New York Attorney General Looking Into Casino Bidding Process

New Yor<span id="more-43587"></span>k Attorney General Looking Into Casino Bidding Process

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

The ny state attorney general’s office has apparently opened an inquiry into exactly how the 3 web sites that had been recommended by the Gaming Facility Location Board were selected, and whether the bidding process all together had been fair.

In accordance with reports that are various investigators for brand New York Attorney General Eric Schneiderman have met with a few of this bidders who were part of the casino selection process, apparently to investigate whether conflicts of interest or other problems were present during the selection.

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

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

Gural Says Investigators Approached Him About Process

According to Tioga Downs owner Jeff Gural, he has spoken to investigators about the bidding process. But though Gural has previously reported about the tier that is southern passed over and has lobbied for his proposed casino to acquire a second look, he says he wasn’t trying to allege any illegal activity into the process.

‘we don’t get in touch with the AG,’ Gural said. ‘It was not my intent to grumble.’

Gural stated that while he told detectives that he didn’t believe any laws had been broken during the bidding process, he did have concerns about the potential conflict of great interest caused by a winning bidder’s connections to that casino consulting firm, something he feels might not have been fair.

James Featherstonhaugh, an Albany lobbyist who worked with two losing bidders, also stated that state investigators had contacted his clients in recent weeks. But, he offered responses that were even softer than those of Gural, saying that while he had been disappointed within the results, he had beenn’t accusing the location board of any impropriety.

‘We thought that the process ended up being handled fairly and professionally,’ Featherstonhaugh told this new York instances. ‘We desire we had won. But we didn’t.’

Location Board Says Process Was Fair and Transparent

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

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

In a statement issues Monday, Park reiterated that the procedure ended up being fair and followed the principles established by New York’s casino law.

‘The casino sitting process strictly followed the provisions 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 conflicts of interest, are available on our website for anybody to examine.’

The investigation comes once the location board is planning to provide a final report on 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.

At the moment, 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.

Revel Sold To Florida Billionaire Straub For $82 Million

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

Yes, after months of tortuous appropriate wrangling, home developer Glenn Straub has finally got his mitts on 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 where the brightest minds on earth can wander up and down the boardwalk ruminating on solutions to global issues, such as ‘famine, cancer and nuclear waste storage space,’ as Straub previously proposed.

Instead, it will be some sort of strange center devoted to the search for eternal youth, or ‘life-extension science,’ to make use of 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 the very idea of Atlantic City as a casino town and that he would feel uncomfortable about profiting from gambling (although, given Revel’s history, there would seem to be little chance of that), Straub has tantalizingly revealed that the unsuccessful casino property will reopen as a casino. Albeit a strange one. This week: ‘It’s a pity maybe not to own some entertainment. after all, as he explained to Bloomberg’

‘ I think we can help a complete large amount of people,’ added Straub of Revel’s forthcoming life-extension facilities. ‘We’ll provide you with a week of knowledge and possibly extend play titanic slot machine online yourself.’

A factor that could have been instrumental in Straub compromising his convictions about gambling enterprises may be the energy that is crippling that’s tagged onto Revel. While Straub was in fact the initial ‘stalking horse’ in Revel’s bankruptcy auction, establishing the bottom bid at $90 million, the auction had been eventually won by the Canadian company Brookfield Asset Management, having a bid of $110 million.

Energy Bills from Hell

But Brookfield balked and bolted when it saw the annual energy bill of $36 million. In contrast, the Borgata, which has doubly many resort spaces and a larger casino floor, paid $11.7 million this past year in 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 power plant whenever work began on the home, in 2008.

When the ongoing company ran out of money, nonetheless, the plant was taken over by ACR, which demanded a 15 per cent return on its equity in the first 5 years and 18 per cent after that. Revel’s obligations to ACR constitute equity payments totaling $20.1 million annually, plus $4 million for operations and maintenance.

Resorts Casino Hotel Joins New Jersey On Line Gambling Fray

Resorts will get to be the fifth casino company in Atlantic City to start an on the web gambling site in the state of the latest Jersey. (Image: Donald Kravitz/Getty Graphics)

Resorts Casino Hotel may rank last among the remaining Atlantic City gambling enterprises in terms of income, but that’s not stopping them from jumping directly into the online gambling world.

This week, Resorts will become the 5th Atlantic City casino company to offer gambling that is online the state of the latest Jersey. With a luck that is little they could also be joined by an extremely powerful partner in the weeks or months to come.

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

Which means the casino’s online gambling sites is completely operational on Thursday, just a week Resorts received their waiver that is transactional from 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 gaming that is online 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 versatile gaming solutions and exclusive game content, we are excited to introduce European countries’s industry-leading casino slots and dining 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’s not a thing that Resorts can boast appropriate out from the gate. Nonetheless, they are more likely to enter the online world poker landscape sooner rather than later. Resorts has a partnership that is existing because of 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, Comprehensive Tilt Could Provide Games if Certified

‘Resorts has built a relationship that is exclusive PokerStars and Full Tilt Poker, two of the very popular and effective online gaming brands in the world,’ reads an FAQ page for Resorts. ‘This means Resorts will be providing New Jersey with the best online casino and poker web sites with the industry’s most acceptable products.’

For now, though, the focus will be on supplying casino products. According to Resorts, their web site will ‘feature the biggest selection of casino slots and dining table games in the state of brand New Jersey along with exclusive games and highly coveted content being unavailable elsewhere.’

Resorts Casino Hotel was the first casino built in Atlantic City, opening in 1978. Resorts was a contributor that is heavy the campaign to legalize gambling in New Jersey, supporting the referendum on the issue that ended up being passed by state voters in 1976.

Resorts are entering a gambling that is online 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 compared to similar month year that is last.

The only real part of their state’s Internet gambling framework that seems to be struggling is online poker, which could be given a major boost if PokerStars is permitted to begin operations in partnership with Resorts.

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