New Jersey Governor Chris Christie is no longer crisscrossing the united states on the campaign that is presidential, and therefore the Republican, now in his 2nd gubernatorial term, has more time and energy to refocus his efforts on issues facing their own state.
Nj-new Jersey Governor Chris Christie said enough is sufficient on Thursday, calling on state lawmakers to assume control of the town. He made his case built with colorful graphs showing 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 economic crisis. On Thursday, Christie told his fellow legislators that it’s in the city’s best interest to allow the state to take solid control of its finances.
‘Even utilizing the support and also the advice regarding the Emergency Manager that we set up in 2015, Atlantic City took only modest steps to rein their costs in,’ Christie said at the statehouse this week. ‘They face a $100 million spending plan shortfall this year, $100 million spending plan deficit in 2010 . . . These are the true numbers, this is certainly the math, and they are the facts, and there’s no debate about this.’
Park Place & Boardwalk Salaries
In Christie’s arguments, the governor highlighted 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 throughout the last fiscal year, a sum which doesn’t even include the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the truth 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 users were collectively compensated $300,000, an expense viewed as extravagant in the optical eyes associated with the governor.
Unless their state legislature takes action to offer control of the flailing gambling mecca to Trenton, Christie claims he lacks the power to renegotiate contracts with public sector unions to obtain the ‘exorbitant expenses of the city employees 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 towards the state. Prieto opposes that path, opting in favor of the PILOT (payment in place of taxes) program rather.
PILOT would enable casinos to pay taxes on a fixed schedule that isn’t determined on property value or gaming profits, which have both greatly 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 appears to agree.
‘If just the bill that is PILOT [with no other measures instituted], the city will continue to face distress since the single bill is insufficient to restore Atlantic City’s fiscal health,’ the credit score corporation said recently. ‘ Even though the PILOT bill creates additional revenues and avoids incurring casino that is additional liabilities, it is inadequate to avoid crippling deficits of $30 to $40 million a 12 months, over the next 5 years.’
Christie thinks public workers need to step up to the plate within the most readily useful interest of these city, but it appears some are already doing that.
After Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees every four weeks in place of two, a modification that would permit the federal government to continue operating before the next quarterly tax payments are received on May 1.
But that’s only one month away, so action will need to be 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 class action lawsuit attempt from a disgruntled Illinois customer who claimed that the free video gaming platform offers ‘nothing more than camouflaged unlawful games of opportunity.’
IGT’s DoubleDown casino that is social right back a class action lawsuit effort from a disgruntled Illinois online customer this week, whom claimed that its operations were tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on digital, value-less potato chips in the web site before deciding she wanted to claw back every play cent. Phillips claimed that because DoubleDown utilizes ‘gambling mechanics’ in its games, it really is tantamount to actual gambling.
Well, except for real money being involved, but apart from that.
In a class action lawsuit filed during the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown site to be shut down and money refunded to customers in Illinois. The lawsuit had been filed on behalf of all citizens associated with 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 has got the straight to sue the champion to obtain the cash back. It also states that will the gambler that is losing sue the winner within sixth months, then ‘any person’ is allowed to sue with respect to all losers, for up to three times the amount.
The legislation was originally made to protect destitute families who’d had their dollar that is last stolen family members, that was subsequently gambled away.
Phillips states she started playing on DoubleDown in January of 2013, and soon began purchasing virtual (and value-less) chips with real 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, in addition to ILRA, DoubleDown was in violation of the Illinois Consumer Fraud and Deceptive Business Practices Act, and was guilty of unjustly enriching itself through the use of ‘gambling devices,’ another no-no under Illinois state legislation.
The filing might have had to establish that online social casino games are understood to be ‘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 requires a success and a loser through the outcome of a gambling proposition. Because virtual chips bought from DoubleDown may not be cashed in for a real income, the social casino site cannot lose anything from the idea, and so Phillips ended up being on shaky ground.
In fact, generally, 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 end result of an event or game that is at the mercy of chance in the hope of receiving something else of equal or greater value.
While paying for digital chips comprises a financial stake, with no financial reward involved, no type of gambling has occurred, by any legal definition, at least.
In fact, one could say that Phillip’s choice to sue DoubleDown is a better exemplory case of gambling than anything that happens regarding the social casino website. And in this situation, 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 the people in the casino industry, criminals have long relished the attractiveness regarding 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 then cashing it out again has turn into a preferred method of money laundering by criminals. Now FinCEN wants the industry to monitor itself for better potential crimes being committed by patrons, and the issues have become global. (Image: i5design.com)
A bureau of the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a customer transacts over $10,000 in a single day since 1996, the Financial Crimes Enforcement Network ( FinCEN. In addition, federal law mandates that a suspicious task report (SAR) be completed in the event that patron is suspected of participating in the laundering of cash.
With thousands of commercial banks into the United States, including smaller regional institutions, FinCEN is cracking straight down on cash laundering by threatening non-conforming banking institutions with financial penalties.
Without any choice 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. Nevertheless, a decline that is unexpected SARs followed in 2014, and along with it arrived a rise 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 dealing with significant financial penalties for facilitating a dubious consumer’s demand, banking institutions are rapidly closing accounts after filing SARs. This forces the perpetrator that is alleged use alternative ways to move cash, and the funds effortlessly vanish from regulatory oversight.
‘What do we do, in the police force arena, as soon as the money goes underground?’ FBI crimes that are financial Patrick Fallon pondered in 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 time frame that is same.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the usa financial system and promoting nationwide security, and SARs play an important part in those efforts.
‘The information that casinos along with other finance institutions offer is used to confront terrorist organizations, rogue nations, WMD proliferators, foreign grand corruption, and lightning link online pokies increasingly serious cyber threats,’ Calvery stated in 2014. ‘Violating the BSA (Bank Secrecy Act) can result in FinCEN imposing penalties that are civil the casino itself.’
And imposing penalties they are, as Calvery’s team levied economic fines on four gambling companies a year ago alone. Especially had been the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las Vegas for just what FinCEN found to become a violation that is willful of BSA and failure to stick to SAR protocols.
The recent alleged involvement of two Philippines banks in a $83 million cyber heist through the ny Federal Reserve has shined an even brighter light with this issue that is troubling and you also can bet that regulatory hands globally are moving in to the casino industry for the closer look.
The list of internet sites, which investigators have said were predicated on servers outside Italy and 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 the websites 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 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 related to the gambling ring which used the Betaland expansion did so without permission and were ‘rightly already darkened to get into, as unlicensed.’
Italian authorities said that the ring also had links to Luigi Tancredi, a guy 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 of being the mastermind of the gambling ring that operated 12,000 gaming that is online lottery video terminals in pubs, cafes and gaming halls throughout Italy.