Massachusetts Attorney General Martha Coakley appears by her choice to reject a ballot proposal to repeal the state’s 2011 casino law. (Image: AP Photo/Elise Amendola)
Opponents of casino gambling in Massachusetts have actually been waging war against the expansion on every battlefront possible. They’ve had wins and losings across the state, however they’ve always made their case. Now, they’re hoping that the court that is highest in Massachusetts gives them one last chance to put the issue before voters.
The Massachusetts Supreme Judicial Court heard arguments week that is last the question of whether a measure to repeal the 2011 casino law can show up on the statewide ballot in November. The move would create a referendum essentially on whether casinos could be built the one that could disrupt the process even if it was to ultimately fail.
State Believes Implied Contracts Could Be Violated By Repeal
That disruption had been one for the main arguments made by attorneys for their state, including Attorney General Martha Coakley, who rejected the petition it was unconstitutional because she felt. According to Coakley, such a repeal would damage the ‘implied contracts’ between casino license applicants and the continuing state gambling commission. She argued that those contract rights would be illegally recinded with no payment for the casino organizations.
Coakley made remarks at a break fast forum in Boston that further explained her position.
‘It is clear that although the founders wanted individuals to own options other than their elected representatives in the home and Senate they also restricted those occasions in which they did, knowing that there is an orderly way in which business regarding the people does go forward,’ she said.
Advocates Say State Can Change Direction
The question of exactly how the state could merely back out of agreements with casino companies ended up being a heated subject during oral arguments. In particular, Justice Robert Cordy had questions about how exactly the Penn would be affected by a repeal nationwide Gaming slots parlor in Plainville, which has been already awarded a license.
‘So a five-year exclusive license that has already been awarded after having a thorough process outlined by the Legislature, at great cost to the applicant, can simply be taken away by having a big never mind?’ he asked Thomas O. Bean, an attorney for those who want a repeal vote regarding the ballot.
‘Yes,’ Bean responded.
‘They can do this without compensation…for all the investments that were made at the support associated with the Legislature?’ Cordy asked later in the questioning.
‘That is correct,’ Bean said.
While that might sound flippant, Bean’s argument was that taxpayers had beenn’t obligated to compensate the firms if the state changed its mind about the future of casino gambling. He also stated that the casino teams have actually understood there had been a repeal effort was ongoing since the statutory law was passed, and that the possibility was certainly one of the known dangers they entailed when they started investing in the state.
Assistant Attorney General Peter Sacks outlined another possibility: that the gambling commission has the power to reject every application simply and not award any casino licenses.
‘But that doesn’t suggest the procurement process can be just canceled in the centre after everybody has invested a significant quantity of money,’ he added.
A ultimate decision is expected from the court this summer, most likely timed to guarantee the question can appear on the ballot if its approved. While some of the questioning may have suggested doubt from the justices about the repeal, even those who strongly believe it will maybe not be on the ballot admit they are no particular outcome.
‘ This is a relevant question that I believe is close,’ Coakley said. ‘I think the court could concur with us, but I do not have tea leaves on this.’
Arizona Will Allow Account Wagering for Horse and Dog Rushing
New legislation will allow Arizona residents to bet on horse races by phone. (Image: AZRacing.gov)
We often act as though these measures affect all types of interactive betting equally when we talk about the Unlawful Internet Gambling Enforcement Act (UIGEA) or the Wire Act. But the facts of the situation is far different.
It has for ages been true that horse and dog racing along with state lotteries have been exempt from many of the regulations that stifle other online and gaming that is phone-based, because of particular exceptions in these laws. And that means that while getting any other form of remote betting passed is just a struggle at the best of times, innovations happen in the dog and horse racing industries all the time.
Just last week, Arizona Governor Janice Brewer signed an item of legislation in order to allow advance deposit wagering (ADW) at horse and greyhound events across her state. This allows Arizonans to place bets from their homes, a large expansion for the state’s parimutuel industry that is betting.
Previously, wagers for such races were only taken during the tracks or at any of 62 licensed off-track betting facilities across the state.
Bill Will Not Authorize Online Betting
But while the move will make it much simpler for gamblers in the state to place bets on races any time they like, Governor Brewer made it clear that this is not an authorization of Internet gambling in virtually any means.
