Massachusetts Attorney General Martha Coakley stands by her choice to reject a ballot proposition to repeal the state’s 2011 casino law. (Image: AP Photo/Elise Amendola)
Opponents of casino gambling in Massachusetts have actually been war that is waging the expansion on every battlefront possible. They’ve had wins and losses across the continuing state, nonetheless they’ve constantly made their case. Now, they’re hoping that the court that is highest in Massachusetts can give them one last opportunity to put the problem before voters.
The Massachusetts Supreme Judicial Court heard arguments last week over the question of whether a measure to repeal the 2011 casino law can appear on the statewide ballot in November. The move would really create a referendum on whether gambling enterprises could be built one which could disrupt the method even if it was to ultimately fail.
State Believes Implied Contracts Is Violated By Repeal
That disruption had been one associated with main arguments made by lawyers for the state, including Attorney General Martha Coakley, whom rejected the petition it was unconstitutional because she felt. According to Coakley, such a repeal would cause damage to the ‘implied agreements’ between casino license applicants and the continuing state gambling commission. She argued that those contract rights would be illegally removed with no settlement for the casino organizations.
Coakley made remarks at a morning meal forum in Boston that further explained her position.
‘It is clear that although the founders wanted the people to possess options other than their elected representatives in the House and Senate they also limited those occasions by which they did, understanding that there is an orderly way in which business of this people does proceed,’ she said.
Advocates Say State Can Change Direction
Issue of how the state could merely back out of agreements with casino companies had been a heated topic during oral arguments. In particular, Justice Robert Cordy had questions regarding how a repeal would affect the Penn National Gaming slots parlor in Plainville, which has been awarded a license.
‘So a five-year exclusive license that had been awarded after having a thorough process outlined by the Legislature, at great expense to the applicant, can merely be taken away with a big never mind?’ he asked Thomas O. Bean, a lawyer for individuals who want a repeal vote on the ballot.
‘Yes,’ Bean responded.
‘They can do this without compensation…for all of the investments that were made at the support for the Legislature?’ Cordy asked later in the questioning.
‘That is proper,’ Bean said.
While that might sound flippant, Bean’s argument was that taxpayers weren’t obligated to compensate the firms if the state changed its mind concerning the future of casino gambling. He additionally said that the casino teams have actually understood there had been a repeal effort was ongoing since the legislation was passed, and that the possibility was one of the known risks they entailed if they started investing within 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 middle after everybody else has spent an amount that is substantial of,’ he included.
A concluding decision is expected from the court this summer, most likely timed to ensure the question can appear on the ballot if it’s approved. While a number of the questioning may have suggested skepticism from the justices concerning the repeal, even those who strongly believe it will not be on the ballot admit they are no certain outcome.
‘ This is a question that I think is close,’ Coakley said. ‘we think the court could agree with us, but I don’t have tea leaves on this.’
Arizona Will Enable Account Wagering for Horse and Dog Racing
New legislation shall allow Arizona residents to bet on horse races by phone. (Image: AZRacing.gov)
When we talk about the illegal Internet Gambling Enforcement Act (UIGEA) or the Wire Act, we often act as though these measures affect all types of interactive betting equally. But the reality of the matter is far different.
This has always been true that horse and dog racing along with state lotteries are exempt from many of the regulations that stifle other online and gaming that is phone-based, as a result of particular exceptions in these laws. And that means that while getting any other form of remote betting passed is really a struggle at the very best of times, innovations happen in the horse and dog racing industries all the time.
Just last week, Arizona Governor Janice Brewer signed a bit of legislation in purchase to allow advance deposit wagering (ADW) at horse and greyhound races across her state. This allows Arizonans to place bets from their homes, a large expansion for hawaii’s parimutuel betting industry.
Formerly, bets for such races were only taken at the tracks or at any of 62 licensed off-track betting facilities across the state.
