Oneidas and Cayugas Pass the Peace Pipe Over Casinos in New York State

Oneidas and Cayugas Pass the Peace Pipe Over Casinos in New York State

Brand New York Governor Andrew Cuomo puts his John Hancock for a settlement deal between your state and a few Indian casino factions (Image: RoundHouseTalkNews)

Appears like the New York State Indian tribes are smoking the peace pipe; the Oneida Indian Nation has said in court that it will not block a casino project by the competing Cayuga Nation, despite the technicality it would fall within the geographical parameters of the Oneida’s casino monopoly in the area. With that move, a peaceful settlement to longstanding factional fighting could finally become reality, which will in turn net several New York State counties their share of millions from the Oneida’s existing Turning rock Casino near Niagara Falls.

Longer Battle Finally Closing

It might also see a settlement agreement that ended up being finalized Spring that is last by York State Governor Andrew Cuomo along side the Oneida Nation and the affected New York counties finally come to fruition. a decades-long battle over land liberties and tax concessions had created bitter battle lines between all involved until the recent settlement; now the Oneidas will get exclusive rights to build gambling enterprises in 10 ny counties, including Cayuga County, in exchange for turning over 25 percent of their slot revenues each year to the state coffers.

At issue with that deal from the Cayuga standpoint was that within those 10 counties stood Cayuga Coun Continue reading “Oneidas and Cayugas Pass the Peace Pipe Over Casinos in New York State”

INTERPOL Swoops Down in Illegal Gambling Crackdown

INTERPOL Swoops Down in Illegal Gambling Crackdown

INTERPOL chief Jean Michelle Louboutin says massive earnings lay behind the cross-continental gambling crackdown that is illegal.

INTERPOL has announced the arrests of 1,400 individuals across East Asia; the result of a campaign that is six-week split up illegal gambling companies in your community. The operation, code-named Operation SOGA V, was a effort that is joint police from China, Hong Kong, Macau, Malaysia, Singapore and Vietnam, and coordinated by INTERPOL, and saw the seizure of almost $12 million.

Illegal gambling is rife in East Asia, and bets put through the gambling syndicates, which are often controlled by organized crime, dwarf the European that is legal and American gambling markets many times over. That it could be around $450 billion because it is clandestine and unregulated, it’s difficult to place a figure in how much the market is actually worth, but Foreign Policy magazine recently estimated.

It’s also believed that $140 billion in dirty cash is laundered through the marketplace each year. INTERPOL said this week that the organizations split up within the raid that is latest were estimated to own managed around $2.2 billion worth of bets, most of those through illegal online gambling sites.

‘ The results of this latest procedure SOGA are significant in terms of the amount of bets being handled by these illegal gambling dens, plus the number of arrests,’ stated Jean-Michel Louboutin, INTERPOL’s execut Continue reading “INTERPOL Swoops Down in Illegal Gambling Crackdown”

Portugal Ready to Debate Brand New Online Gambling Laws

Portugal Ready to Debate Brand New Online Gambling Laws

Portugal is scheduled to debate a liberalization of the nation’s online gambling marketplace.

While Portugal might have just experienced a stunning World that is 4-0 Cup to Germany, spirits are generally speaking high in the country. The Portuguese economy is looking up after a recession that is long and the country appears ready to stand on its very own foot in the place of relying any further on European support. Still, the world looks as though it’s going to consider one measure asked for by the international bodies that helped bail the country out last year: liberalizing the online gambling that is national marketplace.

In accordance with reports, the Portuguese federal government has scheduled parliamentary time to debate the issue of online betting prior to the end regarding the current session, which will conclude on July 10. The so-called ‘Troika’ ( composed of the International Monetary Fund, European Central Bank and the EU Commission) that sponsored the €78 billion bailout had expected Portugal to make changes to its online video gaming structure, with those requests becoming more fervent earlier this year.

Legislation Would End Gambling Monopoly

The tax that is potential from an open and regulated online casino marketplace sometimes appears as an important revenue stream for Portugal going forward. The industry is dominated by a monopoly controlled by Santa Casa da Misericordia de Lisboa (SCML), a rel Continue reading “Portugal Ready to Debate Brand New Online Gambling Laws”

Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to make a revenue. (Image:

When the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the start of a new period for the gambling industry that is local. Now, it appears as though the resort might go down as one of the largest problems in American video gaming history.

The Revel Entertainment Group has filed for protection from the creditors in a federal bankruptcy court, and has place the property up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closing could happen in very little as 8 weeks in case a sale doesn’t undergo. That could come as a blow that is huge the city, as well as the 3,140 workers that just work at the Revel.

Little Value in Struggling Casino

Ownership claims that they have obtained a $125 million loan which will ensure the venue can stay open until a customer is found. But they aren’t anticipating to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, quotes now have the property respected at less than $300 million. Some even think that the value that is true be less than $100 million, because it will probably be years before the location has an opportunity to turn a revenue.

‘ We shall work to attain an agreemen Continue reading “Revel Casino in Atlantic City Files for Second Bankruptcy”