New Jersey Governor Chris Christie is no longer crisscrossing the country on the campaign that is presidential, and therefore the Republican, now in his second gubernatorial term, has more time to refocus their 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 take solid control of the city. He made his instance loaded 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 monetary crisis. On Thursday, Christie told his fellow legislators that it’s in the city’s interest that is best to permit the state to take solid control of its funds.
‘Even using the assistance plus 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 during the statehouse this week. ‘They face a $100 million spending plan shortfall this $100 million budget deficit this present year . . year . They are the true numbers, this is certainly the math, and these are the important points, and there’s no debate about it.’
Park Place & Boardwalk Salaries
The governor highlighted what he believes to be gross overspending on municipal workers in Christie’s arguments. Armed with charts and graphs, he showed that 119 city workers were paid over $100,000 through the last year that is fiscal 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 days. Part-time council members were collectively compensated $300,000, an expense viewed as extravagant in the optical eyes associated with governor.
Unless the state legislature takes action to give control of the gambling that is flailing to Trenton, Christie states he lacks the energy to renegotiate contracts with public sector unions to have the ‘exorbitant costs of the town employees in check.’
Takeover may be the Only Solution
Christie is calling on 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 instead of taxes) program alternatively.
PILOT would enable casinos to pay taxes on a schedule that is fixed isn’t determined on property value or gaming revenues, which have actually both significantly diminished over the years, as tourism to the area has fallen.
Christie believes the PILOT program is a solution that is short-term won’t help Atlantic City’s long-term forecast. Financial analyst outfit Moody’s seems to agree.
‘If just the PILOT bill passes [with no other measures instituted], the city continues to face stress since the single bill is insufficient to restore Atlantic City’s fiscal health,’ the credit score corporation said recently. ‘ Although the PILOT bill creates additional revenues and avoids incurring additional casino tax liabilities, it is not enough to avoid crippling deficits of $30 to $40 million a year, throughout the next five years.’
Christie thinks public workers require to step up to the plate in the most readily useful interest of these city, but it seems some are usually 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 away, so action will need to be taken, and soon month.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform casino that is social has survived a class 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 social casino overcome straight 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 on the site before deciding she wanted to claw back every play cent. Phillips claimed that because DoubleDown makes use of ‘gambling mechanics’ in its games, it really is tantamount to gambling that is actual.
Well, except for real money being involved, but other than that.
In a class action lawsuit filed at the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown web 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’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 winner 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 permitted to sue on behalf of all losers, for approximately three times the quantity.
The legislation was originally designed to protect destitute families who’d had their dollar that is last stolen family members, that was afterwards gambled away.
Phillips claims 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 supply that is original of chips. Because she paid for the chips, she argues, they had a monetary value, the same as chips purchased in a casino, and therefore the services offered by DoubleDown had been tantamount to illegal gambling.
According to Phillips, in addition to ILRA, DoubleDown ended up being in violation of the Illinois customer Fraud and Deceptive Business ways Act, and was guilty of unjustly enriching it self by using ‘gambling devices,’ another no-no under Illinois state law.
The filing would have had to establish that online social casino games may be thought as ‘gambling devices,’ and that IGT had procured money from the plaintiff in a manner that is illegal.
But the judge, unlike Phillips, ended up beingn’t buying any of it.
JudgeEdmond Chang noted that ILRA requires a winner and a loser from the outcome of a gambling proposition. The social casino site cannot lose anything from the proposition, and so Phillips was on shaky ground because virtual chips bought from DoubleDown cannot be cashed in for real money.
In fact, broadly speaking, Phillips was asking the court to reconsider the very concept of gambling as it’s construed in basically every state in the US: particularly, the proposition that something of value is risked upon the outcome of an event or game that is at the mercy of opportunity into the hope of receiving something different of equal or greater value.
While spending money on virtual chips comprises a financial stake, without any financial reward involved, no form of gambling has occurred, by any legal definition, at least.
In fact, you could say that Phillip’s choice to sue DoubleDown is a definitely better exemplory case of gambling than something that happens regarding the social casino site. 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 business.
Unfortunately for all those in the casino industry, criminals have long relished the attractiveness associated with floor cage as being the perfect tool to clean dirty money into purportedly legitimate funds.
‘Washing’ money by trading it in for chips then cashing it down again free slot games lightning link has develop into a method that is preferred of laundering by crooks. Now FinCEN wants the industry to better monitor itself for prospective crimes being committed by clients, and the problems 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 client transacts over $10,000 in an individual day. In addition, federal law mandates that a dubious activity report (SAR) be completed if the patron is suspected of participating in the laundering of money.
With thousands of commercial banks into the United States, including smaller institutions that are regional FinCEN is cracking down on money laundering by threatening non-conforming banking institutions with financial penalties.
With no choice 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. But, a decline that is unexpected SARs followed in 2014, and along with it came a rise in suspicious activity reports being filed by the casino, securities, and insurance 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 current FinCEN guidelines may be hampering the government’s power to monitor dubious activity and intercept potential terrorism.
Afraid of dealing with significant financial charges for facilitating a customer that is suspicious demand, banks are rapidly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative solutions to move money, and the funds effectively vanish from regulatory oversight.
‘What do we do, into the police arena, once the money goes underground?’ FBI financial crimes specialist Patrick Fallon pondered in the piece. ‘It’s what you don’t know 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 % during the time frame that is same.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 workers are successfully safeguarding the usa system that is financial promoting nationwide security, and SARs play an important role in those efforts.
‘The information that casinos along with other financial institutions offer is used 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 financial fines on four gambling companies year that is last. Especially had been the US Dept. of the Treasury’s $8 million penalty on Caesars Palace nevada for 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 a $83 million cyber heist through the New York Federal Reserve has shined an even brighter light on this issue that is troubling and you also can bet that regulatory arms around the world will be moving in the casino industry for the closer look.
The list of sites, which investigators have stated were based on 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 the web sites was targeted in error. Austria’s SKS365 Group, which operates Planet365, has categorically distanced itself from any involvement, saying that the criminal group had exploited Planet365’s brand reputation to lure bettors to copycat web sites.
OIA solutions Ltd, meanwhile, which owns Betaland, says that Betaland.com has been closed to Italian players for over a year, and the web sites connected with the gambling ring that used the Betaland expansion did so without authorization and were ‘rightly currently darkened to get into, as unlicensed.’
Tancredi Hyper Links
Italian authorities said that the ring additionally had links to Luigi Tancredi, a man known in Italy as ‘the King of Slots’ for their operations in the legal land-based gambling world.
Tancredi is believed to be the dog owner of DollaroPoker, and was arrested in January and accused of being the mastermind of the gambling ring that operated 12,000 online gaming and lottery video terminals in pubs, cafes and gaming halls throughout Italy.