New Jersey Governor Chris Christie is no longer crisscrossing the country on the campaign that is presidential, and as such the Republican, now in his 2nd gubernatorial term, has more time and energy to refocus their efforts on issues facing his or her own state.
New Jersey Governor Chris Christie said enough will do on Thursday, calling on state lawmakers to assume control of the town. He made his instance built with colorful graphs displaying 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 economic crisis. On Thursday, Christie told their fellow legislators that it’s in the city’s interest that is best allowing hawaii to take solid control of its finances.
‘Even with the assistance plus the advice associated with 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 year, $100 million budget deficit this year . . . They are the numbers, this really is the math, and these are the important points, and there is no debate about this.’
Park Spot & Boardwalk Salaries
In Christie’s arguments, the governor highlighted exactly 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 throughout the last fiscal year, a sum which doesn’t even are 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 people were collectively compensated $300,000, a cost viewed as extravagant in the eyes of the governor.
Unless hawaii legislature takes action to provide control of the flailing gambling mecca to Trenton, Christie says he lacks the ability to renegotiate contracts with public sector unions to get the ‘exorbitant expenses of the city employees under control.’
Takeover could be the Only Solution
Christie is calling on State Assembly Speaker Vincent Prieto (D) to urge the chamber to hand over control of Atlantic City to the state. Prieto opposes that path, opting in favor of the PILOT (payment in lieu of taxes) program instead.
PILOT would enable casinos to pay taxes for a fixed schedule that 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 short-term solution that won’t help Atlantic City’s long-term forecast. Financial analyst outfit Moody’s appears to agree.
‘If just the PILOT bill passes [with no other measures instituted], the town continues to face stress since the single bill is insufficient to restore Atlantic City’s fiscal wellness,’ the credit rating corporation said recently. ‘ Even though the PILOT bill produces additional revenues and avoids incurring casino that is additional liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a 12 months, on the next 5 years.’
Christie believes public workers need to step up to the plate in the most useful interest of these city, but it seems some happen to be 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 the place of two, a modification that would permit the government to carry on operating until 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 soon.
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 a disgruntled Illinois customer who stated that the free gaming platform offers ‘nothing more than camouflaged illegal games of possibility.’
IGT’s DoubleDown social casino beat straight back a class action lawsuit effort from a disgruntled Illinois on the web 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 regarding 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 apart from that.
In a course 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 was filed on behalf of all citizens for 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 law states that any Illinois gambler who loses $50 or more has the right to sue the winner to get the funds right back. It also states that will the losing gambler perhaps not sue the winner within sixth months, then ‘any person’ is allowed to sue with respect to all losers, for up to 3 x the amount.
The law was originally built to protect destitute families who’d had their last dollar stolen by loved ones, that has been afterwards gambled away.
Phillips claims she started playing on DoubleDown in January of 2013, and soon began purchasing virtual (and value-less) chips with genuine money, once she had played through the original availability of free chips. Because she paid for the chips, she argues, they had a monetary value, just like chips purchased academized write my essay online in a casino, and for that reason the solutions offered by DoubleDown were tantamount to illegal gambling.
According to Phillips, also ILRA, DoubleDown ended up being in violation of the Illinois Consumer Fraud and Deceptive Business techniques Act, and was guilty of unjustly enriching it self through the use of ‘gambling devices,’ another no-no under Illinois state legislation.
The filing would have had to establish that online social casino games can be defined as ‘gambling devices,’ and that IGT had procured money from the plaintiff in a illegal way.
But the judge, unlike Phillips, had beenn’t buying any of it.
JudgeEdmond Chang noted that ILRA calls for a success and a loser from the results of a gambling proposition. Because virtual chips bought from DoubleDown can not be cashed in for real money, the social casino site cannot lose such a thing from the idea, and so Phillips ended up being on shaky ground.
In fact, broadly speaking, Phillips was asking the court to reconsider the very definition of gambling as it’s construed in essentially every state in the united states: namely, the proposition that something of value is risked upon the results of a event or game that is subject to possibility into the hope of receiving another thing of equal or greater value.
While spending money on digital potato chips comprises a financial stake, without any financial reward involved, no type of gambling has occurred, by any legal definition, at the very least.
In fact, you can say that Phillip’s decision to sue DoubleDown is a greater exemplory case of gambling than anything that happens regarding the social casino site. And in this situation, it was a bet that is losing.
Money Laundering and Suspicious Activity at Casinos Continues to go up, FinCEN Reports
Money laundering is serious company.
Unfortunately for those 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’ money by trading it in for chips then cashing it away again has turn into a method that is preferred of laundering by crooks. Now FinCEN wants the industry to better monitor itself for potential crimes being committed by patrons, and the issues have actually become international. (Image: i5design.com)
Since 1996, the Financial Crimes Enforcement Network (FinCEN), a bureau associated with the United States Department of the Treasury, calls for institutions to file Currency Transaction Reports when a customer transacts over $10,000 in a single day. 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 money.
With thousands of commercial banks within the United States, including smaller regional organizations, FinCEN has been cracking down on money 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. However, a decline that is unexpected SARs followed in 2014, and with it arrived a growth 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 charges for facilitating a customer that is suspicious request, banks are quickly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative solutions to move money, and the funds effortlessly vanish from regulatory oversight.
‘What do we do, into the law enforcement arena, once the money goes underground?’ FBI crimes that are financial Patrick Fallon pondered in the piece. ‘It’s what you don’t understand that’s the frightening thing.’
Those who are indeed trying to facilitate money movement illegally may be drawn more and more to the casino cage as banks refuse to provide services for suspected launderers.
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 time frame that is same.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the usa economic system and promoting national security, and SARs play an essential part in those efforts.
‘The information that casinos along with other financial institutions provide can be used to confront terrorist organizations, rogue countries, WMD proliferators, foreign grand corruption, and increasingly serious cyber threats,’ Calvery stated in 2014. ‘Violating the BSA (Bank Secrecy Act) might result in FinCEN imposing penalties that are civil the casino it self.’
And imposing penalties they are, as Calvery’s team levied economic fines on four gambling companies this past year alone. Such as was the US Dept. of the Treasury’s $8 million penalty on Caesars Palace 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 participation of two Philippines banks in an $83 million cyber heist from the New York Federal Reserve has shined a level brighter light with this issue that is troubling and also you can bet that regulatory hands globally are going to be moving in the casino industry for the closer look.
The list of web sites, which investigators have said were according to servers outside Italy and also 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 the web sites was targeted in error. Austria’s SKS365 Group, which runs Planet365, has categorically distanced itself from any involvement, stating that the unlawful group had exploited Planet365’s brand name reputation to lure bettors to copycat sites.
OIA Services Ltd, meanwhile, which has Betaland, says that Betaland.com has been closed to Italian players for over a year, and the web sites connected with the gambling band that used the Betaland expansion did so without permission and were ‘rightly currently 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 considered to be the master of DollaroPoker, and was arrested in January and accused to be the mastermind of the gambling ring that operated 12,000 online gaming and lottery video terminals in bars, cafes and gaming halls throughout Italy.