ï»¿Massachusetts High Court Hears Case for Casino Repeal Vote

Massachusetts Attorney General Martha Coakley appears by her decision to reject a ballot proposal to repeal the state’s 2011 casino law. (Image: AP Photo/Elise Amendola)

Opponents of casino gambling in Massachusetts have actually been waging war against the expansion on every battlefront possible. They’ve had wins and losses across the state, but they’ve constantly made their case. Now, they’re hoping that the highest court in Massachusetts can give them one last opportunity to put the problem before voters.

The Massachusetts Supreme Judicial Court heard arguments the other day over the royal casino las vegas chips concern of whether a measure to repeal the 2011 casino law can appear on the statewide ballot in November. The move would create a referendum essentially on whether gambling enterprises could be built one that could disrupt the procedure also if it had been to ultimately fail.

State Believes Implied Contracts Could Be Violated By Repeal

That disruption ended up being one associated with the main arguments made by attorneys for their state, including Attorney General Martha Coakley, who rejected the petition because she felt it had been unconstitutional. According to Coakley, such a repeal would affect the ‘implied contracts’ between casino license applicants and the continuing state gambling payment. She argued that those contract rights would be illegally recinded without any payment for the casino firms.

Coakley made remarks at a breakfast forum in Boston that further explained her position.

‘It is clear that although the founders wanted individuals to have options apart from their elected representatives in the home and Senate they also restricted those occasions in which they did, understanding that there is a way that is orderly which business of the people does proceed,’ she said.

Advocates Declare State Can Change Direction

The question of just how the state could merely back out of agreements with casino companies had been a heated topic during dental arguments. In particular, Justice Robert Cordy had questions on how the Penn would be affected by a repeal nationwide Gaming slots parlor in Plainville, which has recently been awarded a license.

‘So a five-year license that is exclusive was already awarded after a thorough process outlined by the Legislature, at great price to the applicant, can merely be taken away having a big never mind?’ he asked Thomas O. Bean, a lawyer for people who require a repeal vote regarding the ballot.

‘Yes,’ Bean reacted.

‘They can do this without compensation…for all the investments that were made at the encouragement associated with Legislature?’ Cordy asked later in the questioning.

‘That is proper,’ Bean said.

While that might sound flippant, Bean’s argument ended up being that taxpayers had beenn’t obligated to compensate the firms if the state changed its mind about the future of casino gambling. He additionally said that the casino teams have understood there had been a repeal effort was ongoing since the statutory law was passed, and that the possibility was one of the known risks they entailed if they began investing within the state.

Assistant Attorney General Peter Sacks outlined another possibility: that the gambling payment has the energy to simply reject every application and not award any casino licenses.

‘But that doesn’t mean the procurement process can be just canceled in the middle after everybody has spent a significant amount of cash,’ he added.

A final decision is anticipated from the court this summer, likely timed to guarantee the question can appear on the ballot if it is approved. While some of the questioning may have suggested doubt from the justices in regards to the repeal, even those who strongly believe it should maybe not be on the ballot admit they’re no outcome that is certain.

‘ This is a relevant question that I think is close,’ Coakley said. ‘we think the court could concur with us, but I do not have tea leaves on this.’

Arizona Will Enable Account Wagering for Horse and Dog Racing

New legislation will allow Arizona residents to bet on horse races by phone. (Image: AZRacing.gov)

Once we talk in regards to the Unlawful Web Gambling Enforcement Act (UIGEA) or the Wire Act, we often behave as though these measures affect all types of interactive betting equally. But the reality of the situation is far different.

This has for ages been true that horse and dog racing along with state lotteries have already been exempt from numerous of the regulations that stifle other online and phone-based gaming enterprises, because of certain exceptions in these laws. And that means that while getting any other form of remote betting passed is just a struggle at the very best of times, innovations happen in the horse and dog racing industries all the time.

Just week that is last Arizona Governor Janice Brewer signed a bit of legislation in order to allow advance deposit wagering (ADW) at horse and greyhound races across her state. This allows Arizonans to place bets from their houses, a large expansion for their state’s parimutuel industry that is betting.

Previously, bets for such races had been only taken at the tracks or at any of 62 certified off-track betting facilities across their state.

Bill Does Not Authorize Online Betting

But while the move will make it easier for gamblers in the continuing state to put bets on races any time they like, Governor Brewer made it clear that this is not an authorization of Internet gambling in almost any method.

