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Showing posts with label Borgata. Show all posts
Showing posts with label Borgata. Show all posts

Tuesday, November 1, 2016

Atlantic City Approves Financial Recovery Plan




Atlantic City Approves Financial Recovery Plan

State Lawmakers Considering Plan This Week




Atlantic City officials are trying to prevent a state takeover of city finances in a plan approved this week. Lawmakers in New Jersey’s Assembly Judiciary Committee held a hearing Wednesday to vet the proposal.
Atlantic City has about $500 million in debt, thanks in part to its gambling industry contracting from a $5.2 billion market in 2006 to $2.56 billion in 2015. Five casinos have closed over the past three years.
More than 100 public employees will be laid off under the plan. A major component is being able to settle a tax issue with Borgata, the city’s highest grossing casino.
Borgata is owed $150 million in tax refunds, and Atlantic City is planning on being able to settle for about $100 million. The casino hasn’t formally accepted the settlement.
According to the Associated Press, other parts of the plan to pay off the debt include selling the Bader Field former airport site for $110 million and issuing $105 million in bonds.
The idea is to reduce its budget by about 20 percent by 2021.
State lawmakers have until Nov. 1 to approve the proposal. If they don’t, New Jersey would assume control of Atlantic City finances for a period of five years.

Wednesday, June 15, 2016

Fight for public opinion on north Jersey casinos is underway



The shuttered Showboat casino hotel will reopen next month — this time as a non-gambling hotel, a developer said Friday. Philadelphia developer ...


Motley Fool


Full ownership of the Borgata hotel and casino will transfer to MGM Resorts International after it buys out partner Boyd Gaming in a $900 million deal.

Casino.Org News


The Boardwalk might get a little darker in the coming years if New Jersey allowscasinos to come north, as Fitch Ratings predicts four more Atlantic ...


Mark Ford attends rally to support Gaming


Senate President Stephen Sweeney
Senate President Stephen Sweeney
RUTHERFORD, NJ -- June 4, 2016 -- Harness racing President Mark Ford along with Anthony Perretti and Mike Gulotta aligned forces with top state Democrats, county officials and union leaders on Friday at a news conference to convey their confidence to the public that casino gambling will be brought to the northern part of the state. Among those who spoke in favor of the expansion were Democrats Senate President Stephen Sweeney, Senator Paul Sarlo, Senate Majority Leader Loretta Weinberg, Senator Bob Gordon, and Bergen County Executive Jim Tedesco.
State Senate President Stephen Sweeney stood at the conference in front of the Meadowlands Regional Chamber of Commerce stating that bringing casino gambling to the area was “the right thing to do for the whole state.”
"This gives us an opportunity to create thousands and thousands of construction jobs in the northern part of the state of New Jersey," Sweeney said. "But guess what; it gives us the ability to create thousands and thousands of jobs in the southern part of the state and helps us to rebuild Atlantic City, and gives Atlantic City the opportunity to be the destination we want it to be."
Building northern casinos will have a ripple effect that will benefit the economy state wide, not just Bergen County, according to County Executive Tedesco.
The Meadowlands is not the only proposed location, Hudson and Essex County are also being considered. However, it is the most important location for New Jersey horsemen.
Tedesco believes the Meadowlands is a “perfect spot” for gaming expansion it is already a “premier entertainment destination” because of the Met Life Stadium, large-scale concerts and the current development of the American Dream project that already take place in the area. “The best is yet to come especially when we add casino gaming to the mix.”
The public will have the opportunity to vote this November on whether or not casinos should be expanded via ballot question. New Jersey Senate Democrats released figures that state casinos could generate an estimated $4 billion in economic activity, and up to 20,000 construction and permanent jobs in North Jersey. The Atlantic City region will also benefit with $3 billion and thousands of jobs. It is very important that all horsemen go out and vote in favor of casino expansion this November.
Courtney Stafford, for the SBOANJ


