New Jersey Governor Chris Christie is no longer crisscrossing the united states on the campaign that is presidential, and thus the Republican, now in his 2nd gubernatorial term, has more time and energy to refocus his efforts on issues facing his 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 situation equipped with colorful graphs showing the overspending that is reckless’s become rampant in Atlantic City.
No concern is more vital in nj-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 permit hawaii to take close control of its funds.
’Even with all the support as well as the advice of the Emergency Manager that we set up 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 budget deficit this year . . year . These are the numbers, this really is the math, and these are the important points, and there is 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 workers were paid over $100,000 through the last financial year, a sum which doesn’t even are 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 employees, primarily to compensate unused sick and vacation days. Part-time council members were collectively compensated $300,000, an expense regarded as extravagant in the eyes for the governor.
Unless the state legislature takes action to provide control of the gambling that is flailing to Trenton, Christie states he lacks the energy to renegotiate contracts with public sector unions to obtain the ’exorbitant costs of the town employees under control.’
Takeover may be the Only Solution
Christie is contacting State Assembly Speaker Vincent Prieto (D) to urge the chamber to pay control of Atlantic City to your state. Prieto opposes that path, opting in favor of the PILOT (payment in lieu of taxes) program rather.
PILOT would allow casinos to pay taxes for a schedule that is fixed isn’t determined on property value or gaming profits, which have both significantly diminished over the years, as tourism to the area has fallen.
Christie believes the PILOT system is a solution that is short-term won’t help Atlantic City’s long-term forecast. Financial analyst ensemble Moody’s seems to agree.
’If only the PILOT bill passes [with no other measures instituted], the city will continue to face stress since the single bill is insufficient to restore Atlantic City’s fiscal wellness,’ the credit history corporation said recently. ’ as the PILOT bill produces additional profits and avoids incurring casino that is additional liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a year, throughout the next 5 years.’
Christie believes public workers need to step up to the plate in the interest that is best of the city, but it appears some already are doing that.
After Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed having to pay employees every one month as opposed to two, a change that would let the government to continue operating before the next quarterly income tax payments are received on May 1.
But that’s just 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 site has survived a course action lawsuit attempt from the disgruntled Illinois customer who advertised that the free gaming platform offers ’nothing more than camouflaged unlawful games of opportunity.’
IGT’s DoubleDown social casino overcome right 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 virtual, value-less potato chips on the site before determining she desired to claw back every play cent. Phillips claimed that because DoubleDown uses ’gambling mechanics’ in its games, it really is tantamount to actual gambling.
Well, except for real money being involved, but other than that.
In a course action lawsuit filed at 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 was filed on behalf of all citizens associated with the state who had lost over $50 playing at DoubleDown, under the antiquated Illinois Loss Recovery Act (ILRA).
Claw-back Law Dragged Up
The 19th century legislation states that any Illinois gambler who loses $50 or more has the straight to sue the champion to have the funds right back. It also states that will the losing gambler perhaps not sue the winner within sixth months, then ’any person’ is permitted to sue with respect to all losers, for approximately 3 times the total amount.
The law was originally designed to protect destitute families who’d had their last dollar stolen by relatives, that was later gambled away.
Phillips says 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 original method of getting 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 was in violation of the Illinois Consumer Fraud and Deceptive Business tactics Act, and was guilty of unjustly enriching itself with the use of ’gambling devices,’ another no-no under Illinois state law.
The filing might have had to establish that online social casino games could be thought as ’gambling devices,’ and that IGT had procured money from the plaintiff within an manner that is illegal.
But the judge, unlike Phillips, ended up beingn’t buying any of it.
JudgeEdmond Chang noted that ILRA calls for a success and a loser through the upshot of a gambling proposition. Because virtual chips bought from DoubleDown can not be cashed in for real money, the social casino site cannot lose any such thing from the proposition, and so Phillips ended up being on shaky ground.
In fact, generally, Phillips was asking the court to reconsider the very definition of gambling as it’s construed in basically every state in the united states: namely, 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 something else of equal or greater value.
While spending money on virtual potato chips constitutes a stake that is financial with no financial reward involved, no kind of gambling has occurred, by any legal definition, at the least.
In fact, one could say that Phillip’s decision to sue DoubleDown is a better example of gambling than something that happens regarding the casino site that is social. 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 of the floor cage as being the perfect tool to clean dirty money into purportedly legitimate funds.
’Washing’ cash by trading it in for chips then cashing it out again has develop into a method that is preferred of laundering by crooks. Now FinCEN wants the industry to better monitor itself for possible crimes being committed by patrons, and the problems have actually 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 legislation 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 in the United States, including smaller regional institutions, FinCEN has been cracking down on cash laundering by threatening non-conforming banking institutions with financial penalties.
With no 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. Nonetheless, 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 guidelines might be hampering the government’s capacity to monitor suspicious activity and intercept potential terrorism.
Afraid of dealing with significant financial charges for facilitating a dubious customer’s request, banking institutions are rapidly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative ways to move money, and the funds efficiently vanish from regulatory oversight.
’What do we do, within the law enforcement arena, once the money goes underground?’ FBI crimes that are financial Patrick Fallon pondered within the piece. ’It’s what you don’t realize that’s the frightening thing.’
As banks will not provide services for suspected launderers, academized research paper writer those who are indeed trying to facilitate money movement illegally might 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 frame.
Gambling enterprises Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the united states system that is financial promoting national security, and SARs play a vital part in those efforts.
’The information that casinos as well as other finance institutions provide is employed to confront terrorist organizations, rogue nations, WMD proliferators, international grand corruption, and increasingly serious cyber threats,’ Calvery said in 2014. ’Violating the BSA (Bank Secrecy Act) can result in FinCEN imposing civil penalties 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 was the US Dept. of the Treasury’s $8 million penalty on Caesars Palace vegas for just what FinCEN found to be a violation that is willful of BSA and failure to adhere to SAR protocols.
The recent alleged involvement of two Philippines banks in an $83 million cyber heist from the New York Federal Reserve has shined an even brighter light on this troubling issue, and you can bet that regulatory hands around the world is moving in the casino industry for the better look.
The list of sites, which detectives have said were considering servers outside Italy and have now 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 based on CalvinAyre.com, two of those sites was targeted in error. Austria’s SKS365 Group, which operates 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 web sites.
OIA Services Ltd, meanwhile, which owns Betaland, says that Betaland.com has been closed to Italian players for over a year, and the web sites related to the gambling band which used the Betaland expansion did so without permission and were ’rightly already darkened to access, as unlicensed.’
Tancredi Hyper Links
Italian authorities said that the ring additionally had links to Luigi Tancredi, a guy known in Italy as ’the King of Slots’ for his operations in the legal land-based gambling world.
Tancredi is thought to be the owner of DollaroPoker, and was arrested in January and accused to be the mastermind of a gambling ring that operated 12,000 online gaming and lottery video terminals in pubs, cafes and gaming halls throughout Italy.