Massachusetts High Court Hears Case for Casino Repeal Vote


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Massachusetts Attorney General Martha Coakley stands by her decision to reject a ballot proposition to repeal the state’s 2011 casino legislation. (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 will give them one last chance to put the matter before voters.

The Massachusetts Supreme Judicial Court heard arguments last week over the question of whether a measure to repeal the 2011 casino law can show up on the statewide ballot in November. The move would essentially produce a referendum on whether casinos could be built one that could disrupt the process also if it absolutely was to ultimately fail.

State Believes Implied Contracts Is Violated By Repeal

That disruption had been one regarding the main arguments made by attorneys for hawaii, including Attorney General Martha Coakley, who 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 continuing state gambling commission. She argued that those contract rights would be illegally recinded with no compensation for the casino organizations.

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

‘It is clear that although the founders wanted the individuals to have options apart from their elected representatives in the home and Senate they also limited those occasions by which they did, understanding that there’s an orderly way in which business of this individuals does go forward,’ she said.

Advocates Declare State Can Change Direction

Issue of just how the state could back out of simply agreements with casino companies ended up being a heated subject during dental arguments. In particular, Justice Robert Cordy had questions how a repeal would affect the Penn National Gaming slots parlor in Plainville, which has recently been awarded a license.

‘So a five-year license casino-bonus-free-money.com that is exclusive had been awarded after a thorough process outlined by the Legislature, at great cost to the applicant, can easily be studied away with a big never mind?’ he asked Thomas O. Bean, a lawyer for those who would like a repeal vote in the ballot.

‘Yes,’ Bean responded.

‘They can perform this without compensation…for all of the investments that were made at the support for the Legislature?’ Cordy asked later in the questioning.

‘That is proper,’ Bean said.

While that may appear flippant, Bean’s argument had been that taxpayers had beenn’t obligated to compensate the firms if the state changed its mind in regards to the future of casino gambling. He additionally 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 risks they entailed if they began investing in the state.

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

‘But that doesn’t mean the procurement procedure can be just canceled in the middle after everyone else has spent a substantial amount of cash,’ he added.

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

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

Arizona Will Allow Account Wagering for Horse and Puppy Racing

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

Once we talk about the Unlawful Web Gambling Enforcement Act (UIGEA) or the Wire Act, we often behave as though these measures affect various types of interactive betting equally. But the truth of the problem is far different.

It has long been true that horse and dog racing along with state lotteries were exempt from numerous of the regulations that stifle other online and gaming that is phone-based, as a result 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 an item of legislation in purchase to allow advance deposit wagering (ADW) at horse and greyhound events across her state. This enables Arizonans to place bets from their domiciles, a big expansion for the state’s parimutuel gambling industry.

Formerly, bets for such races were only taken during the tracks or at any of 62 licensed off-track facilities that are betting their state.

Bill Does Not Authorize Online Betting

But while the move will make it much easier for gamblers in the continuing state to place 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 must be put over the telephone,’ Governor Brewer wrote in a letter to Secretary of State Ken Bennett. ‘Senate Bill 1282 does not authorize and may not be construed as authorizing Internet gaming.’

If that have beenn’t clear enough, section 10 of the bill explicitly remarks that the intent associated with bill just isn’t to allow for betting over the Internet.

It was also important to Brewer that the bill did maybe not affect standing agreements between your state plus the Native American tribes that run gambling operations there.

‘There can be an consensus that is unequivocal 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 had been spearheaded by Michael Racy, a lobbyist for Tuscon Greyhound Park. The idea had been to generate an influx of extra cash into the race industry, a move that officials hope will keep racing that is live and well into the state.

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

So that you can use the new ADW system, customers would need to transfer money as a special account. After they have inked so, they may then just use the funds in that account to wager on races place that is taking participating songs.

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

While Governor Brewer did approve the majority of the bill, she exercised her line-item veto to strike one provision. That part 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’ present financial obligation load outstrips the populous City of Detroit; the casino operator now plans to reapportion some of the.

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

In the week that the organization announced its first quarter earnings, Caesars additionally announced that it might 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 existing maturities for 2015, and will sell 5 percent of Caesars Entertainment Operating Company to investors that are undisclosed. Even though the restructuring won’t reduce any for the business’s long-term debt, it will wipe out more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.

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

Avoiding Bankruptcy

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

‘ Recent asset sales by Caesars’ private equity sponsors are weakening the tactile hand that creditors brings towards the table within the casino business’s inevitable restructuring,’ Holloway said. ‘ The asset is being reduced by the transactions base underlying the financial obligation, that may likely trigger 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 de-leveraging that is significant value creation at Caesars Entertainment.

‘Upon conclusion of the credit facility amendment … Caesars has added headroom under its upkeep covenant, supplying Caesars with extra stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this independent listing should help facilitate the eventual raising of equity along with obligation management and financial obligation reduction initiatives.’

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

Debt Management

Caesars additionally stated it had it sealed the deal regarding 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 guarantee continued access for Caesars and every of this properties offered to the Total Rewards network along with other Caesars resources,’ Loveman stated.

Caesars acquired the majority of its debt with regards to was taken private in 2008, following a $30.1 billion acquisition by Apollo Global Management and TPG Capital. Then, as the recession ravaged the gaming industry, Caesars, using its 50 casinos across the US, was hit the hardest. Publishing its very first quarter results immediately 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 remained a bright spot with strength into the hospitality groups, but regional company trends were unfavorably influenced by extreme weather and softness in visitation in the very first quarter,’ said Loveman.

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