Massachusetts High Court Hears Case for Casino Repeal Vote

Date: February 28, 2020 | Category: Royal Vegas Casino

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 waging war against the expansion on every battlefront possible. They’ve had wins and losings across the state, but they’ve always made their case. Now, they’re hoping that the court that is highest in Massachusetts gives them one last chance to put the matter 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 show up on the statewide ballot in November. The move would create a referendum essentially on whether gambling enterprises could be built one which could disrupt the process also if it had been to ultimately fail.

State Believes Implied Contracts Could Be Violated By Repeal

That disruption had been one for the main arguments made by attorneys for the state, including Attorney General Martha Coakley, who rejected the petition because she felt it was unconstitutional. According to Coakley, such a repeal would cause damage to the ‘implied contracts’ between casino license applicants and the continuing state gambling commission. She argued that those contract rights would be illegally taken away with no settlement for the casino companies.

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 own options other than their elected representatives in the House and Senate they also limited those occasions in which they did, comprehending that there is an orderly way in which business associated with people does go forward,’ she stated.

Advocates Say State Can Change Direction

Issue of exactly how the state could merely back out of agreements with casino companies ended up being a heated subject during oral arguments. In particular, Justice Robert Cordy had concerns on how the Penn would be affected by a repeal National Gaming slots parlor in Plainville, which has recently been awarded a license.

‘So a five-year license that is exclusive was already awarded after having a thorough process outlined by the Legislature, at great expense to newest royal vegas casino free spins bonuses the applicant, can simply be taken away having a big never mind?’ he asked Thomas O. Bean, a lawyer for people who require a repeal vote in the ballot.

‘Yes,’ Bean responded.

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

‘That is proper,’ Bean said.

While that may appear flippant, Bean’s argument was that taxpayers weren’t obligated to compensate the firms if the state changed its mind in regards to the future of casino gambling. He additionally said that the casino groups have known there was a repeal effort was ongoing since the statutory law was passed, and that the possibility was one of the known risks they entailed when they began investing into the state.

Assistant Attorney General Peter Sacks outlined another possibility: that the gambling commission 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 everybody has spent a substantial quantity of cash,’ he added.

A decision that is final expected from the court this summer, most likely timed to guarantee 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 perhaps not be on the ballot admit they’re no certain outcome.

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

Arizona Will Allow 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 long been true that horse and dog racing along with state lotteries have been exempt from numerous of the regulations that stifle other online and phone-based gaming enterprises, as a result of certain 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 dog and horse racing industries all the time.

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

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

Bill Will Not Authorize Online Betting

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

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

If that weren’t clear enough, area 10 of the bill clearly remarks that the intent for the bill isn’t to enable betting within the Internet.

It was also important to Brewer that the bill did maybe not hinder standing agreements involving the state and the Native American tribes that run gambling operations there.

‘There is an unequivocal opinion that this bill does not impact nor cause any problem 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 was to generate an influx of more money into the racing industry, a move that officials hope will keep live racing alive and well into the state.

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

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

Wagering by phone won’t happen immediately. Arizona’s Department of Racing will need to come up with rules before the operational system can go live, and that will take some time. Nevertheless, you will 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 to the Arizona Breeders’ Award Fund and the County Fair Racing Fund.

Caesars Entertainment Restructures Mega-Debt

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

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

Into the week that the business announced its first quarter profits, Caesars also announced that it will 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 percent of Caesars Entertainment Operating Company to undisclosed investors. Even though the restructuring won’t reduce any for the company’s long-term debt, it will get rid of more than $1 billion of payments due in 2015, while leaving its lenders and bond-holders somewhat in the lurch.

Caesars has already been 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 last week by Moody’s Investor Services analyst Peggy Holloway, who stated the organization would have to restructure to be able to avoid bankruptcy. Holloway predicted Caesars would lose $1 billion in cash this season, and $2 billion next year.

‘ Recent asset product sales by Caesars’ private equity sponsors are weakening the hand that creditors provides towards the dining table in the casino business’s inevitable restructuring,’ Holloway said. ‘ The transactions are reducing the asset base underlying the financial obligation, which will likely cause 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 de-leveraging that is significant value creation at Caesars Entertainment.

‘Upon conclusion of the credit facility amendment … Caesars may have added headroom under its upkeep 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 financial obligation reduction initiatives.’

When discussing questionable news, make use of the biggest words possible. Well-played, Gary.

Debt Management

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

‘The transaction is designed to make sure access that is continued Caesars and each for the properties for sale 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, 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 struck the most difficult. Publishing its very first quarter results soon after the restructuring announcement, Caesars said it lost $386.4 million into 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 spot that is bright strength within the hospitality groups, but regional business trends had been unfavorably impacted by extreme weather and softness in visitation in the initial quarter,’ said Loveman.

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