Bill Doesn’t Authorize Online Betting
But while the move will make it much easier for gamblers in the state to position bets on races any time they like, Governor Brewer made it clear that this isn’t an authorization of Internet gambling in almost any method.
‘This bill is explicitly clear that Arizona is authorizing advanced deposit wagering and expressly prescribes that the bet must certanly be placed over the telephone,’ Governor Brewer wrote in a page to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and can’t be construed as authorizing Internet gaming.’
If which weren’t clear enough, part 10 of the bill explicitly remarks that the intent regarding the bill is not to permit betting over the online.
It was also important to Brewer that the bill did maybe not affect standing agreements between your state and also the Native tribes that are american run gambling operations there.
‘There is definitely an unequivocal opinion that this bill does not impact nor cause any issue relating to the Arizona Tribal-State Gaming Compact,’ the governor wrote.
Bill Designed to Aid Racing Industry
The legislation ended up being spearheaded by Michael Racy, a lobbyist for Tuscon Greyhound Park. The idea had been to generate an influx of more money into the race industry, a move that officials hope will keep live racing alive and well within the state.
‘[The bill] doesn’t authorize any brand new or different type of gaming,’ Racy said. ‘It just acknowledges that the global world is changing on just how that takes place.’
In order to utilize the new ADW system, customers would have to transfer money into a special account. After they did so, they may then use only the funds for the reason that account to wager on races taking place at participating songs.
Gambling by phone won’t happen immediately. Arizona’s Department of Racing will need to develop rules before the system can get live, and that will take the time. Nevertheless, you will find hopes that racing fans could be placing bets from home as early as this summer.
While Governor Brewer did approve the majority of the bill, she exercised her veto that is line-item to one provision. That part 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’ present financial obligation load outstrips the City of Detroit; the casino operator now plans to reapportion some of the.
It are the most famous gambling empire in the world, but Caesars Entertainment’s financial obligation levels currently outstrip those of the bankrupt town of Detroit.
Within the week that the organization announced its first quarter earnings, Caesars additionally announced that it might be restructuring its colossal debt, which stands at $23 billion, a gaming industry all-time high.
Caesars will offer you $1.75 billon in new debt to redeem its current maturities for 2015, and will sell 5 percent of Caesars Entertainment Operating Company to undisclosed investors. And while the restructuring won’t reduce any associated with the business’s long-term debt, it will get rid of more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.
Caesars is facing a lawsuit from two unnamed bondholders, which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.
The move was royal vegas casino withdrawal time predicted earlier in the day last week by Moody’s Investor Services analyst Peggy Holloway, whom stated the organization might have to restructure to be able to avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash this season, and $2 billion next year.
‘ Recent asset sales by Caesars’ private equity sponsors are weakening the tactile hand that creditors brings towards the table into the casino company’s inevitable restructuring,’ Holloway said. ‘ The asset is being reduced by the transactions base underlying the debt, that will likely trigger deeper losses 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 completion of the credit facility amendment … Caesars will have added headroom under its upkeep covenant, supplying Caesars with extra stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this separate listing should help facilitate the eventual raising of equity along with liability administration and financial obligation reduction initiatives.’
When discussing news that is dubious make use of the biggest words possible. Well-played, Gary.
Caesars additionally said it was had by it sealed the deal on the sale of Bally’s, The Cromwell and The Quad to Caesars Growth Partners, with Harrah’s New Orleans likely to follow in early summer. The four properties were respected at $2.2 billion, with $185 million in assumed debt.
‘The transaction is made to guarantee continued access for Caesars and every associated with properties being sold to the Total Rewards network and other Caesars resources,’ Loveman stated.
Caesars acquired the majority of its debt when it had been taken private in 2008, after having 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 united states, was struck the hardest. Publishing its first quarter results immediately after the restructuring announcement, Caesars said it lost $386.4 million into 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 strength within the hospitality groups, but regional company trends were unfavorably relying on extreme weather and softness in visitation in 1st quarter,’ said Loveman.