Fight for public opinion on north Jersey casinos is underway

  • By WAYNE PARRY
  •  
  • Updated 


RUTHERFORD, N.J. (AP) — With voters evenly split on whether to approve two new casinos in the northern part of the state, a push to get voters to vote yes on the proposal got underway Friday in the Meadowlands region near New York City, where one of the proposed casinos could be built.
Political, business and labor leaders held a news conference in Rutherford to begin to shape public opinion on the proposal, which will be on the November ballot.
It will ask voters whether to approve casinos in separate counties in northern New Jersey, with part of the gambling revenue going to help Atlantic City redevelop itself.
Speakers said a successful campaign will stress the benefits for all of New Jersey and play down a north-south divide.
"This is the right thing to do for the whole state," said state Senate President Steve Sweeney. "What this is trying to do is recapture the dollars of residents who won't go to Atlantic City anymore."
Jim Kirkos, president of the Meadowlands Regional Chamber of Commerce, said the vote-yes camp will stress one central message: that casinos in north Jersey benefit the entire state. Up to $200 million a year in revenue from the new casinos would go to Atlantic City to help it become known as a diversified, family friendly resort that is less dependent on gambling.
A Fitch Ratings report on Thursday warned that north Jersey casinos could wipe out up to half of Atlantic City's eight casinos.
That was similar to a report commissioned by the main opposition group, No North Jersey Casinos, that warned that three to five Atlantic City casinos could go out of business if faced with in-state competition. That group is comprised of casino, business and tourism officials from Atlantic City, Atlantic and Cape May counties.
"We can build and rebuild two great tourism destinations in New Jersey — here and Atlantic City," said Kirkos, the Meadowlands business leader. "How great for New Jersey would that be? This is not about north and south. We can have both."
Democratic Sen. Paul Sarlo, who represents the Meadowlands region, acknowledged there will be well-funded opposition.
"There will be those who oppose this and who will spend a lot of money to oppose it," he said. "It will be a campaign. But this is an investment in New Jersey. That's the most important message we need to get out to voters."
The ballot question does not specify locations for the casinos, other than that they be in two counties at least 72 miles from Atlantic City.
The most commonly mentioned proposals are at the Meadowlands Racetrack in East Rutherford, where track operator Jeff Gural and Hard Rock International want to add a casino to the track complex, and in Jersey City, where footwear magnate Paul Fireman proposes a casino resort costing up to $5 billion.
Key details remain to be determined, including the casino locations and the rate at which they would be taxed. Sweeney and Sarlo would not commit to deciding and publicizing those details through legislation before the November vote. Both said they remain under consideration.



Tuesday, September 22, 2015

3 Atlantic City casinos fined $14K for prohibited gamblers





SEPTEMBER 21, 2015

3 Atlantic City casinos fined $14K for prohibited gamblers


Read more here: http://www.tri-cityherald.com/news/business/national-business/article35953413.html#storylink=cpy





