New Jersey Governor Chris Christie is no longer crisscrossing the nation on the presidential campaign trail, and as such the Republican, now in his second gubernatorial term, has more time to refocus his efforts on issues facing his or her own state.
Nj-new Jersey Governor Chris Christie said enough is sufficient on Thursday, calling on state lawmakers to seize control of the town. He made his case loaded with colorful graphs displaying the reckless overspending that’s become rampant in Atlantic City.
No concern is more paramount in nj-new Jersey right now than Atlantic City’s current economic crisis. On Thursday, Christie told his fellow legislators that it’s within the city’s interest that is best to allow their state to seize control of its finances.
‘Even aided by the assistance and the advice of the Emergency Manager that we applied in 2015, Atlantic City took only modest steps to rein their costs in,’ Christie said during the statehouse this week. ‘They face a $100 million spending plan shortfall this $100 million spending plan deficit this present year . . year . These are the true numbers, this might be the math, and these are the facts, and there is no debate concerning this.’
Park Place & Boardwalk Salaries
The governor highlighted what he believes to be gross overspending on municipal workers in Christie’s arguments. Armed with maps and graphs, he showed that 119 city workers were paid over $100,000 throughout the last financial year, a sum which doesn’t even include the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the fact Atlantic City paid $6.6 million in 2015 to retiring public workers, primarily to compensate unused sick and vacation times. Part-time council members were collectively compensated $300,000, a cost viewed as extravagant in the optical eyes of the governor.
Unless the state legislature takes action to give control of the flailing gambling mecca to Trenton, Christie claims he lacks the energy to renegotiate contracts with public sector unions to obtain the ‘exorbitant costs of the town employees in check.’
Takeover is the Only Solution
Christie is calling on State Assembly Speaker Vincent Prieto (D) to urge the chamber to give control of Atlantic City towards the state. Prieto opposes that path, opting in favor of the PILOT (payment in place of taxes) program alternatively.
PILOT would allow casinos to pay taxes for a fixed routine that isn’t determined on property value or gaming revenues, which have actually both significantly diminished over the years, as tourism to the area has dropped.
Christie believes the PILOT system is a short-term solution that won’t help Atlantic City’s long-term forecast. Financial analyst outfit 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 wellness,’ the credit rating corporation said recently. ‘ While the PILOT bill produces additional profits and avoids incurring additional casino tax liabilities, it is not enough to avoid crippling deficits of $30 to $40 million a year, within the next 5 years.’
Christie believes public workers require to step up to the plate into the interest that is best of their city, but it seems some already are doing that.
After Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed spending employees every four weeks as opposed to two, a modification that would permit the federal government to continue operating until the next quarterly income tax payments are received on May 1.
But that’s only one month away, so action will need become taken, and quickly.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform social casino website has survived a course action lawsuit attempt from the disgruntled Illinois customer who claimed that the free gaming platform offers ‘nothing more than camouflaged illegal games of possibility.’
IGT’s DoubleDown casino that is social back a class action lawsuit effort from the disgruntled Illinois on line customer this week, whom claimed that its operations had been tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on digital, value-less chips in the web site before determining she wanted to claw back every play cent. Phillips claimed that because DoubleDown makes use of ‘gambling mechanics’ in its games, it’s tantamount to gambling that is actual.
Well, except for real money being involved, but other than that.
In a class 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 of the state who had 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 gets the right to sue the winner to have the money back. It also states which should the gambler that is losing sue the winner within sixth months, then ‘any person’ is permitted to sue on behalf of all losers, for approximately 3 times the amount.
The legislation was originally designed to protect destitute families who’d had their dollar that is last stolen relatives, which was afterwards gambled away.
Phillips claims she began 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 supply of free chips. She argues, they had a monetary value, just like chips purchased in a casino, and therefore the services offered by DoubleDown were tantamount to illegal gambling because she paid for the chips.
According to Phillips, also ILRA, DoubleDown ended up being in violation of the Illinois customer Fraud and Deceptive Business techniques Act, and was guilty of unjustly enriching itself by using ‘gambling devices,’ another no-no under Illinois state legislation.
The filing could have had to establish that online social casino games may be thought as ‘gambling devices,’ and that IGT had procured cash from the plaintiff within an unlawful manner.
But the judge, unlike Phillips, had beenn’t buying any of it.
JudgeEdmond Chang noted that ILRA requires a success and a loser through the outcome of a gambling proposition. Because virtual chips bought from DoubleDown can not be cashed in for real cash, the academized.me social casino site cannot lose such a thing from the idea, and therefore Phillips had been on shaky ground.
