This week's installment of Inside Gaming begins with a few stories about state legislators, the primary having to do with New Jersey Senate passing a bill designed to stop the reopening of the Trump Taj Mahal, and the opposite coping with Nevada passing a bill to construct a brand new NFL stadium. Finally we report at the sudden detaining of several Crown Resorts employees in China, seemingly a part of the country's ongoing efforts to limit gambling.
New Jersey Senate Passes Bill Thwarting Trump Taj Mahal Reopening
The embattled Trump Taj Mahal finally shut its doors on October 10th, becoming the fifth casino on Atlantic City's famed boardwalk to near within the last three years. The question of "what next?" for the Trump Taj Mahal just got a little more complicated after the brand new Jersey Senate yesterday passed a bill preventing owner Carl Icahn from holding a casino license for the valuables for 5 years, the Associated Press reports.
The bill specifically prohibits anyone who closes a casino from holding its license for the next five years, although as written would only immediately apply to Icahn and the Taj Mahal, and never to the owners of the four casinos that closed in 2014 — the Atlantic Club, the Showboat, the Revel, and Trump Plaza. But the bill would restore the license if a casino's owner is in a position to reach a take care of union workers to reopen it — an obvious connection with the location on the Taj Mahal where workers were on strike during its final months.
Although the Trump Taj Mahal still bore the Republican presidential candidate's name right up until its final days of operating, Icahn was the landlord after he helped Trump Entertainment Resorts out of bankruptcy earlier this year by making the corporate a subsidiary of his Icahn Enterprises.
The bill still must visit the state's Assembly, and if passed there would move directly to Governor Chris Christie's office to be signed into law. However, those following the bill believe Christie would likely veto it.
Unsurprisingly, Icahn strenuously objects to the bill, calling it "unfair and unconstitutional" and declaring it might make "it virtually impossible to reopen the Taj Mahal should they choose to do so," explains the AP. So, too, does Tony Rodio, president of Tropicana Entertainment (who were charged with running the Taj Mahal for Icahn during its last days), oppose the bill, believing it'll more broadly "scare away future investment in Atlantic City."
"I don't see any reason behind anyone to need to speculate within the casino industry in Atlantic City given this adversarial investment climate being created by some leaders of our state Legislature, the similar ones who're supporting the North Jersey gaming referendum on the way to certainly lead to the closure of many more Atlantic City casinos and future disqualification in their present owners under this bad legislation," argued Rodio in an announcement issued previous to the Senate vote.
Rodio alludes to the referendum at the upcoming November ballot asking New Jersey voters whether they support amending the state's constitution to permit casino gambling in two counties within the state located a minimum of 72 miles clear of Atlantic City. A poll taken in September suggested voters may vote down the referendum, and sentiment has increased in recent weeks that it's unlikely to earn a positive vote. Those supporting the referendum — including Gov. Christie, incidentally — are eyeing the development of 2 new casinos within the northern a part of the state.
Read more in regards to the bill and arguments for and against it at philly.com.
Nevada Lawmakers Pass Bill to Fund NFL Stadium
Speaking of state legislators — and to follow-up briefly on a narrative from last week — the Nevada Assembly voted in favor of a bill that enable the raising of funds to construct a brand new NFL stadium in Las Vegas and expand the city's convention center. Following the favorable vote by the state's Senate, the Assembly voted 28-13 in favor of the bill last Friday, then on Monday Governor Brian Sandoval signed it into law.
The new legislation with raise hotel taxes in Las Vegas and its vicinity, a part of an effort to lift $750 million to assist finance the stadium's construction costs. The rest of the associated fee for the proposed $1.9 billion, 65,000-seat stadium would come from the $650 million pledged by Las Vegas Sands Corporation chairman and CEO Sheldon Adelson and the $500 million promised by Oakland Raiders owner Mark Davis who has expressed a want to move the franchise to Las Vegas.
The move is hardly a done deal, however, as any relocation needs a minimum of three-fourths of the present NFL owners to vote to permit it.
Read more in regards to the legislation and additional arguments for and against Las Vegas building the stadium and luring the Raiders at ABC15.com.
China Detains 18 Crown Employees as A part of Gambling Crackdown
Earlier within the week Chinese authorities detained 18 employees of Crown Resorts Limited, the huge entertainment and gaming group that operates both Crown Casino and Crown Perth, as a part of a crackdown at the promotion of gambling in China, The brand new York Times reported. Among those detained was Jason O'Connor, vice chairman of VIP international operations for Crown Resorts.
On Monday Crown Resorts issued a press release addressing the detaining of its employees, saying it was then unable to talk with them and that the corporate didn't the explanation why they were being detained. Australia's government commented as well, acknowledging they were "conscious about reports of the potential detention of plenty of Crown International Group employees across China overnight on 13-14 October." Eventually Australian officials were permitted to satisfy with two of the detained employees.
The employees were arrested in multiple raids conducted as a part of measures initiated by President Xi Jinping to chop down at the promotion of gambling in China. AN ANNOUNCEMENT from China's Ministry of Foreign Affairs noted the Australians arrested as having "suspected involvement in gambling crimes," in keeping with local media.
In an analysis of the development, the NYT likened the arrests to an identical crackdown by China on South Korean casino chains last year when greater than a dozen employes "accused of luring Chinese tourists with free accommodations and prostitutes" were arrested. "HOWEVER THE detention of Mr. O'Connor, a high-level executive, is raising fears that the Chinese government is looking for harsh punishments against overseas operators and ratcheting up pressure at the industry," explains the NYT.
Alluding in addition to Jinping's ongoing campaign against corruption, fraud, and money laundering — and its effect at the gaming industry (particularly in Macau) — the NYT speculates "the campaign appears to have shifted to casinos outside China's borders, a possible concern for the gambling industry in countries just like the Philippines and South Korea, that have grown depending on wealthy Chinese clients."
Sudhir Kale, a specialist for Crown, commented "that the majority of the 200 top players at Crown's casino in Melbourne at the moment are located in mainland China."
Meanwhile anxiety in Australia as a result of the arrests extends beyond the specific situation of the 18 Crown employees, including in addition larger concerns over the country's economic dependence on China.
Visit the NY Times for more at the initial arrests in addition to a bigger overview in their possible implications.
Photo: "Crown Casino 3," Abir Anwar CC BY 2.0.
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