It’s really a Definite Maybe Next Time for Christie on online Gambling for New Jersey

Saying ‘now is the full time for our state to go forward, again at the forefront for the world, by becoming one of this first states to allow online gaming,’ New Jersey Gov. Chris Christie ironically yet again this week vetoed his state’s draft that is latest of A internet gambling statute. Citing concerns over gambling tax revenue rates being set too low, as well as over transparency issues for companies seeking online gambling licensure, Christie however showed a glimmer of hope for passage of revised versions of the bill to come, possibly as early as March.

Both State Sen. Raymond Lesniak and State Assemblyman John Amodeo were encouraged by Christie’s wording in vetoing the bill, noting that ‘the governor’s concerns can easily be addressed’ with a newly worded measure.

On the line are millions of dollars in potential revenue, specially key in a state whose brick-and-mortar casinos took a heavy hit last 12 months, at minimum in part due to the ravages of Hurricane Sandy. Also impacting brand New Jersey’s ailing land casino marketplace is competition that is hard-hitting gambling-friendly neighboring states like Pennsylvania and ny. Profits have already been falling steadily since 2006, and hit a low of just over $3 billion year that is last a 2006 total of $5.2 billion.

Perhaps smelling blood from the veto action, Nevada Gov. Brian Sandoval quickly pressed his state’s lawmakers to acce (more…)

It’s No Go Ho for MGM Resorts. Maybe Vietnam are going to be Asia’s first bust that is big community things aren’t looking cheery for the MGM Ho Tram Strip these days ( just for want of the ‘p’ are the jokes on that name maybe not endless).

Based on A securities that is recent and Commission (SEC) filing, MGM Resorts International exercised its straight to terminate their agreement to manage the home based for a lack of pre-opening milestones having been accomplished as of March 1, 2013. The project is partially owned by Las Vegas-based Pinnacle Entertainment.

Bad Bet

The tale began in August of 2011, with Pinnacle investing in a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being almost all owner. Pinnacle had been club player free spins a 23 per cent stakeholder; apparently, that wasn’t a harbinger of good things to come.

By 2012, Pinnacle had already written off $25 million on the investment, caused by delays. A prominent video gaming security analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well take even more write-offs on the Vietnamese property.

‘The fact that MGM Hospitality will no longer be associated with this project will greatly detract from the success of the resort/casino,’ stated Beynon in a recent report. ‘MGM perhaps not only provided an international brand title, but it absolutely was also a significant area of the design and vision regarding the first phase. It remains not clear (more…)