This Week in Gaming Review

This week includes 3 reports that will change gaming landscape in the mid Atlantic area. One is the

order to curtail Daily Fantasy Sports operators from operating in New York immediately. FanDuel and DraftKings plan to appeal this ruling. As this post was being written, this report was received from ESPN. 

Not in New York!

The second is a referendum to expand gaming outside of Atlantic City. This will be on the ballot during the presidential election vote in November 2016. Meadowlands would be a strong possibility if gaming is allowed to extend to north New Jersey.

 

Pennsylvania is in the process of finalizing the budget for 2015-16.  Since they are overdue by 5 months, the legislators are looking for new revenue streams. One strong consideration is online gaming and the expansion of slots to airports.

Pennsylvania Gaming Oversight Committee

DraftKings and FanDuel were granted a temporary injunction and can continue to operate pending appeal.

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Gaming Mid Year Review 2015

In case you missed it, we have hit the halfway point of 2015. If you are into gaming entertainment,this has been 6 months of speculation throughout the industry.

Here are the highlights of 2015 with my bold predictions of what happens by the end of the year.

 

 

 

 

Casinos proposed in North Jersey with tax revenue going to Atlantic City. Prediction -No.

Governor Christie supports it. New Jersey has a 30% approval rate of him. They will reject

his initiative.

Atlantic City has the Pier and Revel reopening.  Prediction - The Pier reopens while Revel

does not. Bart Blatstein's track record in Philly shows he can develop a project and make it

appealing. Nothing definitive for Revel until 2016.

 

    

Pennsylvania gets online gaming this year. Prediction - No! The interest is there but the difference on the tax rate will morass the process. The budget for fiscal year 2015-16 will take center stage with taxation and educational expenses. Gaming will take a backseat.

 

 

California and New York will have online Poker. Prediction - No! Not enough support to sustain traction. They will revisit the issue in 2016 to beat a proposed federal ban.

Sports Betting will be approved outside of Nevada. Prediction - Yes. This is the year of acquising to popular opinion. A landmark Supreme Court ruling regarding marriage. The legalization of marijuana use for recreational and medicinal purposes is a further example of giving in to public demand and making a profit. Can you spell prohibition? Sports Betting is something that is accepted by the public and some of the professional sports leagues. Fantasy Sports wagering is just the precursor to allowing gambling on a live event. Once approved in New Jersey, Pennsylvania will lobby for it as well.

                           Share a comment if you choose. Have a wonderful Fourth of July!

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Casinos in New Jersey

The latest proposal has casinos expanding to north New Jersey and the Meadowlands in particular. Hard Rock will be the principal operator of that project. Hard Rock’s chief executive, Jim Allen, said the $1 billion casino would feature 5,000 slot machines, more than 200 table games, and 12 to 15 restaurants, and that it could open as soon as soon as the summer or early fall of 2016. They would have the capacity to have a sports book if New Jersey receives the go ahead.

 

The go ahead include getting the citizens of New Jersey to pass a referendum to expand gaming outside of Atlantic City and a ruling from the 3rd Circuit Court concerning sports betting. The tax rate would be 55% in North Jersey compared to 8% in AC. Part of the taxes raised would go to Atlantic City. The amount is projected at 200 million. The tax rate is contingent on only two new licenses being awarded to the North Jersey region. Here is a video of the press conference with more details.
 

James Allen- CEO

 

I would like to see a group from Atlantic City pool resources and be a part of one of the sites. This would enable allow a  portion of the revenue earned to be  designated for property reinvestment in Atlantic City. This is in addition to taxes and could be matched dollar for dollar. The incentive for the reinvestment would have a cap so the city would get the brunt of the tax dollars.

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