Lincoln, Rhode Island’s Twin River Casino is just one whose revenues could be impacted by the upcoming opening of new properties across the border in Massachusetts (Image: WPRO File Photo)
Gamblers and state officials in Massachusetts are starting to getting excited; after all, next few months, licenses will be awarded to as much as three casino operators in various regions of the state to become listed on the slots parlor in Plainville, and that is going to mean a lot of new income for the state. It also means that Massachusetts gamblers will be able to stay a complete lot closer to home when they want to visit a casino great for them, but not so great for the state’s next-door neighbors whom rely on 888 casino bbc news gambling revenues as an ingredient of these state budgets.
The many dramatic impact could be felt in the tiny state of Rhode Island, which directly borders Massachusetts to the southeast. Gambling could be the third-largest revenue supply for the Ocean State, with most coming from the Twin River in Lincoln and the Newport Grand in Newport.
Massachusetts Casinos Will Influence Rhode Island Revenues
At this time, those gambling enterprises are anticipated to generate $394 million for the state in the current fiscal year, and another $400 million in 2014-15. But into the four years after the Massachusetts casinos start opening which many believe could happen as early as next year the Rhode Island Office of Management and Budget estimates that hawaii could lose $422 million over a period that is four-year. That will start with a $48 million dip in 2015-16, which may increase to $144 million by the end of the four-year projection.
That is an issue for the state, since they’re already predicting budget shortfalls for those years. The loss of gambling revenue would just exacerbate that problem, causing a calculated shortfall of $419 million for the 2018-19 fiscal year.
The problem just grew more apparent whenever the Penn National Gaming proposal in Plainville was chosen due to the fact site of Massachusetts’ lone slots parlor. That facility that could be up and running ahead of the end of this year is directly on the border with Rhode Island, and perfectly situated to attract what University of Massachusetts Dartmouth professor Clyde Barrow calls ‘convenience gamblers,’ who typically traveled to the Rhode Island gambling enterprises.
‘ The first objective was to fully capture convenience gamblers that had been leaving Massachusetts and going to Twin River and Newport Grand,’ Barrow who’s an expert in the gaming industry stated.
While casino operators in Rhode Island understand this problem is coming and will work to combat it, there’s only plenty they together with state can do to safeguard their profits.
‘We’ve said all along that we can focus on the things that we can control,’ said Twin River Chairman John Taylor. ‘we can’t really have much effect on what are the results. although we want to be aware of what’s happening over the border,’
On Line Gaming Nevertheless Aways Off
One potential avenue for increased gambling revenues is online gambling. However, Rhode Island has yet to even test Internet gaming sites, and also the state has yet to move beyond the exploratory stage in considering the idea.
The state lottery believes it could add online versions of games like keno and bingo, because it already offers such games offline. However, adding casino games or poker would require approval from Rhode Island’s residents, since it might be an entirely new type of gambling.
‘ We wouldn’t pursue it without statewide approval,’ said Rhode Island Lottery Director Gerald S. Aubin. ‘To venture into internet poker and online gaming would take constitutional approval.’
Aubin also questioned whether offering lottery products online would simply cannibalize revenues from convenience stores and other vendors who presently sell their games, potentially causing more harm compared to the added revenue is worth.
European Parliament Approves Controversial Anti-Money Laundering Bill
The European Parliament wants new directives aimed at making EU nation online gambling operators’ money nigh that is laundering impractical to expedite (Image: circuit3.blogspot.com)
The European Parliament has approved a proposal that will tie all gambling operators to anti-money that is stringent measures and require all beneficial owners of online gambling companies in EU countries become placed in public registers. Beneficial owners are people who ultimately possess an investment, instead than simply hold it on behalf of the owner that is real and so the new legislation seeks to prevent criminals from having anonymous stakes in online gambling operations.
It’s going to also ensure that banks, solicitors, auditors, etc., have a responsibility to question any dubious transactions made by their clients. Also listing information on company owners, the registers that are new carry information on legal arrangements related to all individuals’ companies, holdings, fundamentals and trusts.
How Much Laundering Under Debate
That online gambling can facilitate money laundering is a battle that is frequent of the anti-gambling brigade, although the veracity of this claim has for ages been up for debate. The online gambling industry already has strict measures that are anti-money-laundering place. The EU legislation should, then, be welcomed by both sides the gambling industry, irked by the claims that are money-laundering has always been ready to accept greater transparency, and this will undoubtedly lay all of the cards on the dining table, making it a lot more problematic for any operator in the European Union to make illegal transactions or evade taxes.
Secretary General of the European Gaming and Betting Association Maarten Haijer welcomed the directive, saying that, in an era when ‘dot.countries’ within the EU are increasingly segregating online gambling within their boundaries, it reinforces the idea that the industry is basically a service that is cross-border and it is better governed by a pan-European code, as in opposition to many different national regulators.
