magnate said these standards weren’t met.

The Guardian: Atlantic City casino to be stripped of Trump name

Trump Entertainment has gone out of business and is in bankruptcy court in Delaware, where it is trying to get permission to terminate pension plans for the Taj Mahal’s 2,800 employees. Last week, the judge refused to allow it for now, but scheduled more hearings on the casino’s proposal to cut costs.

The company’s plans for financial recovery include the elimination of employee pensions and healthcare benefits, supported by a $100 million investment from billionaire Carl Icahn. Trump Entertainment said that it would not be able to survive without these two vital measures, and added that it would have to close either on or before November 13.

While holding most of the company’s debt, Icahn said he would be willing to consider buying the Taj Mahal by converting the debt into ownership rights. But the offer doesn’t stand if the local government doesn’t make a few serious concessions. The investor has requested that Atlantic City drastically reduce property taxes on the casino.

Donald Trump still owns a 9% stake in Trump Entertainment, but the company is virtually worthless now. He and his daughter believe having their names associated with the two bankrupt casinos bring harm to their personal and professional reputation.

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Brookfield Wins Auction and Gets Atlantic City’s Revel Casino

Oct 04, 2014
Revel Casino: $2.4 billion two years ago, $110 million now

Revel Casino: $2.4 billion two years ago, $110 million now

Build at a cost of $2.4 billion two years ago, the Revel Casino was bought by a Canadian company at a price of just $110 million.

About 8,000 Atlantic City casino employees have lost their jobs so far this year, but there’s new hope for them now that the Revel Casino Hotel has a new owner. Toronto-based Brookfield Asset Management has won the auction for the now bankrupt venue, with an offer of $110 million.

After filing for bankruptcy for the second time since it opened in 2012, the Revel finally closed its doors on September 2. The casino had been in business for just two years, and is one of four Atlantic City gambling venues to shut down this year.

According to gambling news, the Trump Taj Mahal may be the fifth one, with owners threatening to close it on November 13.

CBC News: Brookfield submits top bid for closed Atlantic City casino Revel

Brookfield Asset Management, a company based in Toronto, has won the auction for the Revel Casino Hotel located in New Jersey’s Atlantic City, with a bid of $110 million. The casino filed for bankruptcy earlier this year and was looking for a new buyer.

Although the initial deadline was Monday, the auction was extended into its third day on Wednesday. This was when Brookfield was revealed as the company that submitted the winning bid. Having $200 billion in assets under management, the Canadian company owns the Hard Rock Hotel and Casino in Las Vegas, as well as the Atlantis Paradise Island in the Bahamas.

“Revel is a brand new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” company spokesman Andy Willis told the press.

“We’re not currently in a position to discuss the business plan as we continue to explore various options [but] we will be in discussions with all parties and partners involved to formulate a feasible plan that ensures the long term viability of this property as a resort destination.”

Along with Brookfield, several other companies have been trying to get their hands on the casino. The gambling venue cost $2.4 billion to build, so the price Brookfield paid was much lower. Its original bid was at $98 million, but the company sweetened the offer to $98 million in order to secure the deal.

RTT News: WSJ: Brookfield Among Four Bidders Vying For Atlantic City’s Revel Casino

Four bidders competed in an auction to acquire Atlantic City’s Revel casino and hotel, after the business went bankrupt this year.

Canadian company Brookfield Asset Management, who owns the Hard Rock Hotel and Casino in Las Vegas, was the front runner in the auction, according to an article published in the Wall Street Journal on Tuesday. The company has topped Florida-based real estate developer Glenn Straub’s $90 million bid.

Straub offered to buy Revel casino hotel in a $90 million deal that was supposed to help the casino exit bankruptcy. For some time, he was the lead bidder, but now other takers have stepped up with better solutions. Apart from Brookfield, the casino’s management has received offers from a real estate investor from the Meruelo family, Richard Meruelo, and from a New Jersey real estate developer.

According to Revel’s bankruptcy filing, the casino’s value dropped from $2.4 billion to as low as $450 million. Experts predicted that the business would not be able to get back on its feet until 2017. The Revel was never among the city’s most profitable venues; it has had financial troubles ever since it opened to huge fanfare in April 2012, with a $2.4 billion investment.

