Massachusetts Attorney General Martha Coakley stands by her choice to reject a ballot proposition to repeal the state’s 2011 casino legislation. (Image: AP Photo/Elise Amendola)
Opponents of casino gambling in Massachusetts have been war that is waging the expansion on every battlefront possible. They’ve had wins and losings across the continuing state, nonetheless they’ve constantly made their case. Now, they’re hoping that the highest court in Massachusetts can give them one last chance to place the matter before voters.
The Massachusetts Supreme Judicial Court heard arguments week that is last the concern of whether a measure to repeal the 2011 casino law can show up on the statewide ballot in November. The move would basically create a referendum on whether casinos could be built one which could disrupt the process also if it absolutely was to ultimately fail.
State Believes Implied Contracts Is Violated By Repeal
That disruption ended up being one associated with main arguments made by attorneys for the state, including Attorney General Martha Coakley, whom rejected the petition because she felt it had been unconstitutional. According to Coakley, such a repeal would damage the ‘implied contracts’ between casino license applicants and the state gambling commission. She argued that those contract rights would be illegally recinded without any settlement for the casino businesses.
Coakley made remarks at a break fast forum in Boston that further explained her position.
‘It is clear that although the founders wanted the people to possess options other than their elected representatives in the home and Senate they also restricted those occasions by which they did, knowing that there is an orderly way in which business associated with people does proceed,’ she said.
Advocates Say State Can Change Direction
Issue of how the state could merely back out of agreements with casino companies was a heated topic during dental arguments. In particular, Justice Robert Cordy had questions about how exactly the Penn would be affected by a repeal National Gaming slots parlor in Plainville, which has been awarded a license.
‘So a five-year exclusive license that has already been awarded after having a thorough process outlined by the Legislature, at great cost to the applicant, can simply be studied away having a big never mind?’ he asked Thomas O. Bean, a lawyer if you would like a repeal vote regarding the ballot.
‘Yes,’ Bean responded.
‘They may do this without compensation…for every one of the investments that were made at the encouragement associated with Legislature?’ Cordy asked later in the questioning.
‘That is correct,’ Bean said.
While that might sound flippant, Bean’s argument was that taxpayers had beenn’t obligated to compensate the firms if the state changed its mind in regards to the future of casino gambling. He also said that the casino groups have actually known there had been a repeal effort was ongoing since the legislation was passed, and that the possibility was one of the known dangers they entailed if they began investing within the state.
Assistant Attorney General Peter Sacks outlined another possibility: that the gambling commission has the power to reject every application simply and not award any casino licenses.
‘But that doesn’t suggest the procurement process can be just canceled in the middle after everyone has invested an amount that is substantial of,’ he included.
A final decision is expected from the court this summer, likely timed to ensure the question can appear on the ballot if it is approved. While a few of the questioning may have suggested doubt from the justices in regards to the repeal, also those who strongly think it will maybe not be on the ballot admit they are no particular outcome.
‘ This is a relevant question that I think is close,’ Coakley said. ‘I think the court could agree with us, but I do not have tea leaves on this.’
Arizona Will Enable Account Wagering for Horse and Dog Rushing
New legislation will allow Arizona residents to bet on horse races by phone. (Image: AZRacing.gov)
We often act as though these measures affect all types of interactive betting equally when we talk about the Unlawful Internet Gambling Enforcement Act (UIGEA) or the Wire Act. But the reality of the matter is far different.
It’s long been true that horse and dog racing along with state lotteries have been exempt from many of the regulations that stifle other online and phone-based gaming enterprises, thanks to particular exceptions in these laws. And that means that while getting any other form of remote betting passed is just a struggle at the best of times, innovations happen in the horse and dog racing industries all the time.
Just week that is last Arizona Governor Janice Brewer signed a bit of legislation in order to allow advance deposit wagering (ADW) at horse and greyhound events across her state. This will allow Arizonans to place bets from their houses, a big expansion for their state’s parimutuel industry that is betting.
Previously, wagers for such races were only taken during the tracks or at any of 62 certified off-track facilities that are betting the state.
Bill Will Not Authorize Online Betting
But while the move will make it much easier for gamblers in the continuing state to put bets on races any time they like, Governor Brewer made it clear that this just isn’t an authorization of Internet gambling in just about any way.
‘This bill is explicitly clear that Arizona is authorizing advanced deposit wagering and expressly prescribes that the wager must be put over the telephone,’ Governor Brewer wrote in a letter to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and can’t be construed as authorizing Internet video gaming.’
