It’s a Definite time that is maybe next Christie on online Gambling for brand New Jersey
Saying ‘now is the time for our state to move forward, again at the forefront for the country, by becoming one of the very first states to allow online gaming,’ New Jersey Gov. Chris Christie ironically again this week vetoed his state’s latest draft of A internet gambling statute. Citing concerns over gambling tax revenue rates being set too low, as well as over transparency dilemmas for companies seeking on the web gambling licensure, Christie nevertheless showed a glimmer of a cure for passage of revised versions of the bill to come, possibly as early as March.
Both State Sen. Raymond Lesniak and State Assemblyman John Amodeo were encouraged by Christie’s wording in vetoing the bill, noting that ‘the governor’s concerns can be addressed’ easily with a newly worded measure.
At stake are millions of dollars in potential revenue, especially key in a state whose brick-and-mortar casinos took a heavy hit last 12 months, at minimum in part as a result of ravages of Hurricane Sandy. Additionally affecting brand New Jersey’s ailing land casino marketplace is hard-hitting competition from gambling-friendly neighboring states like Pennsylvania and ny. Revenues are dropping steadily since 2006, and hit a low of just over $3 billion last year from a 2006 total of $5.2 billion.
Perhaps smelling blood from the veto action, Nevada Gov. Brian Sandoval quickly pressed his state’s lawmakers to approv Read the rest of this entry »
It’s No Go Ho for MGM Resorts. Maybe Vietnam are Asia’s first big bust gambling community things are certainly not looking cheery for the MGM Ho Tram Strip these days ( just for want of a ‘p’ are the jokes on that name perhaps not endless).
According to A securities that is recent and Commission (SEC) filing, MGM Resorts International exercised its straight to terminate their agreement to manage the property based on a not enough pre-opening milestones having been accomplished as of March 1, 2013. The project is partially owned by Las Vegas-based Pinnacle Entertainment.
The story began in August of 2011, with Pinnacle purchasing a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being almost all owner. Pinnacle had been a 23 percent stakeholder; apparently, that wasn’t a harbinger of good things to come.
By 2012, Pinnacle had already written off $25 million on their investment, brought on by delays. A prominent video gaming safety analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well simply take even more write-offs on the property that is vietnamese.
‘The undeniable fact that MGM Hospitality will not be associated with this specific project will significantly detract from the success for the resort/casino,’ stated Beynon in a report that is recent. ‘MGM maybe not only provided a global brand name, but it was also a significant the main design and vision of this phase that is first. It remains a Read the rest of this entry »