‘We are confident that the European Parliament now possesses good basis to come to a contract with the Council,’ he said. ‘We hope that the final text will be approved by all organizations by the end associated with the year as it is essential that the directive is transposed at national level as quickly as possible.’
RGA Balks at Directives
But, the Remote Gambling Association (RGA) was less enthused, questioning why the online gambling industry had been singled down, particularly when it currently has rigorous anti-money-laundering and due diligence measures in place. It also suggested that the next AML Directive an atutory law passed by the EU in 2005 was followed by all Nation States and had been effective in combating money laundering.
Chief executive of this RGA Clive Hawkswood stated: ‘The licensed online gambling sector has highly developed tools for identifying possible threats and has now an excellent record in preventing cash laundering. As a market we’re never complacent, but simply there’s absolutely no reason for singling out our sector with this kind of treatment.’
The directive, which was passed by 643 votes to 30 with 12 abstentions, still has some option to go before it becomes law, however. Brussels is notorious for its tortuous bureaucratic red tape and it’s possible that the EU Council may reject the recommendations of the European Parliament. More negotiations are set to happen following the elections that are parliamentary a couple of months’ time.
‘We have actually consistently supported an approach that is risk-based’ said Hawkswood, ‘which we consider to function as many suitable way to tackle any dilemmas and, of course, individual Member States can introduce extra measures if there are particular issues within their jurisdictions. We hope now that the EU Council will reject the Parliament’s position on this issue and that the European Commission will defend its original stance.’
Koen Roovers, EU advisor for the Financial Transparency Coalition, was adamant, however, that ‘the current system has bred a network that is vast of shell organizations, that are used to funnel money that has been gained through illegal techniques, or embezzled from a government’s coffers.’
The debate goes on…
New Jersey On Line Gambling Increases in February, But Growth Slows
February’s online video gaming profits in nj-new jersey were better compared to the month before, but analysts notice a slowdown (Image: pokernews.com)
What goes up, must come down. Or, in this case, it must at least start rising more slowly. That’s the story out of New Jersey, where online gambling profits continue to cultivate for the state though maybe not because quickly because they did in the last two months.
Second Month Numbers Up
The numbers that are raw New Jersey’s Internet casinos and poker sites were definitely enhanced in February. All told, web sites brought in a combined $10.3 million, up 8.9 percent from January. That helped offset a 6.2 percent decrease in land-based casinos in Atlantic City, which brought in just $199.1 million during the month. Overall, that meant that total revenues were down just 1.5 per cent from last year, when online gambling don’t exist to buoy the numbers somewhat.
Growth of close to 9 percent is maybe not a problem for brand New Jersey’s fledgling online gambling industry, but it might perhaps not be the type of growth state and casino officials were hoping for after what they saw in January. The first thirty days of this year the second complete month of play in the sites saw growth of 28 per cent in month-over-month revenues compared to last December.
Which includes led some to wonder if the newest Jersey market is starting to plateau, reaching point where further growth will be slow (if hopefully steady). But for a lot of in the industry who were not sure what to expect, the figures thus far happen more than adequate.
‘we are delighted with the real method it has started,’ stated Brian Mattingly, CEO of 888 Holdings. ‘All of us got into an excellent rhythm and started some good advertising. Overall, I’m happy with where we’re at.’
Borgata/Boyd Partnership at the Helm
The Borgata Casino once again led the way in the on line gambling sector, as their joint venture with Boyd Gaming (which owns approximately half of the Borgata) and MGM Resorts earned $4.09 million simply under 40 per cent of this whole market. Caesars Entertainment which partners with 888 Holdings to deliver their online gambling services and products came in a powerful second, bringing in $3.34 million (about 32 percent regarding the market). Borgata and Caesars have actually quickly established themselves once the leaders in the New Jersey market, with all other sites that are online attracting less revenue than either of their offerings.
‘ We were particularly motivated by the performance of Borgata’s online casino site, which achieved month-over-month revenue growth of 36 percent,’ stated Boyd Gaming CEO Keith Smith. ‘Looking ahead, we continue to see opportunities that are significant future growth in nj.’
The final number of accounts at brand New Jersey sites was up significantly too. At the time of February 28, there were 248,241 active Internet gambling reports in their state, though it is not clear just how many of those belonged to unique individuals.
While the true numbers coming in-may be close to what industry analysts expected, they’re far short of what would be needed to generally meet Governor Chris Christie’s hopes of generating $180 million in taxation revenues for the state. The Christie management has since admitted those true numbers were impractical, and revised them downward. Recently, the state government said they will no longer make such estimates for online and brick-and-mortar revenues, and instead attempt to estimate the gambling that is overall alternatively.
‘Given the complex connections between Internet and gaming that is on-site we do not bear down the anticipated total collections between your two sources,’ said New Jersey Treasurer Andrew Sidamon-Eristoff in a letter to mention Senator Paul Sarlo.