New Jersey Governor Chris Christie is no longer crisscrossing the country on the presidential campaign trail, and therefore the Republican, now in his second gubernatorial term, has more time for you refocus his efforts on issues facing their own state.
Nj-new Jersey Governor Chris Christie said enough will do on Thursday, calling on state lawmakers to take 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 New Jersey right now than Atlantic City’s current crisis that is financial. On Thursday, Christie told their fellow legislators that it’s within the city’s best interest to allow hawaii to take close control of its funds.
‘Even with the support while 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 $100 million spending plan deficit this present year . . year . These are the true numbers, this is the math, and these are the reality, and there’s no debate about this.’
Park Destination & Boardwalk Salaries
The governor highlighted what he believes to be gross overspending on municipal workers in Christie’s arguments. Armed with maps and graphs, he showed that 119 city employees were paid over $100,000 during the last year that is fiscal an amount which doesn’t even include the ‘Lamborghini-level’ healthcare and benefits package that accompanies those salaries.
Christie also stressed the fact that Atlantic City paid $6.6 million in 2015 to retiring employees that are public primarily to compensate unused sick and vacation times. Part-time council users were collectively compensated $300,000, a cost seen as extravagant in the optical eyes for the governor.
Unless their state legislature takes action to give 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 employees in order.’
Takeover may be the Only Solution
Christie is calling on State Assembly Speaker Vincent Prieto (D) to urge the chamber to hand over 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 on 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 outfit Moody’s generally seems to agree.
‘If just the bill that is PILOT [with no other measures instituted], the city will continue to face stress since the single bill is insufficient to restore Atlantic City’s fiscal wellness,’ big red slots the credit score corporation said recently. ‘ Even though the PILOT bill produces additional revenues and avoids incurring additional casino tax liabilities, it is not enough to avoid crippling deficits of $30 to $40 million a year, over the next five years.’
Christie thinks public workers require to step up to the plate into the interest that is best of their city, but it seems some are usually doing that.
Every four weeks instead of two, a change that would allow the government to continue operating until the next quarterly tax payments are received on May 1 after Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees.
But that is only one away, so action will need to be taken, and soon month.
DoubleDown Social Casino Illinois Customer Lawsuit Dismissed, Angry Patron Lost $1K in Virtual Chips
IGT’s DoubleDown multiplatform social casino website has survived a class action lawsuit attempt from a disgruntled Illinois customer who reported that the free video gaming platform offers ‘nothing more than camouflaged unlawful games of chance.’
IGT’s DoubleDown casino that is social straight back a class action lawsuit effort from a disgruntled Illinois on the web customer this week, whom claimed that its operations were tantamount to ‘real’ gambling. (Image: onlinewin.minnim.org)
Plaintiff Margo Phillips blew $1,000 in real money on virtual, value-less potato chips on the web site before deciding she wanted to claw back every play cent. Phillips claimed that because DoubleDown uses ‘gambling mechanics’ in its games, it’s tantamount to gambling that is actual.
Well, except for real money being involved, but apart from that.
In a course action lawsuit filed during the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown web site to down be shut and money refunded to customers in Illinois. The lawsuit was filed on behalf of all citizens of this 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 to get the cash straight back. It also states that will the losing gambler maybe not sue the winner within sixth months, then ‘any person’ is permitted to sue on behalf of all losers, for up to three times the quantity.
The law was originally designed to protect destitute families who’d had their dollar that is last stolen family members, that was subsequently gambled away.
Phillips states she began playing on DoubleDown in January of 2013, and soon began purchasing virtual (and value-less) chips with real money, once she had played through the original availability of free chips. Because she paid for the chips, she argues, they possessed a value, exactly like chips purchased in a casino, and so the services offered by DoubleDown were tantamount to illegal gambling.
According to Phillips, in addition to ILRA, DoubleDown had been in violation of the Illinois customer Fraud and Deceptive Business techniques Act, and was guilty of unjustly enriching itself through the use of ‘gambling devices,’ another no-no under Illinois state legislation.
The filing might have had to establish that online social casino games are thought as ‘gambling devices,’ and that IGT had procured money from the plaintiff in an unlawful manner.