Sunday, August 16, 2015

Borgata: Casino: Cards destroyed before knowing of scheme






Casino: Cards destroyed before knowing of scheme



Associated Press

August 15, 2015

A New Jersey casino destroyed playing cards involved in a lawsuit against a professional gambler it says cheated it out of $9.6 million, but only as part of its routine business practices and before it knew of the alleged scheme, according to a legal filing Friday.
The Borgata Hotel Casino & Spa responded Friday to a countersuit filed last month by professional poker player Phil Ivey and co-defendant Cheng Yin Sun, whom the casino alleges took advantage of a defect in cards made by Gemaco Inc. that enabled them to sort and arrange good cards in baccarat.
Ivey said in his countersuit that the Borgata knew the card manufacturing process didn’t produce perfectly symmetrical card backs and that the casino purposefully destroyed evidence, “eviscerating the defendants’ ability to prove the lack of any defective cards.”
The Borgata said it destroyed some of the cards in the regular course of business and before it became aware of the alleged scheme. The Borgata “admits that there were circumstances where Gemaco, Inc. playing cards were delivered in a mis-cut fashion.”
The casino claimed the technique, called edge sorting, that was used by Ivey and Sun violates New Jersey casino gambling regulations. The lawsuit claimed the cards were defective in that the pattern on the back of them was not uniform. The cards have rows of small white circles designed to look like the tops of cut diamonds, but the Borgata claims some of them were only a half diamond or a quarter of one.
The Borgata lawsuit claimed that Ivey and his companion instructed a dealer to flip cards in particular ways, depending on whether it was a desirable card in baccarat. The numbers six, seven, eight and nine are considered good cards. Bad cards would be flipped in different directions, so that after several hands of cards, the good ones were arranged in a certain manner — with the irregular side of the card facing in a specific direction — that Ivey could spot when they came out of the dealer chute.
The casino also said in its response that Ivey and Sun can’t sue because any injury they suffered was a result of their own conduct.
Ivey lost a similar lawsuit last year in Britain’s High Court by the Malaysia-based Genting Group, a major casino operator. The court agreed that the casino didn’t have to pay Ivey $12.4 million he had won through edge sorting. He denied any misconduct and said in a statement after the ruling that he believes his strategy to exploit the casino’s “failures to take proper steps to protect themselsves against a player of my ability” was a “legitimate strategy.”
Ivey has won nine World Series of Poker bracelets and is considered one of the world’s best players.

http://www.courierpostonline.com/story/news/local/south-jersey/2015/08/15/casino-cards-destroyed-knowing-scheme/31774767/


Casino says it only destroyed cards before knowing of scheme
ATLANTIC CITY, N.J. (AP) - A New Jersey casino destroyed playing cards involved in a lawsuit against a professional gambler it says cheated it out of ...

Friday, May 22, 2015

21 indicted for allegedly stealing more than $88,000 in casino scam





Thursday, May 21, 2015

21 indicted for allegedly stealing more than $88,000 in casino scam

CHRISTIAN HETRICK, Staff Writer
The Press of Atlantic City

Police have busted another check-cashing scheme that allegedly netted more than $88,000 from Atlantic City casinos.


A grand jury indicted 21 people allegedly involved in the scheme Thursday, Acting Attorney General John Hoffman announced.

The defendants allegedly took advantage of TD Bank’s policy of making funds available the same date a check is deposited, according to the attorney general's office.

The alleged ringleader, Michael Williams, 35, of Sicklerville, allegedly recruited the other defendants to either open a new TD Bank account or use their existing TD Bank account to conduct the scheme, the statement said. Williams would allegedly deposit a bad check into an account, and a day later, the account holder would allegedly withdraw most of the money through a Global Cash Access cash advance transaction in either Bally’s Casino or Borgata Hotel Casino and Spa, the statement said.

The new accounts opened with small deposits ranging from $2 to $30, the statement said. The bad checks later written were for between $4,900 and $4,995, the statement said.

The scheme was possible because TD Bank offered same-day availability of funds on checks deposited, so the money was withdrawn before TD Bank was notified that the check was bad, the attorney general's office said in a news release. Williams allegedly stole a total of $88,796 with the other defendants. Williams allegedly let the other defendants keep a small share of the stolen money in return for their participation in the scheme, the statement said.

The charges are the result of an investigation by the New Jersey State Police Casino Investigation Financial Crimes Unit and the Division of Criminal Justice Specialized Crimes Bureau, the statement said.

Williams received second-degree counts of conspiracy, money laundering and theft by deception. The other defendants were each charged with third-degree counts of conspiracy, money laundering and theft by deception.

