New Jersey Governor Chris Christie is no longer crisscrossing the nation on the campaign that is presidential, and as such the Republican, now in his second gubernatorial term, has more time for you 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 take solid control of the town. He made his case built with colorful graphs displaying the overspending that is reckless’s become rampant in Atlantic City.
No concern is more paramount in nj-new Jersey right now than Atlantic City’s current crisis that is financial. On Thursday, Christie told their fellow legislators that it’s into the city’s best interest to permit the state to assume control of its finances.
‘Even because of the support and the advice associated with the Emergency Manager that we applied in 2015, Atlantic City took only modest steps to rein their costs in,’ Christie said at the statehouse this week. ‘They face a $100 million budget shortfall this year, $100 million budget deficit this year . . . These are the numbers, this might be the math, and these are the important points, and there’s no debate about this.’
Park Place & Boardwalk Salaries
In Christie’s arguments, the governor highlighted exactly what he believes to be gross overspending on municipal workers. Armed with maps and graphs, he showed that 119 city employees were paid over $100,000 through the last year that is fiscal a sum which doesn’t even are the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the fact Atlantic City paid $6.6 million in 2015 to retiring public employees, primarily to compensate unused sick and vacation days. Part-time council users were collectively compensated $300,000, an expense viewed as extravagant in the optical eyes regarding the governor.
Unless their state 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 getting the ‘exorbitant expenses of the town work force in order.’
Takeover could be the Only Solution
Christie is calling on State Assembly Speaker Vincent Prieto (D) to urge the chamber to pay control of Atlantic City towards the state. Prieto opposes that path, opting in favor of the PILOT (payment in place of taxes) program rather.
PILOT would enable casinos to pay taxes for a schedule that is fixed isn’t determined on property value or gaming revenues, which have both greatly 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 ensemble Moody’s generally seems to agree.
‘If just the bill that is PILOT [with no other measures instituted], the city continues to face stress since the single bill is insufficient to restore Atlantic City’s fiscal wellness,’ the credit score corporation said recently. ‘ as 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, over the next 5 years.’
Christie believes public workers need to step up to the plate within the best interest of their city, but it appears some are already doing that.
After Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed having to pay employees every one month instead of two, a modification that would allow the federal government to carry on operating before the next quarterly income tax payments are received on May 1.
But that is just one month away, so action will need to be taken, and quickly.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform social casino site has survived a class action lawsuit attempt from the disgruntled Illinois customer who advertised that the free gaming platform offers ‘nothing more than camouflaged illegal games of opportunity.’
IGT’s DoubleDown social casino overcome straight back a class action lawsuit effort from the disgruntled Illinois online customer this week, who claimed that its operations had been tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on virtual, value-less potato chips in the 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 is tantamount to gambling that is actual.
Well, except for real money being involved, but apart from that.
In a course 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 of the state that has lost over $50 playing at DoubleDown, under the antiquated Illinois Loss Recovery Act (ILRA).
Claw-back Law Dragged Up
The 19th century law states that any Illinois gambler who loses $50 or more gets the straight to sue the champion getting the funds right back. It also states which should the losing gambler not sue the winner within sixth months, then ‘any person’ is permitted to sue with respect to all losers, for approximately 3 times the total amount.
The law was originally designed to protect destitute families who’d had their last dollar stolen by relatives, which was afterwards gambled away.
Phillips states she began playing on DoubleDown in January of 2013, and soon began purchasing digital (and value-less) chips with real money, once she had played through the supply that is original of chips. Because she paid for the chips, she argues, they possessed a value, just like chips purchased in a casino, therefore the services 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 tactics Act, and was guilty of unjustly enriching it self with the use of ‘gambling devices,’ another no-no under Illinois state law.
The filing could have had to establish that online social casino games are defined as ‘gambling devices,’ and that IGT had procured cash 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 results of a gambling proposition. Because virtual chips bought from DoubleDown may not be cashed in for real money, the social casino site cannot lose such a thing from the proposition, and therefore Phillips had been on shaky ground.
In fact, broadly speaking, Phillips was asking the court to reconsider the very definition of gambling as it is construed in virtually every state in the united states: namely, the proposition that something of value is risked upon the results of an event or game that is at the mercy of opportunity in the hope of receiving something different of equal or greater value.
While investing in virtual potato chips constitutes a financial stake, without any financial reward involved, no kind 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 instance of gambling than something that happens in the social casino site. And in this instance, it had been a bet that is losing.
Money Laundering and Suspicious Activity at Casinos Continues to Rise, FinCEN Reports
Money laundering is serious business.
Unfortunately for the people 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 and then cashing it out again has become a method that is preferred of laundering by crooks. Now FinCEN wants the industry to better monitor itself for possible crimes being committed by clients, and the problems have become worldwide. (Image: i5design.com)
A bureau of the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a customer transacts over $10,000 in a single day since 1996, the Financial Crimes Enforcement Network ( FinCEN. In addition, federal legislation mandates that a dubious task report (SAR) be completed if the patron is suspected of participating in the laundering of cash.
With thousands of commercial banks within the US, including smaller institutions that are regional FinCEN has been cracking straight down on money laundering by threatening non-conforming banks with financial penalties.
Without any 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. Nevertheless, a decline that is unexpected SARs followed in 2014, and with it arrived a rise in suspicious activity reports being filed by the casino, securities, and insurance coverage industries.
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 facing significant financial charges for facilitating a suspicious customer’s request, banking institutions are rapidly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative ways to move money, and the funds effectively vanish from regulatory oversight.
‘What do we do, in the law enforcement arena, as soon as the money goes underground?’ FBI financial crimes specialist Patrick Fallon pondered in the piece. ‘It’s what you do not realize 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 same time frame.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the usa system that is financial promoting national security, and SARs play an important part in those efforts.
‘The information that casinos as well as other financial institutions provide can be 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) can result in FinCEN imposing civil charges against the casino itself.’
And imposing penalties they are, as Calvery’s team levied monetary 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 Las Vegas for what FinCEN found to be always a willful violation of the BSA and failure to adhere to SAR protocols.
The recent alleged involvement of two Philippines banks in an $83 million cyber heist from the ny Federal Reserve has shined a level brighter light on this issue that is troubling and also you can bet that regulatory arms internationally is going to be moving in to the casino industry for a better look.
The list of internet sites, which detectives have said were predicated on servers outside Italy and also 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 websites may have been targeted in error. Austria’s SKS365 Group, which operates Planet365, has categorically distanced itself from any involvement, saying that the group that is criminal exploited Planet365’s brand reputation to lure bettors to copycat sites.
OIA Services Ltd, meanwhile, which owns Betaland, says that Betaland.com has been closed to players that are italian over a year, and the web sites connected with the gambling band that used the Betaland expansion did so without permission and had been ‘rightly already darkened to get into, as unlicensed.’
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 thought to be the master of DollaroPoker, lucky 88 pokie machine online and was arrested in January and accused of being the mastermind of a gambling ring that operated 12,000 gaming that is online lottery video terminals in bars, cafes and gaming halls throughout Italy.