Massachusetts High Court Hears Case for Casino Repeal Vote

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

Opponents of casino gambling in Massachusetts have been war that is waging the expansion on every battlefront possible. They’ve had wins and losings across the continuing state, nevertheless they’ve always made their case. Now, they’re hoping that the highest court in Massachusetts will give them one last opportunity to put the problem before voters.

The Massachusetts Supreme Judicial Court heard arguments a week ago over the concern of whether a measure to repeal the 2011 casino law can appear on the statewide ballot in November. The move would really create a referendum on whether casinos could be built the one that could disrupt the process even if it absolutely was to ultimately fail.

State Believes Implied Contracts Is Violated By Repeal

That disruption had been one for the main arguments made by lawyers for their state, including Attorney General Martha Coakley, whom rejected the petition it was unconstitutional because she felt. According to Coakley, such a repeal would damage the ‘implied agreements’ between casino license applicants and the state gambling commission. She argued that those contract rights would be illegally taken away without any settlement for the casino firms.

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

‘It is clear that although the founders wanted the folks to have options apart from their elected representatives in the House and Senate they also limited those occasions in which they did, comprehending that there’s an orderly way in which business regarding the people does go forward,’ she said.

Advocates Say State Can Change Direction

The question of just how the state could back out of simply agreements with casino companies had been a heated subject during dental arguments. In particular, Justice Robert Cordy had concerns about how a repeal would affect the Penn National Gaming slots parlor in Plainville, which has already been awarded a license.

‘So a five-year license that is exclusive had been awarded after having a thorough process outlined by the Legislature, at great expense to the applicant, can merely be studied away having a big never mind?’ he asked Thomas O. Bean, a lawyer if you would like a repeal vote in the ballot.

‘Yes,’ Bean reacted.

‘They can do this without compensation…for every one of 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 was that taxpayers had beenn’t obligated to compensate the firms if the state changed its mind concerning the future of casino gambling. He also stated that the casino groups have understood there was a repeal effort was ongoing since the legislation was passed, and that the possibility was one of the known dangers they entailed when they began investing in 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 suggest the casino-bonus-free-money.com procurement procedure can be just canceled in the middle after everybody else has invested a significant amount of cash,’ he included.

A decision that is final expected from the court this summer, most likely timed to ensure the question can appear on the ballot if its approved. While a few of the questioning may have suggested doubt from the justices about the repeal, also people who strongly think it should not be on the ballot admit they’re no outcome that is certain.

‘ This is a relevant question that I believe is close,’ Coakley said. ‘I think the court could agree I don’t have tea leaves on this. with us, but’

Arizona Will Enable Account Wagering for Horse and Dog Rushing

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

We often act as though these measures affect all types of interactive betting equally when we talk about the Unlawful Internet Gambling Enforcement Act (UIGEA) or the Wire Act. But the truth of the situation is far different.

It’s always been true that horse and dog racing along with state lotteries are exempt from many of the regulations that stifle other online and gaming that is phone-based, because of specific exceptions in these laws. And that means that while getting any other form of remote betting passed is really a struggle at the very best of times, innovations happen in the horse and dog racing industries all the time.

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

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

Bill Doesn’t Authorize Online Betting

But while the move will make it much simpler for gamblers in the continuing state to position bets on races any time they like, Governor Brewer made it clear that this isn’t an authorization of Internet gambling in every method.

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

If that have beenn’t clear enough, part 10 of the bill explicitly remarks that the intent regarding the bill is not to permit betting within the Web.

It was also important to Brewer that the bill did perhaps not interfere with standing agreements between the state and the Native American tribes that run gambling operations there.

‘There is definitely an unequivocal consensus that this bill will not impact nor cause any issue associated with 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 ended up being to create an influx of extra cash into the race industry, a move that officials hope will keep live racing alive and well within the state.

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

In order to use the new ADW system, customers would need to transfer cash in to a special account. When they have inked so, they may then only use the funds in that account to wager on races using place at participating tracks.

Gambling by phone won’t take place immediately. Arizona’s Department of Racing will have to come up with rules before the operational system can go live, and that will take the time. Nevertheless, you will find hopes that racing fans could be placing bets from home as early as this summer.

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

Caesars Entertainment Restructures Mega-Debt

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

It could be the most gambling that is famous in the planet, but Caesars Entertainment’s debt levels currently outstrip those of the bankrupt city of Detroit.

In the week that the business announced its first quarter profits, Caesars additionally announced that it might be restructuring its debt that is colossal stands at $23 billion, a gaming industry all-time high.

Caesars will offer $1.75 billon in new debt to redeem its existing maturities for 2015, and will sell 5 % of Caesars Entertainment Operating Company to undisclosed investors. And even though the restructuring won’t reduce any of this company’s long-term debt, it will eliminate 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 bondholders that are unnamed which claim the casino giant had breached its ‘fiduciary duties’ to its creditors.

Avoiding Bankruptcy

The move had been predicted earlier in the day last week by Moody’s Investor Services analyst Peggy Holloway, whom stated the business would have to restructure in order to avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash in 2010, and $2 billion next year.

‘ Recent asset sales by Caesars’ private equity sponsors are weakening the tactile hand that creditors provides to the dining table into the casino business’s inevitable restructuring,’ Holloway said. ‘ The transactions are reducing the asset base underlying the financial obligation, that will likely trigger much deeper losses for loan providers 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 conclusion of the credit facility amendment … Caesars could have added headroom under its maintenance covenant, supplying Caesars with additional stability to execute its business plan,’ he included. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the eventual raising of equity as well as obligation administration and debt decrease initiatives.’

When discussing dubious news, utilize the biggest words possible. Well-played, Gary.

Debt Management

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

‘The transaction is made to ensure continued access for Caesars and every associated with the properties being sold to the Total Rewards network as well as other Caesars resources,’ Loveman said.

Caesars acquired most of its debt when it ended up being taken personal in 2008, after 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 usa, was hit the most difficult. Publishing its very first quarter results soon after the restructuring announcement, Caesars said it lost $386.4 million within the quarter that ended March 31, a loss of $2.82 per share. In the corresponding quarter a year ago the business destroyed $217.6 million, or $1.74 per share.

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