The other 20 defendants are:

Edward Smith, 31, of Clementon

Jennifer Gathers, 35, of Bridgeton

Antwan Cannon, 30, of Clementon

Armissa Williams, 37, of Lindenwold

Jose Ramos, 24, of Lindenwold

Anais Ramos, 26, of Lindenwold

Tidarat Johnson, 43, of Runnemede

Neil Miller, 65, of Clementon

Johnny Swain, 55, of Lindenwold

Saleem Brown, 36, of Philadelphia, Pa.

Jennifer Polidoro, 30, of Pine Hill

Mark Harley, 44, of Clementon

Gail Whitner, 52, of Philadelphia, Pa.

William Taylor, 32, of Somerdale

Lebaron Harvey, 33, of Camden

Eric Puriefoy, 51, of Berlin

Christina Honey, 30, of Pennsauken

Santa Santiago, 34, of Vineland

James Burch, 60, of Lindenwold

Barry Ettore, 54, of West Berlin



http://www.pressofatlanticcity.com/news/indicted-for-allegedly-stealing-more-than-in-casino-scam/article_08a26d00-0001-11e5-b5c1-571316ed3c97.html

Sunday, February 15, 2015

NJ's Addiction to Gambling Revenues




Massachusetts ‘GAMING’ Future
When it comes to filling state gambling tax coffers lawmakers will let casino operators do whatever they want. There are even rumors that in the near future the casinos in Atlantic City will be offering the game that’s in this link. https://www.youtube.com/watch?v=mKCgPlblVz0
 
(AP) – February 13, 2015
NJ OKs skill-based gambling with hoops betting
An Atlantic City casino is about to redefine casino gambling by making part of it solely dependent on physical skill rather than luck.
Executives at The Borgata tell The Associated Press they've gotten permission from state gambling regulators to host a basketball contest next month in which players shoot free throws for money.
It's the first of what promises to be many skill-based events that let gamblers take greater control over the outcomes of their bets, rather than relying on a roll of the dice, spin of the wheel or deal of the cards.
For a $20 buy-in, contestants will compete in 90-second rounds. The top four finishers will split $10,000, with the winner getting $5,000.

Borgata vice president Joe Lupo says anyone can play, even professional athletes.



 


http://www.mcall.com/news/nationworld/mc-basketball-for-bucks-20150213-story.html


Saturday, August 23, 2014

NJ: Casino Closings, MGM RESORTS CLEARS ANOTHER HURDLE TOWARD RELICENSING



Tuesday, August 19, 2014

Nanny State Alert





Massachusetts ‘GAMING’ Future
It’s ironic how pro-casino people love to through out the ‘Nanny State’ card when it comes to my wanting lawmakers in casino states to put forth my safeguards into their gaming laws. But when casinos are having finical problems, and talk about closing, the pro-casino people are the first ones asking for government assistance.
 
Philadelphia Inquirer - August 15, 2014 - Casino workers confront Christie at town meeting
 
OCEAN CITY - Unrest spurred by a spate of upcoming casino closures in Atlantic City confronted Gov. Christie on Thursday at the Shore, as workers showed up at a town-hall-style event and demanded that Christie take action.
 
Christie, meanwhile, told the crowd in Ocean City that there was a limit to what he could do.
 
"The government can't order private businesses to do things," Christie told those gathered for the event at the Ocean City Music Pier. "And you don't want to live in a world where we do."
 
At the same time, Christie said his administration was working to find jobs for the soon-to-swell ranks of the unemployed in Atlantic City, where the number of casinos that have closed or are slated to close grew to four this week.
 



