Ny Attorney General Looking Into Casino Bidding Process

Ny Atto<span id="more-7334"></span>rney General Looking Into Casino Bidding Process

Tioga Downs owner Jeff Gural is among those people who have been approached by state investigators asking questions regarding New York’s casino licensing process.

The New York state attorney general’s office has apparently opened an inquiry into exactly how the three web sites that had been suggested by the Gaming Facility Location Board were chosen, and whether the bidding process in general had been fair.

Based on reports that are various investigators for New York Attorney General Eric Schneiderman have actually met with some for the bidders who were an integral part of the casino selection process, apparently to analyze whether conflicts of great interest or other problems were present during the selection.

According to a report by Central New York Media, the three bidders that are winning had ties to Taft, Stettinius & Hollister.

That company merged with attorney Shefsky & Froelich last year, after which it became the lead gambling consultant for the location board. As a whole, five of the 16 casino bids mentioned ties to the companies as a prospective conflict of interest.

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 in regards to the tier that is southern passed over and contains lobbied for his proposed casino to get a second look, he claims he had not been attempting to allege any illegal activity within the process.

‚I didn’t reach out to the AG,‘ Gural said. ‚It was not my intent to grumble.‘

Gural stated that while he told investigators that he didn’t think any laws was broken during the putting in a bid process, he did have questions concerning the potential conflict of great interest caused by a fantastic bidder’s connections to that particular 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 months. However, he offered commentary that were even softer compared to those of Gural, saying that while he ended up being disappointed in the results, he had beenn’t accusing the location board of any impropriety.

‚We thought that the process was handled fairly and skillfully,‘ Featherstonhaugh told the latest York occasions. ‚We wish we had won. But we didn’t.‘

Location Board Says Process Was Fair and Clear

According to location board spokesperson Lee Park, Taft’s part in the act was only to compile submitted materials into more effortlessly comparable summaries that board members could use.

‚Taft had no direct input into decision-making of the board users,‘ Park said month that is last.

In a declaration dilemmas Monday, Park reiterated that the process was fair and followed the principles established by New York’s casino law.

‚The casino process that is sitting followed the conditions of the Upstate New York 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 site for anybody to examine.‘

The investigation comes because the location board is planning to provide a report that is final the three sites chosen for casinos on Friday. The board is also expected to consider a formal request for allowing new proposals from the Southern Tier region, potentially allowing a fourth unused casino license to be awarded to a project there on that day.

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

Straight Back from the dead: Glenn Straub finally gets his fingers 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 in the row that is front one gigantic, doomed casino resort that leaks $2 million per week. Stunning views associated with coastline.

Yes, after months of tortuous legal wrangling, property developer Glenn Straub has finally got his mitts in the stricken Revel Casino Resort in Atlantic City. He will spend $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 in which the brightest minds on the planet can wander down and up the boardwalk ruminating on answers to international issues, such as ‚famine, cancer and nuclear waste storage space,‘ as Straub previously proposed.

Instead, it will become some sort of strange center specialized in the pursuit of eternal youth, or ‚life-extension science,‘ to use the terminology that is preferred. We imagine this will 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. This week: ‚It’s a pity not to possess some entertainment. after all, as he explained to Bloomberg‘

‚ I think we are able to help a lot of people,‘ added Straub of Revel’s forthcoming life-extension facilities. ‚We’ll give you a week of knowledge and possibly extend your life.‘

A factor that could have been instrumental in Straub compromising his convictions about casinos may be the energy that is crippling that’s tagged onto Revel. While Straub had been the initial ’stalking horse‘ in Revel’s bankruptcy auction, establishing the beds base bid at $90 million, the auction ended up being sooner or later won by the company that is canadian Asset Management, with a bid of $110 million.

Energy Bills from Hell

But Brookfield balked and bolted when it saw the energy that is annual of $36 million. In contrast, the Borgata, which has twice as numerous resort spaces and a larger casino floor, paid $11.7 million year that is last energy costs.

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

When the business went out of money, nonetheless, the plant was taken over by ACR, which demanded a 15 % return on its equity in the first five years and 18 percent from then on. Revel’s obligations to ACR constitute equity payments totaling $20.1 million annually, plus $4 million for operations and maintenance titanic mobile slot game.

Resorts Casino Hotel Joins New Jersey On Line Gambling Fray

Resorts will end up being the casino that is fifth in Atlantic City to open an on line gambling site in the state of New Jersey. (Image: Donald Kravitz/Getty Pictures)

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 right into the online gambling world.

This week, Resorts becomes the fifth Atlantic City casino company to provide online gambling in their state of New Jersey. With a little fortune, they could also be joined by an extremely powerful partner within the days or months to come.

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

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

Resorts Boasts Range that is wide of Games, No Poker at Launch

‚As New Jersey’s first casino destination, Resorts is committed to delivering the best-in-class online video gaming experience 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 resort.

‚With SNG’s flexible gaming solutions and exclusive game content, we are excited to introduce Europe’s industry-leading casino slots and table games towards the United States market for the best online user experience.‘

Resorts joins the Borgata, Golden Nugget, Tropicana and Caesars Entertainment in offering online casinos in New Jersey. Right now, only the Borgata (partnered with partypoker) and Caesars (with 888 Holdings) offer online poker.

That is not something which Resorts can boast right out from the gate. Nonetheless, they’re likely to enter the net poker landscape sooner rather than later. Resorts has an existing partnership agreement using the Rational Group, the parent company of PokerStars and Full Tilt that is now owned by Amaya Gaming.

A formidable competitor in the online poker sphere while Amaya’s licensing application has been delayed, there have been signs that the company could gain a New Jersey license soon, which would likely make resorts.

PokerStars, Full Tilt Could Provide Games if Licensed

‚Resorts has built a relationship that is exclusive PokerStars and Full Tilt Poker, two of the very most popular and powerful online gaming brands in the world,‘ 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.‘

For now, though, the focus will be on supplying casino items. According to Resorts, their web site will ‚feature the largest selection of casino slots and dining table games in their state of brand New Jersey in addition to exclusive games and highly coveted content which can be unavailable somewhere else.‘

Resorts Casino Hotel was the casino that is first in Atlantic City, opening in 1978. Resorts had been a hefty contributor to the campaign to legalize gambling in New Jersey, supporting the referendum on the issue that had been passed away by state voters in 1976.

Resorts will likely 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 per cent in comparison with the same month last year.

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

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