By June 2014, the Revel was filing for bankruptcy for the second time, and on September 2 the casino closed because it had received no suitable bids to recover from its financial problems.

Wall Street Journal: Four Bidders Vying for Atlantic City’s Revel Casino

Things are heating up at the auction to sell the now bankrupt Revel Casino in Atlantic City. Newspapers wrote the auction has been shrouded in secrecy from the very beginning, sparking a dispute between the casino and lead bidder Glenn Straub.

“Our topping offer of $95 million will also contain terms giving priority to workers who lost their jobs when Revel shut down,” Straub’s lawyer Craig Galle explained. According to the attorney, the Florida-based developer “is committed to helping employees and their families that were affected by the Revel bankruptcy.”

An affiliate of Brookfield Asset Management has recently entered the bidding, topping the initial $90 million offer. However, if Straub loses the auction, he is entitled to a $3 million breakup fee for serving as the lead bidder.

The real estate developer’s attorneys are claiming Revel has broken an earlier agreement to disclose information about competing bids. “Any degree of confidence in [Revel’s lawyers’] ability to conduct a fair auction is nonexistent,” they told reporters of the Wall Street Journal.

But Revel lawyer John Cunningham has disputed allegations that the auction was conducted in an unfair manner. “This is a baseless objection,” he said. “The allegations of unethical conduct are just absolutely false.”

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Another One Bites the Dust: Trump Taj Mahal Left with No Options

Oct 01, 2014
Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort

Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort

The situation of the Trump Taj Mahal seems hopeless after Atlantic City officials refused to reduce taxes in order to save the casino.

In May 1984, when Trump Plaza opened its doors to customers, it became Atlantic City’s 10th casino. The venue’s financial problems became evident this year, and by the middle of September owners were left with no other option but to close it.

The entire city is dealing with a huge budget deficit and several casinos have gone out of business this year, as the gambling Mecca is falling under the pressure of competition from neighboring states. In order to recover from the financial disaster, workers will be laid off and taxes on homes and businesses will be raised, as local authorities are planning to cut $40 million from the city’s budget over the next four years.

Out of the state’s 12 casinos, four have already closed. The Trump Taj Mahal Casino and Resort would be the fifth one, with Trump Entertainment threatening to shut it down mid-November. So far, all plans to save the venue have failed.

ABC News: AP: Mayor Nixes Tax Break to Save Taj Mahal Casino

According to the latest gambling news, Atlantic City Mayor Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort. The city cannot afford to meet the owners’ demands for reduced taxes, the mayor explained in an interview with the Associated Press.

In the proposal, the venue’s owners asked local authorities to reduce the tax assessments of Trump Plaza from $248 million to $40 million. The hotel and casino complex closed at the middle of September. In addition, the company asked for another reduction – from $1 billion to $300 million – for the Taj Mahal.

“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told reporters. “We cannot afford those demands.”

With these plans being rejected, the city will most likely say “no” to another offer proposed by billionaire businessman Carl Icahn, leaving the struggling venue with no other options. The entrepreneur has promised to bail the casino out with a $100 million investment, but the project comes with strings attached.

Now it looks like Trump Entertainment could close the Taj Mahal at the middle of November.

CTV News: Billionaire may invest $100M save Trump’s Taj Mahal Casino

Billionaire businessman Carl Icahn is considering spending $100 million to save the now-bankrupt Trump Taj Mahal Casino Resort, but his offer comes with considerable strings attached. The investor said he will bail the venue out “if and only if” he gets givebacks from the workers’ union, $25 million in funds from an agency in New Jersey, and tax breaks regardless of the state’s current taxation and gambling laws.

At a recent appearance in bankruptcy court, Trump Entertainment Resorts presented a letter from the businessman’s lawyer, detailing his conditions for saving the casino and asking that the debt he owns in it be converted to equity that would give him ownership.

“Notwithstanding the fact that putting more money into the Taj is a questionable business decision, we share the company’s desire to see the Taj Mahal remain open and preserve the jobs of the company’s employees,” the attorney wrote, adding that failing to get the concessions “would make it impossible to operate a viable company at this time.”

The court filing paints a dismal picture of the casino’s current financial situation and argues there is no hope for survival without Icahn’s investment. Trump Entertainment said it was going to close the venue in November, leaving 2,041 full-time and 825 part-time employees without work.

