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Ny Attorney General Looking Into Casino Bidding Process

Ny Atto<span id="more-12509"></span>rney General Looking Into Casino Bidding Process

Tioga Downs owner Jeff Gural is among those people who have been approached by state investigators asking questions about New York’s casino licensing process.

The nyc state attorney general’s office has apparently opened an inquiry into how the three web sites that were suggested by the Gaming Facility Location Board were plumped for, and whether the bidding process as a whole was fair.

In accordance with different reports, investigators for brand New York Attorney General Eric Schneiderman have met with a few regarding the bidders who were part of the casino selection procedure, seemingly to investigate whether conflicts of great interest or other problems were present during the selection.

According to a report by Central New York Media, the 3 bidders that are winning had ties to Taft, Stettinius & Hollister.

That firm merged with attorney Shefsky & Froelich last 12 months, after which it became the lead gambling consultant for the positioning board. As a whole, five of the 16 casino bids mentioned ties to the businesses as a prospective conflict of interest.

Gural States Investigators Approached Him About Process

According to Tioga Downs owner Jeff Gural, he has spoken to investigators concerning the bidding process. But though Gural has previously reported in regards to the Southern Tier being passed over and has now lobbied for his proposed casino to obtain a 2nd look, he says he was not wanting to allege any illegal activity into the process.

‘we didn’t get in touch with the AG,’ Gural said. ‘It had not been my intent to complain.’

Gural stated that while he told investigators that he didn’t believe any laws was in fact broken during the bidding process, he did have questions concerning the potential conflict of great interest triggered by an absolute bidder’s connections to that particular casino consulting firm, something he feels may not have been fair.

James Featherstonhaugh, an Albany lobbyist who worked with two losing bidders, also stated that state investigators had contacted his clients in recent months. However, he offered commentary that were even softer than those of Gural, saying that he wasn’t accusing the location board of any impropriety while he was disappointed in the results.

‘We thought that the process ended up being managed fairly and expertly,’ Featherstonhaugh told the brand new York circumstances. ‘We desire we had won. But we didn’t.’

Location Board Says Process Was Fair and Clear

According to location board spokesperson Lee Park, Taft’s role in the act was only to compile submitted materials into more effortlessly comparable summaries that board members could use.

‘Taft had no direct input into decision-making of the board people,’ Park said month that is last.

In a statement issues Monday, Park reiterated that the process had been fair and followed the principles established by New York’s casino legislation.

‘The casino process that is sitting followed the provisions of the Upstate New York Gaming Economic Development Act, which called for unprecedented transparency,’ Park said. ‘All material regarding the process, including legally required disclosures of potential disputes of interest, are available on our internet site for anyone to examine.’

The investigation comes due to the fact location board is planning to provide a report that is final the three sites chosen for gambling enterprises on Friday. The board is also expected to consider a formal request for allowing new proposals from the Southern Tier region, potentially allowing a fourth unused casino license to be awarded to a project there on that day.

The three recommended casino projects in upstate New York include Montreign Resort and Casino in Thompson (located in the Catskills), Rivers Casino and Resort in Schenectady, and Lago Resort Casino in Tyre, near the Finger Lakes at the moment.

Revel Sold To Florida Billionaire Straub For $82 Million

Right Back through the dead: Glenn Straub finally gets his fingers in the shuttered Revel casino resort, which he plans to turn into a casino-cum-center devoted to life extension technology. (Image: wsj.com)

Sold, to the eccentric Florida billionaire within the row that is front one gigantic, doomed casino resort that leaks $2 million per week. Stunning views associated with the beach.

Yes, after months of tortuous legal wrangling, home developer Glenn Straub has finally got his mitts in the stricken Revel Casino Resort in Atlantic City. He will spend $82 million for the building, a fraction of the $2.4 billion it cost to build.

His plans? Well, Revel will NOT become an elite university in which the brightest minds in the world can wander down and up the boardwalk ruminating on answers to international dilemmas, such as ‘famine, cancer and waste that is nuclear,’ as Straub previously proposed.

Instead, it will be some kind of weird center specialized in the quest for eternal youth, or ‘life-extension science,’ to make use of the terminology that is preferred. We imagine this might be very big in Florida.

Oh, and a casino.

Life Extension for Revel

Yes, despite, previous statements that he dislikes the very concept of Atlantic City being a casino town and that he would feel uncomfortable about profiting from gambling (although, given Revel’s history, there would seem to be little chance of that), Straub has tantalizingly revealed that the failed casino property will reopen as a casino. Albeit a strange one. After all, as he explained to Bloomberg this week: ‘It’s a shame not to have some entertainment.’