In fact, generally, Phillips was asking the court to reconsider the definition that is very of as it is construed in almost every state in the united states: namely, the proposition that something of value is risked upon the results of an event or game that is at the mercy of opportunity within the hope of receiving something else of equal or greater value.
While paying for digital potato chips constitutes a stake that is financial with no financial reward involved, no kind of gambling has occurred, by any legal definition, at least.
In fact, one could say that Phillip’s decision to sue DoubleDown is a far better exemplory case of gambling than anything that happens regarding the social casino site. And in this instance, it had been a bet that is losing.
Money Laundering and Suspicious Activity at Casinos Continues to increase, FinCEN Reports
Money laundering is serious business.
Unfortunately for all in the casino industry, criminals have long relished the attractiveness associated with floor cage as being the instrument that is perfect clean dirty money into purportedly legitimate funds.
‘Washing’ cash by trading it in for chips then cashing it out again has turn into a preferred method of cash laundering by criminals. Now FinCEN wants the industry to monitor itself for better potential crimes being committed by clients, and the dilemmas have become worldwide. (Image: i5design.com)
Since 1996, the Financial Crimes Enforcement Network (FinCEN), a bureau associated with United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a client transacts over $10,000 in an individual day. In addition, federal legislation mandates that a suspicious activity report (SAR) be completed in the event that patron is suspected of participating in the laundering of money.
With thousands of commercial banks within the United States, including smaller institutions that are regional FinCEN was cracking straight down on money laundering by threatening non-conforming banks with financial penalties.
Without any option but to comply with FinCEN, SARs filed by banking institutions rose from 288,343 in 2003 to 972,037 in 2013, a 70 percent increase in just 10 years. Nonetheless, a decline that is unexpected SARs followed in 2014, and along with it came an increase in suspicious activity reports being filed by the casino, securities, and insurance companies.
What does it all mean?
Underground and Out of Sight
This week titled, ‘Losing Count: US Terror Rules Drive Money Underground,’ the argument is made that current FinCEN rules might actually be hampering the government’s ability to monitor suspicious activity and intercept potential terrorism in a Wall Street Journal report.
Afraid of facing significant financial charges for facilitating a suspicious customer’s demand, banking institutions are quickly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative solutions to move cash, and the funds effortlessly vanish from regulatory oversight.
‘What do we do, within the police force arena, whenever money goes underground?’ FBI crimes that are financial Patrick Fallon pondered into the piece. ‘It’s what you don’t realize that’s the frightening thing.’
As banks refuse to provide services for suspected launderers, those who are indeed attempting to facilitate money movement illegally could be drawn 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 percent during the same time frame.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 workers are successfully safeguarding the US economic system and promoting national security, and SARs play an essential role in those efforts.
‘The information that casinos and other finance institutions offer is employed to confront terrorist organizations, rogue countries, WMD proliferators, international grand corruption, and increasingly serious cyber threats,’ Calvery said in 2014. ‘Violating the BSA (Bank Secrecy Act) might result in FinCEN imposing civil charges against the casino itself.’
And imposing penalties they are, as Calvery’s team levied economic fines on four gambling companies year that is last. Most notably ended up being the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las vegas, nevada for what FinCEN found to become a violation that is willful of BSA and failure to adhere to SAR protocols.
The recent alleged involvement of two Philippines banks in a $83 million cyber heist through the New York Federal Reserve has shined a level brighter light with this issue that is troubling and you can bet that regulatory hands around the world is moving into the casino industry for the closer look.
The list of web sites, which detectives have stated were centered on servers outside Italy and have now been impounded, are the following: www4.dgbpoker.com; www.pkgambling373.com; www.pkwildpoker.net; www.betfaktor.com; www.planetwin365.com; www.new5.betaland.com; www.new4.betaland.com; www.new2.betaland.com; www.new1.betaland.com; www.new.betaland.com; and www.betaland.com.
But according to CalvinAyre.com, two of those sites may have been targeted in error. Austria’s SKS365 Group, which runs Planet365, has categorically distanced itself from any involvement, stating that the group that is criminal exploited Planet365’s brand name reputation to lure bettors to copycat internet sites.
OIA Services Ltd, meanwhile, which has Betaland, says that Betaland.com has been closed to Italian players for over a year, and the sites associated with the gambling band which used the Betaland extension did so without permission and had been ‘rightly currently darkened to get into, as unlicensed.’
Tancredi Hyper Links
Italian authorities said that the ring additionally had links to Luigi Tancredi, a person understood in Italy as ‘the King of Slots’ for their operations in the legal land-based gambling world.
Tancredi is believed to be the master of DollaroPoker, and was arrested in January and accused to be the mastermind of a gambling ring that operated 12,000 gaming that is online lottery video terminals in pubs, cafes and gaming halls throughout Italy.