Union president Bob McDevitt warned that the businessman is “seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years,” and added that his proposal aims to cut total compensation for workers.

Wall Street Journal: Trump Eyes Possible Return to Atlantic City

Billionaire Donald Trump is considering buying back two casinos in Atlantic City, both of them bearing his name, but still wants his name removed from the properties. The businessman hasn’t been involved in the management of either the Trump Taj Mahal, or the Trump Plaza for seven years now. Moreover, he told the Wall Street Journal that he disagrees with the way the venues are being run.

“We have a very high standard” in the licensing contract, he told reporters, “and they don’t operate it to our standards.”

“I’d fix them and bring them back to a very high standard,” Trump said. While acknowledging that Atlantic is in a “very difficult place”, he added: “I think a smaller Atlantic City maybe has a chance.”

Trump’s lawyers argued in court that the licensing contract requires operators to maintain “the highest levels of quality, luxury, prestige, and success,” which the plaintiff believes were not met. Inspectors of Trump AC have found a “serious deficiency in quality” and demanded that they be fixed. The casinos responded, claiming they had a plan to address the “deplorable conditions” at the Plaza, but further notices culminated in a lawsuit where Trump asked for his name to be removed from the business.

The casinos were originally developed by Trump and have come close to bankruptcy before. The real-estate mogul is no longer involved in the management of these casinos, but still owns 5% of Trump Entertainment.

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Expert Predictions Come True: Wave of Casino Closings in Atlantic City

Jul 10, 2014

Expert Predictions Come True: Wave of Casino Closings in Atlantic City

Over the past few years, economists and analysts have warned about the “casino saturation” in the north-eastern part of the US. Now authorities and business owners are witnessing the disaster and there’s nothing they can do about it.

With growing competition from other states in the area, New Jersey’s Atlantic City is in a desperate financial situation. There is no way out this time. The only thing left to do is to accept the defeat and close the resort’s unprofitable casinos, one by one. Otherwise, authorities are considering rebranding the city and turning it into a destination that offers visitors more than just casino games.

Let’s take a closer look at what recent gambling news have to say on the subject.

Philly.com: With casinos closing, Atlantic City considers future

About 2,100 employees received 60-day notices the next day, after Caesars Entertainment announced it was closing its Mardi Gras-themed casino, Showboat, by the end of this summer. The bad news comes only a few months after the Atlantic Club also went out of business and Revel is also likely to shutter if its owner doesn’t find a new buyer.

“Atlantic City is undergoing a massive economic transition,” Mayor Don Guardian said at a news conference Friday held at the site where a new nongaming attraction is being built. “We know it is painful for those who are losing their casino jobs.”

Liza Cartmell, chief executive officer of the nonprofit Atlantic City Alliance, told reporters: “Recent developments in Atlantic City are part of the larger picture of excess gaming across the United States that’s leading to painful economic decisions.”

There are simply too many casinos in the country, industry experts say. Over the past ten years, 26 gambling venues opened in the Northeast corridor alone; a dozen of them are located in Pennsylvania and a new one is scheduled to open in Baltimore later in August. The development of the casino industry in the area has put an end to the monopoly enjoyed by Atlantic City for nearly three decades.

ABC News: Atlantic City Casino Shutdown Needed, Analysts Say

The number of casinos in Atlantic City could go down from 12 to 9 by Labor Day, as analysts say the resort has too many gambling venues.

“We know that the oversupply of gaming product is a regional issue, as we’re seeing the effects of the pressure all around Atlantic City,” says Israel Posner, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton College.

Atlantic City is going through a rough patch and Mayor Don Guardian believes a makeover will be difficult, but necessary. Officials say the time has come for the city transform itself and become a multi-faceted destination, where casino games are just one of the many entertainment options available.

“Although it is sad today, it’s part of the transition that Atlantic City needs to have,” the mayor told reporters. “There is pain as we go through this transition, but it’s critical for Atlantic City to realize we are no longer the monopoly of gaming on the East Coast. If you build more and more casinos and don’t increase the amount of people coming to them, you’re sharing that wealth. We’re just going through a very difficult time.”

