New Jersey Governor Chris Christie is no longer crisscrossing the country on the presidential campaign trail, and thus the Republican, now in his second gubernatorial term, has more time and energy to refocus their efforts on issues facing their own state.
Nj-new Jersey Governor Chris Christie said enough will do on Thursday, calling on state lawmakers to take control of the city. He made his case equipped with colorful graphs displaying the reckless overspending that’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 his fellow legislators that it’s in the city’s best interest to allow their state to assume control of its funds.
‘Even with all the support plus the advice associated with Emergency Manager that we applied 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 spending plan shortfall this $100 million spending plan deficit in 2010 . . year . They are the numbers, this will be the math, and these are the important points, and there is no debate concerning this.’
Park Destination & Boardwalk Salaries
In Christie’s arguments, the governor highlighted just what he believes to be gross overspending on municipal workers. Armed with charts and graphs, he showed that 119 city employees were paid over $100,000 during the last financial 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 employees that are public primarily to compensate unused sick and vacation times. Part-time council people were collectively compensated $300,000, a cost viewed as extravagant in the eyes of the governor.
Unless their state legislature takes action to give control of the flailing gambling mecca to Trenton, Christie states he lacks the power to renegotiate contracts with public sector unions to have the ‘exorbitant costs of the town work force in check.’
Takeover could be the Only Solution
Christie is contacting State Assembly Speaker Vincent Prieto (D) to urge the chamber to pay control of Atlantic City to 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 on a schedule that is fixed isn’t determined on property value or gaming revenues, which have both significantly diminished over the years, as tourism to the area has dropped.
Christie believes the PILOT program is a short-term solution that won’t help Atlantic City’s long-term forecast. Financial analyst ensemble Moody’s seems to agree.
‘If just 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. ‘ as the PILOT bill produces additional profits and avoids incurring additional casino tax liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a 12 months, over the next 5 years.’
Christie believes public workers need to step up to the plate in the interest that is best of their city, but it seems some seem to be doing that.
Every four weeks instead of two, a change that would allow the government to continue operating until the next quarterly tax payments are received on May 1 after Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees.
But that’s just one month away, so action will need to be taken, and soon.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform social casino site has survived a class action lawsuit attempt from a disgruntled Illinois customer who advertised that the free gaming platform offers ‘nothing more than camouflaged illegal games of chance.’
IGT’s DoubleDown social casino overcome right back a class action lawsuit effort from a disgruntled Illinois on line customer this week, who 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 on the web site before determining she desired to claw back every play cent. Phillips claimed that because DoubleDown uses ‘gambling mechanics’ in its games, its tantamount to gambling that is actual.
Well, except for real money being involved, but besides 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 ended up being filed on behalf of all citizens associated with the state who’d lost over $50 playing at DoubleDown, under the Illinois that is antiquated Loss Act (ILRA).
Claw-back Law Dragged Up
The 19th century legislation states that any Illinois gambler who loses $50 or more has the right to sue the champion to obtain the amount of money straight back. It also states which should the losing gambler perhaps not sue the winner within sixth months, then ‘any person’ is allowed to sue on behalf of all losers, for approximately 3 x the amount.
The legislation was originally made to protect destitute families who’d had their dollar that is last stolen loved ones, that was later gambled away.
Phillips states she started playing on DoubleDown in January of 2013, and soon began purchasing digital (and value-less) chips with genuine money, once she had played through the initial way to obtain free chips. Because she paid for the chips, she argues, they possessed a monetary value, similar to chips purchased in a casino, therefore the solutions offered by DoubleDown had been tantamount to illegal gambling.
According to Phillips, in addition to ILRA, DoubleDown had been in violation of the Illinois customer Fraud and Deceptive Business techniques Act, and was guilty of unjustly enriching itself with the use of ‘gambling devices,’ another no-no under Illinois state legislation.
The filing might have had to establish that online social casino games may be defined as ‘gambling devices,’ and that IGT had procured money from the plaintiff in an manner that is illegal.
But the judge, unlike Phillips, had beenn’t buying any of it.
JudgeEdmond Chang noted that ILRA calls for a winner and a loser from the outcome of a gambling proposition. Because virtual chips bought from DoubleDown can not be cashed in for a real income, the social casino site cannot lose such a thing from the idea, and so Phillips ended up being on shaky ground.