‘This bill is explicitly clear that Arizona is authorizing advanced deposit wagering and expressly prescribes that the bet should be put over the telephone,’ Governor Brewer wrote in a letter to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and may not be construed as authorizing Internet gaming.’
If that have beenn’t clear enough, area 10 of the bill explicitly remarks that the intent associated with bill isn’t to permit betting on the Web.
It was also essential to Brewer that the bill did maybe not restrict standing agreements involving the state therefore the Native tribes that are american run gambling operations there.
‘There is definitely an consensus that is unequivocal this bill doesn’t impact nor cause any problem relating to the Arizona Tribal-State Gaming Compact,’ the governor wrote.
Bill Designed to Aid Racing Industry
The legislation had been spearheaded by Michael Racy, a lobbyist for Tuscon Greyhound Park. The idea ended up being to generate an influx of additional money to the racing industry, a move that officials hope will keep racing that is live and well into the state.
‘[The bill] doesn’t authorize any new or different form of gaming,’ Racy said. ‘It just recognizes that the world is changing on just how that happens.’
To be able to utilize the new ADW system, clients would have to transfer cash as a account that is special. After they have done so, they may then use only the funds in that account to wager on races place that is taking participating tracks.
Betting by phone won’t happen immediately. Arizona’s Department of Racing will royal vegas mobile casino app have to come up with rules before the system can get live, and that will take some time. However, you will find hopes that racing fans could be placing bets from home as early as this summer time.
While Governor Brewer did approve the majority of the bill, she exercised her veto that is line-item to one provision. That element of the bill would have appropriated $1.2 million towards the Arizona Breeders’ Award Fund and the County Fair Racing Fund.
Caesars Entertainment Restructures Mega-Debt
Caesars’ current debt load outstrips the City of Detroit; the casino operator now plans to reapportion some of this.
It may be the most famous gambling empire in the world, but Caesars Entertainment’s financial obligation levels currently outstrip those associated with the bankrupt city of Detroit.
Within the week that the company announced its first quarter profits, Caesars additionally announced that it will be restructuring its colossal debt, which stands at $23 billion, a gaming industry all-time high.
Caesars offer $1.75 billon in new debt to redeem its current maturities for 2015, and will sell 5 % of Caesars Entertainment Operating Company to undisclosed investors. And even though the restructuring won’t reduce any regarding the business’s long-term debt, it will wipe out more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.
Caesars is already dealing with a lawsuit from two unnamed bondholders, which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.
The move have been predicted earlier last week by Moody’s Investor Services analyst Peggy Holloway, whom stated the business could have to restructure in order to avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash in 2010, and $2 billion year that is next.
‘ Recent asset sales by Caesars’ private equity sponsors are weakening the hand that creditors provides to your table within the casino organization’s inevitable restructuring,’ Holloway said. ‘ The asset is being reduced by the transactions base underlying the financial obligation, that will likely result in much deeper losings for loan providers and bondholders upon a standard.’
However, Caesars president and CEO Gary Loveman said the strategy would ‘lay the foundation for both de-leveraging that is significant value creation at Caesars Entertainment.
‘Upon conclusion of the credit facility amendment … Caesars has added headroom under its upkeep covenant, providing Caesars with extra stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the eventual raising of equity as well as obligation management and debt reduction initiatives.’
When discussing news that is dubious utilize the biggest words possible. Well-played, Gary.
Caesars also stated it had it sealed the deal in the sale of Bally’s, The Cromwell and The Quad to Caesars Growth Partners, with Harrah’s New Orleans expected to follow in early summer. The four properties were valued at $2.2 billion, with $185 million in assumed debt.
‘The transaction is designed to make sure continued access for Caesars and each regarding the properties on the market to the Total Rewards network and other Caesars resources,’ Loveman stated.
Caesars acquired most of its debt when it ended up being taken private in 2008, following a $30.1 billion acquisition by Apollo Global Management and TPG Capital. Then, as the recession ravaged the gaming industry, Caesars, along with its 50 casinos across the US, was struck the hardest. Posting its very first quarter results right after the restructuring announcement, Caesars said it lost $386.4 million within the quarter that ended March 31, a loss of $2.82 per share. The company lost $217.6 million, or $1.74 per share in the corresponding quarter last year.
‘ Las Vegas remained a bright spot with energy in the hospitality categories, but regional business trends had been unfavorably impacted by extreme weather and softness in visitation in the very first quarter,’ said Loveman.