 


POSTED: August 16, 2014
 
 
 
OCEAN CITY - Unrest spurred by a spate of upcoming casino closures in Atlantic City confronted Gov. Christie on Thursday at the Shore, as workers showed up at a town-hall-style event and demanded that Christie take action.
Christie, meanwhile, told the crowd in Ocean City that there was a limit to what he could do.
"The government can't order private businesses to do things," Christie told those gathered for the event at the Ocean City Music Pier. "And you don't want to live in a world where we do."
At the same time, Christie said his administration was working to find jobs for the soon-to-swell ranks of the unemployed in Atlantic City, where the number of casinos that have closed or are slated to close grew to four this week.
On Tuesday, the $2.4 billion Revel Casino Hotel - the latest addition to the resort town, which the state helped push to completion in 2012 - announced that it would close in September, leaving an additional 3,200 workers without jobs.
The Revel announcement followed the closure of the Atlantic Club earlier this year, and news that Showboat and Trump Plaza will also close.
A number of casino workers came Thursday to Ocean City, where they heralded Christie's arrival with chants of "Save our jobs!" and "Five-year promise!" - apparently a reference to Christie's five-year revitalization plan for Atlantic City, unveiled in 2011.
Rina Rimska, a cocktail waitress for 13 years at the slated-to-close Showboat, said as she waited for Christie's arrival that workers "feel outraged. Because he hasn't done anything."
After Christie was "so eager" to promote Revel, Rimska said, "why wouldn't he speak up? At least speak up."
Christie announced Wednesday that he would convene political leaders and casino industry officials for a summit to be held Sept. 8 on the future of Atlantic City.
To some in Ocean City on Thursday, that wasn't soon enough. "If we wait two weeks, Showboat will be closed," Cindy Pemberton, who has worked at the casino for 27 years, told Christie.
Christie said state officials were working "literally every day" with private employers in Atlantic City. But "what you're asking me to do is become the CEO of Showboat," he said. "I don't want to run Showboat. I don't want to run Borgata. I don't want to run Revel. . . . I don't want to run any of them."
The administration is "trying to come up with a solution that could help you and others save your jobs," Christie told Pemberton. "That's what our goal is."
Earlier, he had told the crowd: "I'm as committed today to Atlantic City and this region of this state as I've been the last five years. For all of you who are here and concerned . . . I am plugged in. I am listening."
Thursday's event marked the latest stop on Christie's summer tour at the Shore, where the governor has been making a push for still-unspecified changes to the state pension system.
Christie, who recently announced a commission to recommend changes to the system, continued to argue that the state's pension costs, which have been growing to compensate for years of skipped payments into the system, are unsustainable.
The governor, who had agreed to make escalating payments as part of a pension-reform deal reached during his first term, backtracked on the schedule earlier this year, cutting the state's payments to fill a revenue shortfall.
On Thursday when Christie's entrance was greeted by a few shouts about pensions, he said: "If they want to yell at folks to fund their pensions, they should yell at all the governors who came before me . . . who put nothing into [the pension system]. I'm cleaning up their mess. But a mess it is."
Christie singled out health benefit costs as a problem, noting a recent study by the Pew Charitable Trusts that said the average premium for a public worker in New Jersey - $1,334 - was 39 percent higher than the national average.
As he called for a need to curb the state's costs, Christie said he wasn't attacking public workers.
"What I am saying is, we can't afford the excess," he said.
Christie again acknowledged Thursday that he is weighing a bid for president - a topic he broached after a woman in the crowd encouraged him to run, drawing applause as she told Christie, "I just want to say we need you."
"Third question in - you people are slow," he said.
Christie, who has been traveling the country as chairman of the Republican Governors Association, said he would likely decide on a run by the end of this year or the beginning of next. He called it "an enormous decision" and said "the hardest part" is weighing the effect on his four children.
"If I really believe it's right for me, my family, and our country, I'll do it," he said. "If I don't, I won't."
In response to a woman who asked a broad question on national issues, Christie issued several criticisms of President Obama, saying the president had thrown the health-care system "into complete chaos."
Christie voiced support for "significant" tax reform on the national level, saying too-high tax rates are to blame for companies shifting their headquarters outside the United States.
And he again faulted Obama in light of the recent influx of unaccompanied children trying to enter the United States from Mexico, saying the president "hasn't done his job" in securing the border and because "we don't have an immigration system that works."