New Jersey Governor Chris Christie Requires Atlantic City Budget Slim Down for Municipal Workers

 New Jersey Governor Chris Christie Requires Atlantic City Budget Slim Down for Municipal Workers

New Jersey Governor Chris Christie is no longer crisscrossing the united states on the campaign that is presidential, and thus the Republican, now in his 2nd gubernatorial term, has more time for you refocus their efforts on issues facing his or her own state.

Nj-new Jersey Governor Chris Christie said enough is sufficient on Thursday, calling on state lawmakers to take 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 vital in New Jersey right now than Atlantic City’s current monetary crisis. On Thursday, Christie told his fellow legislators that it’s into the city’s interest that is best to permit hawaii to seize control of its finances.

‘Even aided by the support and also the advice associated with the Emergency Manager that we applied in 2015, Atlantic City took only modest steps to rein inside their costs,’ Christie said at the statehouse this week. ‘They face a $100 million budget shortfall this year, $100 million spending plan deficit this present year . . . They are the true numbers, this might be the math, and they are the important points, and there is no debate about it.’

Park Spot & Boardwalk Salaries

The governor highlighted what he believes to be gross overspending on municipal workers in Christie’s arguments. Armed with charts and graphs, he showed that 119 city employees were paid over $100,000 throughout 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 Atlantic City paid $6.6 million in 2015 to retiring employees that are public primarily to compensate unused sick and vacation days. Part-time council people 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 flailing gambling mecca to Trenton, Christie claims he lacks the power to renegotiate contracts with public sector unions to have the ‘exorbitant expenses of the city employees in check.’

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 to the state. Prieto opposes that path, opting in favor of the PILOT (payment in place of taxes) program alternatively.

PILOT would enable casinos to pay taxes on a fixed routine that isn’t determined on property value or gaming revenues, which have both greatly diminished over the years, as tourism to the area has dropped.

Christie believes the PILOT program is a solution that is short-term won’t help Atlantic City’s long-term forecast. Financial analyst ensemble Moody’s 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 health,’ the credit rating corporation said recently. ‘ as the PILOT bill creates additional profits and avoids incurring additional casino tax liabilities, it is insufficient to avoid crippling deficits of $30 to $40 million a year, within the next five years.’

Christie believes public workers require to step up to the plate within the interest that is best of the city, but it seems some are already 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 month away, so action will need become taken, and soon.

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 a disgruntled Illinois customer who advertised that the free gaming platform offers ‘nothing more than camouflaged illegal games of chance.’

IGT’s DoubleDown social casino beat back a class action lawsuit effort from a disgruntled Illinois on the web customer this week, who 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 chips on the web site before determining she wanted to claw back every play cent. Phillips claimed that because DoubleDown uses ‘gambling mechanics’ in its games, it really is tantamount to actual gambling.

Well, except for real money being involved, but besides that.

In a class action lawsuit filed at the Circuit Court of Cook County, Illinois, Phillips said she wanted the DoubleDown web site to be shut down and money refunded to customers in Illinois. The lawsuit was filed on behalf of all citizens associated with 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 law states that any Illinois gambler who loses $50 or more has the straight to sue the winner getting the money straight back. It also states that will the losing gambler not sue the winner within sixth months, then ‘any person’ is allowed to sue with respect to all losers, for up to 3 times the quantity.

The legislation was originally designed to protect destitute families who’d had their last dollar stolen by family relations, that has been afterwards gambled away.

Phillips states 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. Because she paid for the chips, she argues, they had a monetary value, just like chips purchased in a casino, and so the services offered by DoubleDown had been tantamount to illegal gambling.

According to Phillips, as well as ILRA, DoubleDown ended up being in violation of the Illinois Consumer Fraud and Deceptive Business procedures Act, and was guilty of unjustly enriching it self with the use of ‘gambling devices,’ another no-no under Illinois state legislation.

The filing could have had to establish that online social casino games may be understood to be ‘gambling devices,’ and that IGT had procured cash from the plaintiff within an unlawful manner.