Boston Globe: Atlantic City sees our folly of casinos

The US Supreme Court struck down New Jersey’s attempt to legalize sports betting and Atlantic City casinos are going out of business, despite Governor Chris Christie pumping $260 million of his constituents’ money into one of the local casinos.

While Connecticut’s Mohegan Sun and Foxwoods are considered interlopers who steal customers from the New Jersey resort, the story published in the Boston Globe says all players are “suckers, willing to part with their money for the house, because the house always wins.”

Locals worry about Massachusetts casinos stealing even more business. The market is already oversaturated, they say, and Atlantic City is already competing with Vegas, Connecticut and Philadelphia.

The Guardian: Atlantic City shutters casinos as north-east US builds gambling market

It’s becoming more and more obvious that there are too many casinos in Atlantic City. Competition has caused the Atlantic Club to close its doors, Revel says it will do the same unless owners find a new buyer and Caesars Entertainment is giving up on the Showboat.

During his five years in office, Mayor Don Guardian saw a quarter of the city’s casinos close. He believes this is a sign that Atlantic City needs a makeover, from a popular gambling resort to a multi-faceted destination instead.

Over the past seven years, casino revenue in the city has plunged from $5.2 billion to almost half that amount, reaching just $2.86 billion in 2013. Meanwhile, Pennsylvania surpassed Atlantic City as the country’s second largest casino market after Nevada. And with New Jersey’s new laws allowing locals to play casino games and online poker tournaments, profits soared even more.

All this sounds like bad news, but Fitch Ratings has a different opinion, claiming that “the closure makes financial sense for Caesars and is a positive for the oversupplied Atlantic City market.” According to the expert, Caesars will regain lost customers at its other resorts in the area.

CityLab: Atlantic City Is Becoming the Detroit of Casino Culture

At the beginning of the year, when the media argued that Atlantic City could be going the way of Detroit – which suffered a big shock after being forced to shut down gambling venues – State Senate President Stephen Sweeney and Chris Christie both promised they would not let the city “become Detroit”. Now, the resort is facing a wave of casino closings.

Former casino workers are furious over losing their jobs and Bob McDevitt, president of Local 54 of the Unite-HERE union, told reporters that Caesars’ decision to shut down the Showboat was “a criminal act”, as the venue was still making profit.

To help former employees find new positions within the company, Caesars promised to give them preference for existing roles at the company’s other three Atlantic City venues.

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Online Gambling in NJ Shows Disappointing Results Just Six Months after Launch

Jun 26, 2014

Online Gambling in NJ Shows Disappointing Results Just Six Months after Launch

Since introducing online gambling to its residents, the state of New Jersey has not been able to achieve the financial results that they hoped for. Internet gambling was legalized in efforts to help the ailing economy, but has so far shown no signs of improvement.

New Jersey Governor Chris Christie has previously asserted that the industry will generate substantially more than what the current reality shows. In efforts to boost the online gambling industry, he was been trying to add an online sports betting service to the current offer, but nothing has come to fruition so far.

New York Business Journal: New Jersey’s online gambling flop threatens the rest of the state’s spending

A month ago in May, New Jersey Governor Chris Christie predicted that the state would see an inflow of $180 million during this year from taxes associated with online gambling operations. Considering that the state is estimating much smaller figures closer to $12 million, the Governor’s predictions were highly overvalued.

According to gambling news, the whole New Jersey gambling scene doesn’t have very good prospects for the future. The state’s overall casino industry is currently experiencing an economic slump, as many gaming facilities are not achieving expected results.

The online gambling sector is not performing as anticipated due to certain challenges. Some banks do not allow their clients to use their credit cards for internet gambling purposes, making it difficult for players to gamble with their money.

The biggest problem stems from the fact that some reports indicate that New Jersey has an illegal online gambling market which is valued at over $400 million a year. This may prove to be a great obstacle for legislator trying to implement changes to their online gaming market, by adding sports betting to their ranks.

Bloomberg Businessweek: Online Gambling Slump Adds to Christie’s N.J. Budget Woes

New Jersey initially saw a decline in revenues in April, just months after starting their online gambling industry. The decrease in online traffic is not the only gaming sector suffering a gradual revenue decrease. Casinos in Atlantic City have seen their revenues drop a massive 44% since peaking in 2006.