If that weren’t clear enough, area 10 of the bill explicitly remarks that the intent regarding the bill is not to permit betting within the online.
It was also important to Brewer that the bill did not hinder standing agreements involving the state while the Native American tribes that run gambling operations there.
‘There is an unequivocal opinion that this bill does not impact nor cause any issue relating to the Arizona Tribal-State Gaming Compact,’ the governor wrote.
Bill Designed to Aid Racing Industry
The legislation was spearheaded by Michael Racy, a lobbyist for Tuscon Greyhound Park. The idea ended up being to produce an influx of extra cash to the race industry, a move that officials hope will keep live racing alive and well into the state.
‘[The bill] doesn’t authorize any brand new or form that is different of,’ Racy said. ‘It just recognizes that the global world is changing on just how that takes place.’
In order to use the new ADW system, customers would have to transfer money right into a special account. After they have inked so, they may then use only the funds in that account to wager on events taking place at participating songs.
Betting by phone won’t happen immediately. Arizona’s Department of Racing will need to develop rules before the operational system can get live, and that will take a moment. Nevertheless, you will find hopes that sporting fans could be placing bets from home as early as this summer.
While Governor Brewer did approve all of the bill, she exercised her veto that is line-item to one provision. That element of the bill would have appropriated $1.2 million towards the Arizona Breeders’ Award Fund and the County Fair Racing Fund.
Caesars Entertainment Restructures Mega-Debt
Caesars’ current financial obligation load outstrips the populous City of Detroit; the casino operator now plans to reapportion some of that.
It can be the most famous gambling empire in the world, but royal vegas casino download android Caesars Entertainment’s debt levels currently outstrip those associated with the bankrupt town of Detroit.
Into the week that the business announced its first quarter profits, Caesars also announced that it might be restructuring its debt that is colossal stands at $23 billion, a gaming industry all-time high.
Caesars offer $1.75 billon in new debt to redeem its current maturities for 2015, and will sell 5 percent of Caesars Entertainment Operating Company to investors that are undisclosed. And while the restructuring won’t reduce any regarding the business’s long-term debt, it shall eliminate more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.
Caesars is dealing with a lawsuit from two bondholders that are unnamed which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.
The move had been predicted previously week that is last Moody’s Investor Services analyst Peggy Holloway, whom stated the business might have to restructure so that you can avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash this year, and $2 billion year that is next.
‘ Recent asset sales by Caesars’ private equity sponsors are weakening the tactile hand that creditors brings to your table into the casino business’s inevitable restructuring,’ Holloway said. ‘ The transactions are reducing the asset base underlying the financial obligation, that will likely trigger deeper losings for lenders and bondholders upon a standard.’
However, Caesars president and CEO Gary Loveman said the strategy would ‘lay the foundation for both de-leveraging that is significant value creation at Caesars Entertainment.
‘Upon completion of the credit facility amendment … Caesars need added headroom under its maintenance covenant, supplying Caesars with extra stability to execute its business plan,’ he included. ‘If Caesars successfully lists its equity securities, this independent listing should help facilitate the eventual raising of equity also obligation administration and financial obligation reduction initiatives.’
When discussing news that is dubious use the biggest words possible. Well-played, Gary.
Caesars additionally said it had it sealed the deal in the purchase of Bally’s, The Cromwell and The Quad to Caesars Growth Partners, with Harrah’s New Orleans anticipated to follow in early summer. The four properties were valued at $2.2 billion, with $185 million in assumed debt.
‘The transaction was created to ensure access that is continued Caesars and every regarding the properties being sold to the Total Rewards network as well as other Caesars resources,’ Loveman stated.
Caesars acquired most of its debt with regards to had been taken personal in 2008, following a $30.1 billion acquisition by Apollo Global Management and TPG Capital. Then, as the recession ravaged the gaming industry, Caesars, using its 50 casinos across the US, was hit the most difficult. Publishing its very first quarter results soon after the restructuring announcement, Caesars said it lost $386.4 million into the quarter that ended March 31, a loss of $2.82 per share. The company lost $217.6 million, or $1.74 per share in the corresponding quarter last year.
‘ Las vegas, nevada remained a spot that is bright power in the hospitality categories, but regional business trends were unfavorably influenced by extreme weather and softness in visitation in the initial quarter,’ said Loveman.