Establish ‘Gambling’

But the judge, unlike Phillips, wasn’t buying any of it.

JudgeEdmond Chang noted that ILRA calls for a winner and a loser through the results of a gambling proposition. Because virtual chips bought from DoubleDown cannot be cashed in for a real income, the social casino site cannot lose anything from the proposition, and so Phillips was on shaky ground.

In fact, broadly speaking, Phillips was asking the court to reconsider the very concept of gambling as it’s construed in almost every state in the US: namely, the proposition that something of value is risked upon the outcome of a event or game that is susceptible to chance into the hope of receiving something else of equal or greater value.

While spending money on digital chips constitutes a financial stake, with no financial reward involved, no type of gambling has occurred, by any legal definition, at least.

In fact, you can say that Phillip’s choice to sue DoubleDown is a definitely better example of gambling than anything that happens regarding the social casino site. And in this case, it had been a losing bet.

Money Laundering and Suspicious Activity at Casinos Continues to increase, FinCEN Reports

Money laundering is serious company.

Unfortunately for all in the casino industry, criminals have long relished the attractiveness associated with the floor cage as being the instrument that is perfect clean dirty money into purportedly legitimate funds.

‘Washing’ money by trading it in for chips then cashing it down again has become a method that is preferred of laundering by criminals. Now FinCEN wants the industry to better monitor itself for prospective crimes being committed by patrons, and the problems have actually become worldwide. (Image: i5design.com)

A bureau of the United States Department of the Treasury, requires institutions to file Currency Transaction Reports when a customer transacts over $10,000 in a single day since 1996, the Financial Crimes Enforcement Network ( FinCEN. 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 into the United States, including smaller institutions that are regional FinCEN is cracking straight down on cash laundering by threatening non-conforming banks 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. Nonetheless, a unanticipated 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 penalties for facilitating a customer that is suspicious request, banks are rapidly closing accounts after filing SARs. This forces the perpetrator that is alleged use alternative ways to move cash, and the funds effectively vanish from regulatory oversight.

‘What do we do, within the police arena, whenever money goes underground?’ FBI crimes that are financial Patrick Fallon pondered within the piece. ‘It’s what you don’t realize 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 same time frame.

Gambling enterprises Feeling the Heat

FinCEN Director Jennifer Calvery said her office’s 340 employees are successfully safeguarding the usa system that is financial promoting national security, and SARs play an important role in those efforts.

‘The information that casinos along with other banking institutions provide is used to confront terrorist organizations, rogue nations, WMD proliferators, foreign grand corruption, and increasingly serious cyber threats,’ Calvery said in 2014. ‘Violating the BSA (Bank Secrecy Act) might result in FinCEN imposing civil charges against the casino it self.’

And imposing penalties they are, as Calvery’s team levied monetary fines on four gambling companies year that is last. Especially ended up being the US Dept. of the Treasury’s $8 million penalty on Caesars Palace Las Vegas for what FinCEN found to be a violation that is willful of BSA and failure to adhere to SAR protocols.

The recent alleged involvement of two Philippines banks in an $83 million cyber heist through the New York Federal Reserve has shined a level brighter light with this issue that is troubling and you can bet that regulatory hands globally will be moving into the casino industry for a better look.

The list of internet sites, which investigators have stated were predicated on servers outside Italy and also 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 based on CalvinAyre.com, two of the websites may have been 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 reputation to lure bettors to copycat web sites.

OIA Services Ltd, meanwhile, which has Betaland, says that Betaland.com has been closed to Italian players for over a year, and the internet sites related to the gambling ring which used the Betaland extension did so without permission and had been ‘rightly currently darkened to access, 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 land-based gambling world.

Tancredi is thought to be the master of DollaroPoker, and was arrested in January and accused to be the mastermind of a gambling ring that operated 12,000 online gaming and lottery video terminals in https://lucky88slot.org/red-baron-slot/ pubs, cafes and gaming halls throughout Italy.

Leave a Reply

You must be logged in to post a comment.