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Supporters of online gambling bill of New Jersey satisfied with the provisional veto; MGM gives second thought to exit from AC | 14 February 2013 : WorldCasinoYellowPages

Supporters of online gambling bill of New Jersey satisfied with the provisional veto; MGM gives second thought to exit from AC

... 14 February 2013

Supporters of online gambling bill of New Jersey satisfied with the provisional veto; MGM gives second thought to exit from AC

Chris Christie, the governor of New Jersey has expressed that this is the ripe time for the state to lead in facilitating Internet Gaming and stand first in doing so. That would enable the Atlantic City to get modernized and refine its amusement attractions in a big and seasoned way without any adverse effects to anyone. The forty-five days deadline came to an end when the worthy official of the state came forward with his favourable ideas for online gaming and all concerned were satisfied with his expressions. The fears of the people have since disappeared in terms of their expectations that the non-poker aspects of the bill would be struck so that it would become more like the legislation in Nevada. However that did not happen and New Jersey has been officially permitted to introduce expansion of internet gambling in the US.

The politicians in the coming times would be enabled to give new genuine shape to internet gaming if they desire so through the ten-year sunset clause since recommended by the governor. Christie has advocated for an increase of five percent to the existing rate of ten percent, i.e. 15% from the present 10% in respect of tax on internet gambling. Those applying for the new online gambling license from the state authorities would have to deposit double the amount, i.e. $400k whereas the renewal fee has also been revised to $250k from the existing $150k. Without any clear cut aspect behind his recommendation regarding permission for the state for sharing internet gambling with the other genuine & willing states from an interstate compact to a mutual one, Christie wants the said change to be affected through the new language.

Christie has also recommended that Casino Reinvestment Development Authority, i.e. CRDA be empowered to initiate the noise standards within the tourist districts and also assess fees in respect of the particular casino licenses. Such few other actions on the part of CRDA have also been recommended through the Christie bill. The politicians and the workforce of the state would be barred from working on behalf of the online gaming concerns and the governor intends that the existing and the previous depiction of the entities holding or seeking online gambling licenses should be revealed by the elected officials of the state. The governor wants the CRDA to be empowered with greater powers and manage effective conditions of employment in respect of the employees transferred to it through the Tourism District law operations.

Ray Lesniak, the state senator is of the view that the prospective license holders would in no way get scared off through the ten year-sunset clause that would attract considerable investments whereas the five-year sunset could be embarrassing for all concerned. They could be affected adversely through the increase in the tax structure in terms of their ability to penetrate to markets of other states and challenge Nevada; however there are provisions to get the tax rate amended at the appropriate time, said Lesniak. He added that the suggestions made by Christie would get accommodated at the earliest by the parliament of New Jersey that would process the same on urgent basis. Lesniak expected that Christie would be able to put his signatures on the revised bill that would be ready before him by eighteenth of the coming month. It is noteworthy that Lesniak has been there to win the progressive gambling legislation of New Jersey to great extent and termed the move a big day in the history of the state that has been struggling for a long time. Atlantic City would be successful in keeping itself above from the clutches of red-tape he said. It may also be noted with great satisfaction that stocks of Boyd Gaming have gone up by approx five percent on Thursday whereas those of the Caesars Entertainment have also registered a growth of thirteenth percent with other concerns also following the same in Atlantic City.

Second thought by MGM for their exit from AC
The green signal for the proposed online gambling bill for New Jersey by Christie has an apparent impact upon MGM Resorts that had exited from the gaming bazaars of the Atlantic City in the year 2010 after Pansy Ho, the partner of MGM’s Macau joint venture was termed as an incompetent person by the New Jersey Division of Gaming Enforcement. New Jersey would be requested to give a second thought to its attitude in the light of reduction of Ho’s stake in the JV in 2011. Fifty percent of stakes of MGM in their Borgata have yet to be disposed off by MGM. Borgata is the top level gaming joint in AC while the regulators have already granted them many extensions for exiting. In fact, MGM wants to look blemish-free and it is there to bid for the Massachusetts and Maryland licenses but their return to AC could be affected greatly due to the green signal for online gambling of New Jersey by Christie.

Boyd Gaming, the proprietor of one half of the Borgata has also come into contact with MGM that has signed an internet poker joint venture with them. Similarly, MGM has shaken hands with digital entertainment-the internet gambling concern through a fresh agreement. All the adverse clauses in the internet gambling legislation of New Jersey have since disappeared through the latest proposals.

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