‘ I think we can help a complete lot of people,’ added Straub of Revel’s forthcoming life-extension facilities. ‘We’ll give you a week of knowledge and maybe extend everything.’

An issue that might have been instrumental in Straub compromising his convictions about casinos is the energy that is crippling that’s tagged onto Revel. While Straub was indeed the original ‘stalking horse’ in Revel’s bankruptcy auction, establishing the base bid at $90 million, the auction ended up being eventually won by the Canadian company Brookfield Asset Management, by having a bid of $110 million.

Energy Bills from Hell

But Brookfield balked and bolted when it saw the energy that is annual of $36 million. In contrast, the Borgata, which has twice as numerous resort rooms and a more substantial casino floor, paid $11.7 million a year ago in energy costs.

The property gets its power from an adjacent plant, owned by ACR Partners LLC, that was built especially for that function and with Revel is its sole customer. Revel AC Inc began building the power plant whenever work began on the home, in 2008.

When the company went out of money, however, the plant was taken over by ACR, which demanded a 15 % return on its equity in the casino-bonus-free-money.com first five years and 18 per cent from then on. Revel’s obligations to ACR constitute equity payments totaling $20.1 million annually, plus $4 million for operations and maintenance.

Resorts Casino Resort Joins New Jersey Online Gambling Fray

Resorts will get to be the fifth casino business in Atlantic City to start an online gambling site in the state of the latest Jersey. (Image: Donald Kravitz/Getty Pictures)

Resorts Casino Hotel may rank last among the Atlantic that is remaining City in terms of income, but that’s not stopping them from jumping straight into the online gambling world.

This week, Resorts will end up the fifth Atlantic City casino company to offer online gambling in hawaii of New Jersey. With a luck that is little they could also be joined by an extremely powerful partner in the months or months to come.

Resorts will end their five-day evaluating period on Wednesday, the second of two full days of procedure that follow three partial times of gaming.

That means the casino’s online gambling sites will be completely operational on Thursday, just per week Resorts received their waiver that is transactional from nj-new Jersey Division of Gaming Enforcement (DGE).

Resorts Boasts Range that is wide of Games, No Poker at Launch

‘As New Jersey’s first casino destination, Resorts is committed to delivering the best-in-class gaming that is online in the Garden State by partnering with gaming leaders, including SNG Interactive, which houses Sportech and NYX Gaming Group,’ said Mark Giannantonio, CEO and president of Resorts Casino Hotel.

‘With SNG’s versatile gaming solutions and exclusive game content, we’re excited to introduce Europe’s industry-leading casino slots and table games towards the United States market for the best online user experience.’

Resorts joins the Borgata, Golden Nugget, Tropicana and Caesars Entertainment in providing online casinos in New Jersey. Right now, just the Borgata (partnered with partypoker) and Caesars (with 888 Holdings) offer online poker.

That is not something which Resorts can boast right from the gate. Nonetheless, they truly are likely to enter the Internet poker landscape sooner rather than later. Resorts has a partnership that is existing utilizing the Rational Group, the parent company of PokerStars and Full Tilt that is now owned by Amaya Gaming.

While Amaya’s licensing application happens to be delayed, there has been indications that the organization could gain a brand new Jersey permit quickly, which would likely make Resorts a solid competitor in the internet poker sphere.

PokerStars, Complete Tilt Could Provide Games if Licensed

‘Resorts has built a relationship that is exclusive PokerStars and Full Tilt Poker, two of the most popular and effective online gaming brands in the world,’ reads an FAQ web page for Resorts. ‘This means Resorts will be supplying brand New Jersey with the best online casino and poker internet sites with the industry’s most acceptable products.’

For the time being, though, the focus will be on providing casino items. According to Resorts, their web site will ‘feature the largest selection of casino slots and table games in hawaii of New Jersey also exclusive games and highly coveted content which can be unavailable elsewhere.’

Resorts Casino Hotel was the casino that is first in Atlantic City, opening in 1978. Resorts was a heavy contributor to the campaign to legalize gambling in brand New Jersey, supporting the referendum on the issue that ended up being passed away by state voters in 1976.

Resorts is going to be entering an online gambling market in New Jersey that has been growing in recent months. In January, the state’s online gambling sites brought in $11.6 million, up over 22 per cent in comparison with equivalent month year that is last.

The sole section of their state’s Internet gambling framework that seems to be struggling is online poker, which could be given a boost that is major PokerStars is allowed to begin operations in partnership with Resorts.

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