The state has high investments in Atlantic City, as it depends on the coastal town to provide jobs, attract tourists and most importantly taxes. The current economic climate will see the state government receive considerably less than initially expected.

Online mobile news reports that New Jersey is hoping to get $12 million from taxes, an amount that is substantially less than what the first projections claimed. Governor Christie believed that they could fetch somewhere around the $180 million mark form imposing the 15% internet gambling tax, however that figure now seems like a distant dream.

The chief operating officer of the Borgata Hotel Casino & Spa, Tom Balance, commented on the unlikely turn of events for the industry. “I don’t think anyone had the crystal ball to predict what the market would be.”

The Republic: New Jersey’s Internet gambling revenue falls again in May; industry struggling after 6 months

Following the first disappointing results in April, New Jersey has not managed to see an increase occur over time. Instead, online gambling revenue has been declining for two consecutive months.

Atlantic City’s casinos first showed signs of a bad economy when some of them started closing down. The Atlantic Club shut down operations in January, which served as a precursor of the state of the market. Additionally, casinos in Atlantic City recorded a 3.1% revenue decrease as compared to a year before.

Online gambling was introduced as a way for the state to create additional tax revenue sources, as other sectors of the market were not performing well. Governor Christie assumed that the overall value for the first year of online gambling operations would amount to over $1 billion.

However, many Wall Street analysts disagree with his estimates, as they anticipate to find gambling results far lower than $1 billion. They forecast the industry to generate somewhere between $200 million and $300 million for the year. Up until now gaming companies have managed to only make $61.9 million, a figure that is far below the projected results.

Nj.com: Online gambling hits wall in NJ 6 months after launch.

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Legal Online Gambling Coming to Atlantic City?

Dec 21, 2011
Online Gambling in Atlantic City

A new bill was just introduced to the state senate of New Jersey that would allow Atlantic City casinos to offer online gambling services. The game terminals would have to be located in restricted areas of casinos and racetracks, and all equipment would have to be located within the boundaries of the city, making this more “local intranet” gambling than true internet gambling.

Press of Atlantic City: Legislation would permit online betting at Atlantic City casinos

New legislation introduced a few days ago would allow online gambling at casinos in Atlantic City, New Jersey.

The bill is sponsored by state Senator Raymond Lesniak. Specifically, it would allow “New Jersey residents to place wagers on casino games via the Internet.” All online games from blackjack to poker would be available.

The bill would require that all computers used for legal online gambling be located in a separate area of a casino, “but within the territorial limits of Atlantic County.”

An annual tax of 20% on gross revenue from online gambling would be paid into a casino revenue fund. A new unit would be created under the state’s Casino Control Comission called Division of Internet Wagering.

The Casino Control Commission along with the New Jersey Racing Commission would also allow the operation of online gambling terminals at racetracks, where “individuals who have registered to participate in Internet wagering may wager on games conducted at casinos in Atlantic City.”

WebProNews: New Jersey Considers Legalizing Online Gambling

A newly proposed law introduced in New Jersey would allow players there to gamble online through special websites run by casinos in Atlantic City.

The bill was introduced into the New Jersey State Senate last week by Senator Raymond Lesniak. Incidentally, Lesniak also introduced a different bill which asks New Jersey residents to vote on a constitutional amendment which would allow state-regulated sports betting at Atlantic City casinos.

Right now, New Jersey offers legal online gambling on horse races to local residents through the 4NJbets.com website. If this bill passes, the state will change the law to permit online versions of any game currently allowed in Atlantic City casinos, such as poker, blackjack and baccarat. The new online gambling system would be controlled and regulated by the New Jersey Casino Control Commission, which would establish a new Division of Internet Wagering to manage operations and licensing.

“We’re happy that New Jersey has taken this issue into their own hands,” said iMEGA chairman Joe Brennan Jr.

StandardBred Canada: Gaming ‘Terminals’ Coming To NJ Tracks?

A newly proposed bill introduced by New Jersey state senator Raymond Lesniak could allow Atlantic City casinos to offer online gambling services to New Jersey residents. The bill reportedly has some support in the senate already, but those that do not want to online gaming at the state’s racetracks are voicing their displeasure.

