Ny Attorney General Looking Into Casino Bidding Process

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Ny Atto<span id="more-12249"></span>rney General Looking Into Casino Bidding Process

Tioga Downs owner Jeff Gural is among individuals who have been approached by state investigators asking questions regarding nyc’s casino licensing process.

The nyc state attorney general’s workplace has apparently opened an inquiry into just how the three web sites that had been recommended by the Gaming Facility Location Board had been chosen, and whether the putting in a bid process in general ended up being fair.

In accordance with reports that are various investigators for brand New York Attorney General Eric Schneiderman have met with some for the bidders who were a part of the casino selection process, seemingly to investigate whether conflicts of interest or other problems were present during the selection.

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

That company merged with law practice Shefsky & Froelich year that is last after which it became the lead gambling consultant for the place board. In total, five of the 16 casino bids mentioned ties to the companies as a conflict that is potential of.

Gural Says Investigators Approached Him About Process

According to Tioga Downs owner Jeff Gural, he has spoken to investigators in regards to the putting in a bid procedure. But though Gural has previously reported about the Southern Tier being passed over and has lobbied for his proposed casino to obtain a 2nd look, he claims he wasn’t trying to allege any illegal activity within the process.

‘we don’t reach out to the AG,’ Gural said. ‘It was not my intent to grumble.’

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

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

‘We thought that the process was handled fairly and expertly,’ Featherstonhaugh told the New York Times. ‘We want we had won. But we didn’t.’

Location Board Says Process Was Fair and Transparent

According to location board spokesperson Lee Park, Taft’s part in the process was only to compile submitted materials into more summaries that are easily comparable board members can use.

‘Taft had no direct input into decision-making of the board users,’ Park stated last month.

In a declaration issues Monday, Park reiterated that the method ended up being fair and followed the guidelines established by New York’s casino law.

‘The casino sitting process strictly followed the conditions of the Upstate ny 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 while the location board is planning to deliver a report that is final the three sites chosen for casinos on Friday. On that day, the board can be expected to consider a formal request for allowing brand new proposals from the Southern Tier region, possibly allowing a fourth unused casino permit become granted to a task there.

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

Back from the dead: Glenn Straub finally gets their hands regarding the shuttered Revel casino resort, which he plans to turn into a casino-cum-center devoted to life extension science. (Image: wsj.com)

Sold, to the eccentric Florida billionaire into the front line: one gigantic, doomed casino resort that leaks $2 million per week. Stunning views of this coastline.

Yes, after months of tortuous wrangling that is legal property developer Glenn Straub has finally got his mitts on the stricken Revel Casino Resort in Atlantic City. He will pay $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 where the brightest minds on the planet can wander up and down the boardwalk ruminating on solutions to global problems, such as ‘famine, cancer and waste that is nuclear,’ as Straub previously proposed.

Instead, it will become some kind of strange center devoted to the pursuit of 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 ab muscles idea of Atlantic City being a casino town and that he would feel uncomfortable about profiting from gambling (although, given Revel’s history, there would appear 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 possibly extend your daily life.’

A factor that could have been instrumental in Straub compromising his convictions about gambling enterprises could be 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 had been sooner or later won by the Canadian company Brookfield Asset Management, by having a bid of $110 million.

Energy Bills from Hell

But Brookfield balked and bolted whenever it saw the annual energy bill of $36 million. In comparison, the Borgata, which has twice as numerous hotel rooms and a larger casino floor, paid $11.7 million year that is last energy costs.

The property gets its energy from a plant that is adjacent owned by ACR Partners LLC, which was built designed for that purpose and with Revel is its sole customer. Revel AC Inc started building the charged power plant when work started on the property, in 2008.

When the ongoing business ran out of money, however, the plant was taken over by ACR, which demanded a 15 % return on its equity within the first 5 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 On The Web Gambling Fray

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

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

This week, Resorts will end up the 5th Atlantic City casino company to provide gambling that is online hawaii of New Jersey. With a luck that is little they could even be joined by a very powerful partner in the weeks or months in the future.

Resorts will end their testing that is five-day period Wednesday, the second of two full times of operation that follow three partial days of gaming.

Which means the casino’s online gambling sites are going to be totally operational on Thursday, just per week Resorts received their waiver that is transactional from New Jersey Division of Gaming Enforcement (DGE).

Resorts Boasts Wide Variety of Casino 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 flexible gaming solutions and exclusive game content, we’re excited to introduce Europe’s industry-leading casino slots and table games to 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 that Resorts can boast right from the gate. However, they truly are prone to enter the online world poker landscape sooner rather than later. Resorts has an existing partnership agreement with 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 signs that the company could gain a New Jersey permit quickly, which would probably make Resorts a formidable competitor in the internet poker sphere.

PokerStars, Comprehensive Tilt Could Provide Games if Certified

‘Resorts has built a relationship that is exclusive PokerStars and Full Tilt Poker, two of the very most popular and powerful online gaming brands on earth,’ reads an FAQ page for Resorts. ‘This means Resorts will be providing brand New Jersey with the best online casino and poker sites with the industry’s most competitive products.’

new titanic slot machine For the present time, though, the focus will be on providing casino items. According to Resorts, their site will ‘feature the biggest selection of casino slots and dining table games in their state of brand New Jersey along with exclusive titles and highly coveted content which are unavailable anywhere else.’

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 New Jersey, supporting the referendum on the issue that had been passed by state voters in 1976.

Resorts are 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 % in comparison to the same month final year.

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

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