Massachusetts Attorney General Martha Coakley appears by her decision 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 continuing state, nevertheless they’ve always made their case. Now, they’re hoping that the highest court 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 show up on the statewide ballot in November. The move would essentially create a referendum on whether gambling enterprises could be built the one that could disrupt the procedure even if it absolutely was to ultimately fail.
State Believes Implied Contracts Is Violated By Repeal
That disruption was one associated with the main arguments made by attorneys for hawaii, including Attorney General Martha Coakley, who rejected the petition because she felt it absolutely was unconstitutional. According to Coakley, such a repeal would damage the ‘implied agreements’ between casino license applicants and the state gambling payment. She argued that those contract rights would be illegally taken away with no settlement for the casino companies.
Coakley made remarks at a morning meal forum in Boston that further explained her position.
‘It is clear that although the founders wanted the individuals to own options apart from their elected representatives in the home and Senate they also restricted those occasions in which they did, understanding that there’s an orderly way in which business for the individuals does move forward,’ she stated.
Advocates Say State Can Change Direction
The question of how the state could simply back out of agreements with casino companies ended up being a heated topic during dental arguments. In particular, Justice Robert Cordy had concerns how 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 had been awarded after having a thorough process outlined by the Legislature, at royal casino las vegas chips great expense to the applicant, can simply be studied away by having a big never mind?’ he asked Thomas O. Bean, a lawyer for those who require a repeal vote on the ballot.
‘Yes,’ Bean reacted.
‘They can perform this without compensation…for most of the investments that were made at the encouragement of the Legislature?’ Cordy asked later in the questioning.
‘That is proper,’ Bean said.
While that may appear flippant, Bean’s argument was that taxpayers had beenn’t obligated to compensate the firms if the state changed its mind concerning the future of casino gambling. He also said that the casino teams have actually known there had been a repeal effort was ongoing since the statutory law was passed, and that the possibility was one of the known risks they entailed when they began investing into the state.
Assistant Attorney General Peter Sacks outlined another possibility: that the gambling payment has the energy to merely reject every application and not award any casino licenses.
‘But that doesn’t mean the procurement procedure can be just canceled in the middle after everybody has spent an amount that is substantial of,’ he added.
A decision that is final expected from the court this summer, most likely timed to guarantee the question can appear on the ballot if it really is approved. While some of the questioning may have suggested doubt from the justices about the repeal, also those who strongly believe it will perhaps not be on the ballot admit they are no outcome that is certain.
‘ This is a relevant question that I believe is close,’ Coakley said. ‘we think the court could concur I don’t have tea leaves with this. with us, but’
Arizona Will Enable Account Wagering for Horse and Puppy Racing
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 reality of the problem is far different.
It has always been true that horse and dog racing along with state lotteries have now been exempt from numerous of the regulations that stifle other online and gaming that is phone-based, as a result of certain exceptions in these laws. And that means that while getting any other form of remote betting passed is really a struggle at the best of times, innovations happen in the dog and horse racing industries all the time.
Just week that is last Arizona Governor Janice Brewer signed a bit of legislation in order to allow advance deposit wagering (ADW) at horse and greyhound races across her state. This will allow Arizonans to place bets from their houses, a large expansion for the state’s parimutuel wagering industry.
Formerly, bets for such races had been only taken at the tracks or at any of 62 licensed off-track facilities that are betting the state.
Bill Does Not Authorize Online Betting
But while the move will make it much easier for gamblers in the state to put bets on races any time they like, Governor Brewer made it clear that this is not an authorization of Internet gambling in almost any way.
‘This bill is explicitly clear that Arizona is authorizing advanced deposit wagering and expressly prescribes that the wager must be placed over the telephone,’ Governor Brewer wrote in a page to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and may not be construed as authorizing Internet video gaming.’
If that weren’t clear enough, area 10 of the bill clearly remarks that the intent of the bill isn’t to enable betting over the Internet.
It was also important to Brewer that the bill did not restrict standing agreements involving the state additionally the Native tribes that are american run gambling operations there.
‘There can be an unequivocal consensus that this bill will not impact nor cause any issue concerning 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 ended up being to create an influx of additional money into the race industry, a move that officials hope will keep racing that is live and well in the state.
‘[The bill] doesn’t authorize any brand new or form that is different of,’ Racy said. ‘It just acknowledges that the world is changing on just how that occurs.’
So that you can use the new ADW system, clients would need certainly to transfer cash into a account that is special. When they did so, they may then use only the funds for the reason that account to wager on races place that is taking participating tracks.
Wagering by phone won’t happen immediately. Arizona’s Department of Racing will have to develop rules before the system can go live, and that will take some time. But, you will find hopes that racing fans could be placing bets from home as early as this summer.
While Governor Brewer did approve all 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’ current debt load outstrips the populous City of Detroit; the casino operator now plans to reapportion some of that.
It can be the most famous gambling empire in the planet, but Caesars Entertainment’s debt levels currently outstrip those for the bankrupt city of Detroit.
Within the week that the business announced its first quarter earnings, Caesars also announced that it might be restructuring its colossal debt, which stands at $23 billion, a gaming industry all-time high.
Caesars will offer $1.75 billon in new debt to redeem its existing maturities for 2015, and will sell 5 percent of Caesars Entertainment Operating Company to investors that are undisclosed. Even though the restructuring won’t reduce any for the company’s long-term debt, it shall 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 already dealing with a lawsuit from two bondholders that are unnamed which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.
The move have been predicted earlier week that is last Moody’s Investor Services analyst Peggy Holloway, who said the organization would have to restructure in order to avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash this present year, and $2 billion next year.
‘ Recent asset product sales by Caesars’ private equity sponsors are weakening the hand that creditors brings to the dining table in the casino business’s inevitable restructuring,’ Holloway said. ‘ The transactions are reducing the asset base underlying the debt, that may likely trigger deeper losses for loan providers and bondholders upon a default.’
However, Caesars chairman and CEO Gary Loveman said the strategy would ‘lay the foundation for both significant de-leveraging and value creation at Caesars Entertainment.
‘Upon conclusion of the credit facility amendment … Caesars will have added headroom under its maintenance covenant, providing Caesars with extra stability to execute its business plan,’ he included. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the eventual raising of equity in addition to liability management and financial obligation reduction initiatives.’
When discussing dubious news, use the biggest words possible. Well-played, Gary.
Caesars also said it had it sealed the deal on 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 was created to ensure access that is continued Caesars and every of the properties on the market to the Total Rewards network along with other Caesars resources,’ Loveman stated.
Caesars acquired most of its debt when it had been taken personal in 2008, after a $30.1 billion acquisition by Apollo Global Management and TPG Capital. Then, as the recession ravaged the gaming industry, Caesars, featuring its 50 casinos across the usa, was struck the most difficult. Posting its first quarter results soon 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. In the corresponding quarter this past year the business destroyed $217.6 million, or $1.74 per share.
‘ Las Vegas remained a bright spot with energy into the hospitality groups, but regional company trends had been unfavorably relying on extreme weather and softness in visitation in 1st quarter,’ said Loveman.