- Comments Off on New Jersey Governor Chris Christie Requires Atlantic City Budget Slim Down for Municipal Workers
New Jersey Governor Chris Christie is no longer crisscrossing the country on the presidential campaign trail, and therefore the Republican, now in his 2nd gubernatorial term, has more time for you to refocus his efforts on issues facing their own state.
New Jersey Governor Chris Christie said enough is sufficient on Thursday, calling on state lawmakers to take close control of the town. He made his situation equipped with colorful graphs showing 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 his fellow legislators that it’s in the city’s interest that is best to allow the state to seize control of its funds.
‘Even using the help plus 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 during the statehouse this week. ‘They face a $100 million budget shortfall this $100 million budget deficit this season . . year . They are the numbers, this is the math, and they are the important points, and there’s no debate about it.’
Park Spot & Boardwalk Salaries
In Christie’s arguments, the governor highlighted just what he believes to be gross overspending on municipal workers. Armed with charts and graphs, he showed that 119 city workers were paid over $100,000 during the last fiscal year, an amount 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 employees that are public primarily to compensate unused sick and vacation times. Part-time council users were collectively paid $300,000, a cost regarded as extravagant in the eyes associated with governor.
Unless their state legislature takes action to give control of the gambling that is flailing to Trenton, Christie claims 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 contacting State Assembly Speaker Vincent pelican pete free slots Prieto (D) to urge the chamber to hand over control of Atlantic City to the state. Prieto opposes that path, opting in favor of the PILOT (payment in lieu of taxes) program alternatively.
PILOT would allow casinos to pay taxes for a schedule that is fixed isn’t determined on property value or gaming revenues, which have actually both greatly diminished over the years, as tourism to the area has fallen.
Christie believes the PILOT system 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 only the PILOT bill passes [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,’ the credit history corporation said recently. ‘ Even though the PILOT bill produces additional revenues and avoids incurring additional casino tax liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a 12 months, within the next 5 years.’
Christie thinks public workers need to step up to the plate in the interest that is best of these city, but it appears some are usually doing that.
After Atlantic City Mayor Don Guardian (R) threatened a city closure of non-essential employees, various unions proposed paying employees every four weeks in place of two, a change that would enable the federal government to carry on operating until the next quarterly tax payments are received on May 1.
But that is only 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 casino that is social has survived a class action lawsuit attempt from the disgruntled Illinois customer who claimed that the free gaming platform offers ‘nothing more than camouflaged unlawful games of possibility.’
IGT’s DoubleDown casino that is social right back a class action lawsuit effort from the disgruntled Illinois on line 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 digital, value-less chips on 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’s tantamount to gambling that is actual.
Well, except for real money being involved, but besides that.
In a course action lawsuit filed at the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown site to down be shut and money refunded to customers in Illinois. The lawsuit was filed on behalf of all citizens of the state who’d lost over $50 playing at DoubleDown, under the Illinois that is antiquated Loss Act (ILRA).
Claw-back Law Dragged Up
The 19th century legislation states that any Illinois gambler who loses $50 or more gets the right to sue the winner to get the amount of money straight back. It also states that should the losing gambler perhaps not sue the winner within sixth months, then ‘any person’ is permitted to sue with respect to all losers, for approximately 3 x the total amount.
The law was originally made to protect destitute families who’d had their last dollar stolen by family members, that has been subsequently gambled away.
Phillips says she began playing on DoubleDown in January of 2013, and soon began purchasing digital (and value-less) chips with genuine money, once she had played through the supply that is original of chips. She argues, they had a monetary value, just like chips purchased in a casino, and therefore the services offered by DoubleDown were tantamount to illegal gambling because she paid for the chips.
According to Phillips, along with ILRA, DoubleDown ended up being in violation of the Illinois Consumer Fraud and Deceptive Business methods Act, and was guilty of unjustly enriching it self 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 defined as ‘gambling devices,’ and that IGT had procured money from the plaintiff in an manner that is illegal.
But the judge, unlike Phillips, had beenn’t buying any of it.
JudgeEdmond Chang noted that ILRA calls for a success and a loser through the upshot of a gambling proposition. Because virtual chips bought from DoubleDown can not be cashed in for real cash, the social casino site cannot lose such a thing from the idea, and so Phillips had been on shaky ground.
In fact, generally speaking, Phillips was asking the court to reconsider the definition that is very of as it is construed in virtually every state in the US: namely, the proposition that something of value is risked upon the results of an event or game that is subject to opportunity within the hope of receiving something different of equal or greater value.
While investing in virtual potato chips constitutes a stake that is financial with no financial reward involved, no type 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 better example of gambling than anything that happens regarding the casino site that is social. And in this instance, it was a bet that is losing.
Money Laundering and Suspicious Activity at Casinos Continues to Rise, FinCEN Reports
Money laundering is serious business.
Unfortunately for people in the casino industry, criminals have long relished the attractiveness for the floor cage as being the instrument that is perfect clean dirty money into purportedly legitimate funds.
‘Washing’ cash by trading it in for chips then cashing it out again has develop into a method that is preferred of laundering by criminals. Now FinCEN wants the industry to better monitor itself for potential crimes being committed by patrons, and the dilemmas have become global. (Image: i5design.com)
Since 1996, the Financial Crimes Enforcement Network (FinCEN), a bureau associated with the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a client transacts over $10,000 in an individual day. In addition, federal law mandates that a suspicious activity report (SAR) be completed if the patron is suspected of participating in the laundering of money.
With thousands of commercial banks in the United States, including smaller regional organizations, FinCEN is cracking down on cash laundering by threatening non-conforming banking institutions with financial penalties.
Without any 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 unexpected decline in SARs followed in 2014, and with it came an increase in suspicious activity reports being filed by the casino, securities, and insurance coverage 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 dealing with significant financial charges for facilitating a customer that is suspicious request, banks are quickly closing accounts after filing SARs. This forces the perpetrator that is alleged use alternative solutions to move cash, and the funds effortlessly vanish from regulatory oversight.
‘What do we do, in the police arena, once the money goes underground?’ FBI financial crimes specialist Patrick Fallon pondered within the piece. ‘It’s what you don’t know that’s the frightening thing.’
As banks refuse to provide services for suspected launderers, those who are indeed trying to facilitate money movement illegally could be drawn increasingly more to the casino cage.
And while bank SARs dropped by nearly nine percent between 2013-2014, the reports increased in the casino industry by 69 percent during the time frame that is same.
Gambling enterprises Feeling the Heat
FinCEN Director Jennifer Calvery said her office’s 340 workers are successfully safeguarding the US system that is financial promoting national security, and SARs play an essential role in those efforts.
‘The information that casinos along with other financial institutions provide is employed 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 penalties against the casino itself.’
And imposing penalties they are, as Calvery’s team levied financial fines on four gambling companies year that is last. Such as had been the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las Vegas for just what FinCEN found to be always a willful violation of the BSA and failure to adhere to SAR protocols.
The recent alleged participation of two Philippines banks in a $83 million cyber heist through the ny Federal Reserve has shined a level brighter light on this unpleasant issue, and also you can bet that regulatory arms internationally is going to be moving in to the casino industry for the closer look.
The list of sites, which detectives have said were according to servers outside Italy and also 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 internet sites was targeted in error. Austria’s SKS365 Group, which operates Planet365, has categorically distanced itself from any involvement, stating that the criminal 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 Italian players for over a year, and the sites related to the gambling ring that used the Betaland expansion did so without permission and had been ‘rightly already darkened to get into, as unlicensed.’
Tancredi Hyper Links
Italian authorities said that the ring also 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 bars, cafes and gaming halls throughout Italy.