‘This bill is explicitly clear that Arizona is authorizing advanced deposit wagering and expressly prescribes that the bet needs to be put over the telephone,’ Governor Brewer wrote in a page to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and can not be construed as authorizing Internet gaming.’

If that have beenn’t clear enough, area 10 of the bill clearly remarks that the intent for the bill is not to permit betting within the online.

It was also essential to Brewer that the bill did maybe not restrict standing agreements between the state therefore the Native tribes that are american run gambling operations there.

‘There can be an unequivocal opinion that this bill will not impact nor cause any issue concerning the Arizona Tribal-State Gaming Compact,’ the governor wrote.

Bill Designed to Aid Racing Industry

The legislation was spearheaded by Michael Racy, a lobbyist for Tuscon Greyhound Park. The idea had been to produce an influx of additional money in to the race industry, a move that officials hope will keep live racing alive and well in the state.

‘[The bill] doesn’t authorize any new or form that is different of,’ Racy said. ‘It simply recognizes that the global world is changing on just how that happens.’

To be able to utilize the new ADW system, customers would need to transfer cash into a special account. Once they did so, they may then use only the funds in that account to wager on races taking place at participating songs.

Wagering by phone won’t take place immediately. Arizona’s Department of Racing will need to come up with rules before the operational system can get live, and that will take a moment. However, there are hopes that racing fans could be bets that are placing home as early as this summer time.

While Governor Brewer did approve most of the bill, she exercised her line-item veto to hit one provision. That element of the bill would have appropriated $1.2 million to the Arizona Breeders’ Award Fund and the County Fair Racing Fund.

Caesars Entertainment Restructures Mega-Debt

Caesars’ current debt load outstrips the populous City of Detroit; the casino operator now plans to reapportion some of the.

It may be the most famous gambling empire in the planet, but Caesars Entertainment’s financial obligation levels currently outstrip those associated with bankrupt town of Detroit.

In the week that the organization announced its first quarter earnings, Caesars also announced that it would be restructuring its colossal debt, which stands at $23 billion, a gaming industry all-time high.

Caesars will offer $1.75 billon in new debt to redeem its current maturities for 2015, and will sell 5 % of Caesars Entertainment Operating Company to investors that are undisclosed. And even though the restructuring won’t reduce any regarding the organization’s long-term debt, it shall get rid of more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.

Caesars is facing a lawsuit from two unnamed bondholders, which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.

Avoiding Bankruptcy

The move had been predicted earlier last week by Moody’s Investor Services analyst Peggy Holloway, whom stated the company would have to restructure so that you can avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash this season, and $2 billion year that is next.

‘ Recent asset product sales by Caesars’ private equity sponsors are weakening the hand that creditors brings to the table into the casino company’s inevitable restructuring,’ Holloway said. ‘ The transactions are reducing the asset base underlying the debt, that may likely result in much deeper losses for lenders and bondholders upon a standard.’

However, Caesars president and CEO Gary Loveman said the strategy would ‘lay the foundation for both significant de-leveraging and value creation at Caesars Entertainment.

‘Upon completion of the credit facility amendment … Caesars has added headroom under its upkeep covenant, supplying Caesars with additional stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the ultimate raising of equity in addition to liability administration and financial obligation reduction initiatives.’

When discussing news that is dubious use the biggest words possible. Well-played, Gary.

Debt Management

Caesars also stated it had it sealed the deal in the purchase of Bally’s, The Cromwell and The Quad to Caesars Growth Partners, with Harrah’s New Orleans anticipated to follow in very early summer. The four properties were respected at $2.2 billion, with $185 million in assumed debt.

‘The transaction is made to make sure continued access for Caesars and each for the properties for sale to the Total Rewards network as well as other Caesars resources,’ Loveman stated.

Caesars acquired nearly all of its debt when it ended up being taken personal in 2008, following a $30.1 billion acquisition by Apollo Global Management and TPG Capital. Then, as the recession ravaged the gaming industry, Caesars, with its 50 casinos across the united states, was struck the hardest. Posting its very first quarter results right after the restructuring announcement, Caesars said it lost $386.4 million in the quarter that ended March 31, a loss of $2.82 per share. The company lost $217.6 million, or $1.74 per share in the corresponding quarter last year.

‘ Las vegas, nevada remained a spot that is bright power into the hospitality categories, but regional company trends were unfavorably influenced by extreme weather and softness in visitation in the very first quarter,’ said Loveman.