In fact, generally speaking, Phillips was asking the court to reconsider the definition that is very of as it is construed in essentially every state in the united states: specifically, the proposition that something of value is risked upon the outcome of a event or game that is at the mercy of chance within the hope of receiving another thing of equal or greater value.
While investing in virtual chips constitutes a stake that is financial without any financial reward involved, no kind of gambling has occurred, by any legal definition, at least.
In fact, you can say that Phillip’s decision to sue DoubleDown is a definitely better exemplory case of gambling than something that happens on the casino site that is social. And in this instance, it was a bet that is losing.
Money Laundering and Suspicious Activity at Casinos Continues to increase, FinCEN Reports
Money laundering is serious company.
Unfortunately for those in the casino industry, criminals have long relished the attractiveness of the floor cage as being the instrument that is perfect clean dirty money into purportedly legitimate funds.
‘Washing’ money by trading it in for chips and then cashing it down again has turn into a preferred method of cash laundering by crooks. Now FinCEN wants the industry to better monitor it self for possible crimes being committed by patrons, and the problems have become global. (Image: i5design.com)
Since 1996, the Financial Crimes Enforcement Network (FinCEN), a bureau associated with United States Department of the Treasury, calls for institutions to file Currency Transaction Reports when a customer transacts over $10,000 in an individual day. In addition, federal legislation mandates that a suspicious activity report (SAR) be completed if the patron is suspected of participating in the laundering of cash.
With thousands of commercial banks in the US, including smaller regional institutions, FinCEN has been cracking down on cash laundering by threatening non-conforming banking institutions with financial penalties.
Without any option but to comply with FinCEN, SARs filed by banks rose from 288,343 in 2003 to 972,037 in 2013, a 70 percent increase in just 10 years. However, a decline that is unexpected SARs followed in 2014, and with it arrived 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 rules might be hampering the government’s ability to monitor suspicious activity and intercept potential terrorism.
Afraid of dealing with significant financial charges for facilitating a customer that is suspicious 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 effortlessly vanish from regulatory oversight.
‘What do we do, within the police arena, if the money goes underground?’ FBI crimes that are financial Patrick Fallon pondered within the piece. ‘It’s what you do not understand that’s the frightening thing.’
As banks will not provide services for suspected launderers, those people who are indeed attempting to facilitate money movement illegally could be drawn increasingly more to the casino cage.
And while bank SARs dropped by nearly nine percent between 2013-2014, the reports increased in the casino industry by 69 per cent during the same time framework.
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 financial institutions offer is employed to confront terrorist organizations, rogue countries, WMD proliferators, foreign grand corruption, and increasingly serious cyber threats,’ Calvery said in 2014. ‘Violating the BSA (Bank Secrecy Act) can result in FinCEN imposing civil charges against the casino it self.’
And imposing penalties they are, as Calvery’s team levied monetary fines on four gambling companies year that is last. Most notably 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 an $83 million cyber heist from the ny Federal Reserve has shined an even brighter light with this issue that is troubling and you can bet that regulatory arms around the world are going to be moving in to the casino industry for the closer look.
The list freecleopatraslots.org of internet sites, which investigators have said were according to servers outside Italy and now have been impounded, are as follows: 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 those sites might have been targeted in error. Austria’s SKS365 Group, which runs Planet365, has categorically distanced itself from any involvement, saying that the unlawful group had exploited Planet365’s brand name reputation to lure bettors to copycat internet sites.
OIA solutions Ltd, meanwhile, which owns Betaland, says that Betaland.com has been closed to Italian players for over a year, and the sites associated with the gambling band that used the Betaland expansion did so without permission and had been ‘rightly already darkened to get into, as unlicensed.’
Italian authorities said that the ring additionally had links to Luigi Tancredi, a guy known in Italy as ‘the King of Slots’ for their operations in the legal land-based gambling world.
Tancredi is considered to be the master of DollaroPoker, and was arrested in January and accused of being the mastermind of a gambling ring that operated 12,000 online gaming and lottery video terminals in pubs, cafes and gaming halls throughout Italy.