But the judge, unlike Phillips, wasn’t buying any of it.
JudgeEdmond Chang noted that ILRA requires a success and a loser through the upshot of a gambling proposition. The social casino site cannot lose anything from the proposition, and so Phillips was on shaky ground because virtual chips bought from DoubleDown cannot be cashed in for real money.
In fact, broadly speaking, Phillips was asking the court to reconsider the definition that is very of as it’s construed in pretty much every state in the usa: particularly, the proposition that something of value is risked upon the end result of an event or game that is subject to chance in the hope of receiving something different of equal or greater value.
While paying for virtual chips comprises a financial stake, with no financial reward involved, no form of gambling has occurred, by any legal definition, at least.
In fact, one could say that Phillip’s choice to sue DoubleDown is a better example of gambling than anything that happens in the social casino site. And in this case, it absolutely was a losing bet.
Money Laundering and Suspicious Activity at Casinos Continues to increase, FinCEN Reports
Money laundering is serious company.
Unfortunately for all those in the casino industry, criminals have long relished the attractiveness for the floor cage as being the perfect instrument to clean dirty money into purportedly legitimate funds.
‘Washing’ cash by trading it in for chips then cashing it out again has develop into a preferred method of money laundering by criminals. Now FinCEN wants the industry to monitor itself for better prospective crimes being committed by patrons, and the problems have actually become worldwide. (Image: i5design.com)
Since 1996, the Financial Crimes Enforcement Network (FinCEN), a bureau associated with United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a client transacts over $10,000 in just one day. In addition, federal law mandates that a suspicious task report (SAR) be completed in the event that patron is suspected of participating in the laundering of cash.
With thousands of commercial banks in the US, including smaller institutions that are regional FinCEN is cracking down on cash laundering by threatening non-conforming banking institutions with financial penalties.
With no choice but to comply with FinCEN, SARs filed by banks rose from 288,343 in 2003 to 972,037 in 2013, a 70 percent increase in just 10 years. Nevertheless, a unanticipated decline in SARs followed in 2014, and along with it arrived an increase in suspicious activity reports being filed by the casino, securities, and insurance companies.
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 penalties for facilitating a customer that is suspicious demand, banks are rapidly closing accounts after filing SARs. This forces the alleged perpetrator to use alternative solutions to move money, and the funds effortlessly vanish from regulatory oversight.
‘What do we do, within the law enforcement arena, when the money goes underground?’ FBI financial crimes specialist Patrick Fallon pondered within the piece. ‘It’s what you don’t understand 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 % during the time frame that is same.
Casinos Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the US system that is financial promoting nationwide security, and SARs play an essential role in those efforts.
‘The information that casinos along with other finance institutions provide is 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 penalties that are civil the casino itself.’
And imposing penalties they are, as Calvery’s team levied economic fines on four gambling companies a year ago alone. Most notably ended up being the US Dept. of the Treasury’s $8 million penalty on Caesars Palace vegas for just what FinCEN found to become a violation that is willful of BSA and failure to stick to SAR protocols.
The recent alleged involvement of two Philippines banks in a $83 million cyber heist through the New York Federal Reserve has shined an even brighter light on this issue that is troubling and you can bet that regulatory arms all over the world are going to be moving in the casino industry for the better look.
The list of sites, which detectives have said were considering servers outside Italy and have 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 according to CalvinAyre.com, two of the web sites was targeted in error. Austria’s SKS365 Group, which operates Planet365, has categorically distanced itself from any involvement, stating that the unlawful group had exploited Planet365’s brand name reputation to lure bettors to copycat web sites.
OIA solutions Ltd, meanwhile, which owns Betaland, says that Betaland.com has been closed to players that are italian over a year, and the web sites associated with the gambling ring that used the Betaland extension 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 guy understood in Italy as ‘the King of Slots’ for their operations in the legal gambling world that is land-based.
Tancredi is thought to be the dog owner of DollaroPoker, and was arrested in January and accused to be the mastermind of the gambling ring that operated 12,000 gaming that is online lottery video terminals in pubs, cafes and gaming halls throughout Italy.