An article by Press of Atlantic City states that Mark Juliano, who is chief executive officer of the three Trump Entertainment Resorts casinos in Atlantic City, revealed that the legislation appears to allow racetracks to also get video lottery terminals.

The report further states that any equipment used to run the new internet gambling system must be located within the territorial limits of Atlantic County, such as within a casino or at another secure location.

The bill reportedly states that the New Jersey Casino Control Commission might also let racetracks operate online gambling terminals. These terminals will likely be identical in appearance to slot machines found at local casinos.

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Harrah’s Bad Beat Jackpot now over $400,000

Oct 15, 2010
Harrah’s Bad Beat Jackpot

Harrah’s Entertainment casinos run a special in their poker rooms called the Bad Beat Jackpot, which pays poker players who are unlucky enough lose with strong hands. The jackpot was introduced last August, and has paid out several times since then.

As of yesterday, the jackpot stands at over $402,663, making it one of the biggest poker jackpots available in a land casino. It is a progressive jackpot, taking $1 out of every pot to fund it. The jackpot is networked across all 4 of Harrah’s Atlantic City properties. It pays 40 percent to the bad beat loser, 20 percent to the player that wins the hand, and splits the remaining 50 percent among all players in cash games at all rooms.

To win, players must lose with a hand of four Queens or higher. Each week on Wednesday, this requirement is lowered by one rank until it reaches the lowest possible winning hand of four deuces. The current winning hand is quad fives.

Bad Beat Jackpots are also popular at online poker rooms. The record payout for an online Bad Beat Jackpot is $1.2 million, won at Carbon Poker in February 2009.

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Blackjack bank bandit busted

Apr 21, 2010
Blackjack Robber

Joeseph Baer, 39, was arrested on Tuesday while playing blackjack at a casino in Atlantic City. Baer was suspected of robbing three banks in Philadelpha during the past week. He has been convicted of robbing banks before, and has a history of gambling. Police suspected he might show up at casinos in the area to gamble away the money he robbed.

ABC News Philadelphia: Serial bank robbery suspect in custody

Joseph Baer, a 39 year old man wanted for robbing three banks in the US state of Pennsylvania last week, is now in police custody. He was spotted around 10:30 a.m. on Tuesday morning at the blackjack tables in the Trump Plaza Casino, where he was apprehended.

Baer is an avid gambler, and police suspected that they would find him in one of the local casinos.

Baer is being charged with robbing approximately $1,000 from the PNC Bank in Philadelphia on April 13th. He is also a suspect in two other bank robberies: one at the Citizens Bank and one at the TruMark Financial Credit Union last Friday.

The FBI says that Baer was also wanted for escaping from a halfway house the day of the PNC Bank robbery.

Philly.com: Bank robbery suspect nabbed at casino

For Joseph Baer, a recent trip to gamble in Atlantic City turned out to be a losing bet.

Baer, who was wanted in connection with three bank robberies that happened last week, was spotted playing blackjack at the Trump Plaza Casino by New Jersey state troopers. The officers took the suspect into custody without incident.

On Monday, Baer was caught on camera robbing a Citizen’s Bank branch in Northeast Philadelphia. Last week, he allegedly robbed a different bank in the city’s Mayfair section, where he was also caught on security cameras.

Baer was also wanted for escaping from a federal halfway house on the day of the first robbery. He recently served six-year sentence for robbing two banks in 2004, and had been living at the Luzerne Community Corrections Center in North Philadelphia. His caseworker told authorities that he signed out on April 12 to go to work at a McDonalds.

CBS News Philadelphia: Serial Bank Bandit Found In A.C. Casino

A suspected serial bank robber is in custody after police spotted him playing blackjack a casino in Atlantic City on Tuesday morning.

New Jersey State Police detectives detained 39-year-old Joseph Baer on the floor of the Trump Plaza Casino without incident at around 10 a.m.

Baer was wanted for robbing a PNC Bank in Philadelphia on April 13. Security images showed Baer wearing a Donovan McNabb Eagles jersey when he robbed the bank of $1,000 – the images earned him the nickname “McNabb Bandit”. Baer’s identity came to light with a member of the public recognized him from the photos.

Baer is also suspected of being involved in the robbery of two other area banks that were committed last week.

FBI officials say Baer was convicted of two different bank robberies back in March 2004.

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