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Rhode I<span id="more-8305"></span>sland Faces Competition from Impending Massachusetts Gaming

Lincoln, Rhode Island’s Twin River Casino is just one whose revenues could be affected by the opening that is upcoming of properties across the edge in Massachusetts (Image: WPRO File Photo)

Gamblers and state officials in Massachusetts are starting to getting excited; after all, in the next few months, licenses will be awarded to as much as three casino operators in various areas of the state to join the slots parlor in Plainville, and that is going to suggest plenty of new income for their state. It does mean that Massachusetts gamblers will be able to stay lot closer to home when they need to search for a casino great for them, but not so best for the state’s next-door neighbors whom rely on gambling revenues as part of their state budgets.

The many dramatic impact could be felt in the small state of Rhode Island, which directly borders Massachusetts to the southeast. Gambling is the third-largest revenue source for the Ocean State, with most coming from the Twin River in Lincoln and the Newport Grand in Newport.

Massachusetts Casinos Will Impact Rhode Island Revenues

Right now, those casinos are likely to bring in $394 million for the state in today’s year that is fiscal and another $400 million in 2014-15. But into the four years following the Massachusetts casinos start opening which many believe could happen since early as next year the Rhode Island Office of Management and Budget estimates that the state could lose $422 million over a period that is four-year. That would start with a $48 million dip in 2015-16, which will increase to $144 million by the end of the four-year projection.

That is an issue for hawaii, since they have been already predicting budget shortfalls for those years. Losing of gambling revenue would just exacerbate that problem, ultimately causing a believed shortfall of $419 million for the 2018-19 fiscal year.

The problem just expanded more apparent when the Penn National Gaming proposal in Plainville was chosen while the site of Massachusetts’ lone slots parlor. That facility which could be up and running before the end of this is right on the border with Rhode Island, and perfectly located to attract what University of Massachusetts Dartmouth professor Clyde Barrow calls ‘convenience gamblers,’ who normally traveled to the Rhode Island casinos year.

‘ The first objective ended up being to fully capture convenience gamblers that had been leaving Massachusetts and going to Twin River and Newport Grand,’ Barrow who’s a professional in the gaming industry said.

While casino operators in Rhode Island know this problem is coming and will work to fight it, there is only a great deal they additionally the state can do to safeguard their revenues.

‘We’ve said all along that we can focus on the things we can get a handle on,’ said Twin River Chairman John Taylor. ‘we can’t obviously have much impact on what happens. although we wish to know about what’s happening over the border,’

On The Web Gaming Nevertheless Aways Off

One potential avenue for increased gambling revenues is online gambling. Nevertheless, Rhode Island has yet to even test Internet gaming sites, and the state has yet to move beyond the exploratory stage in taking into consideration the idea.

The state lottery believes since it already offers such games offline that it could add online versions of games like keno and bingo. However, adding casino games or poker would require approval from Rhode Island’s residents, since it might be a totally new kind of gambling.

‘ We mightn’t pursue it without statewide approval,’ said Rhode Island Lottery Director Gerald S. Aubin. ‘To venture into online poker and online gaming would just take constitutional approval.’

Aubin also questioned whether offering lottery products online would cannibalize revenues from simply convenience stores along with other vendors who currently sell their games, possibly causing more harm compared to added revenue would be 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:

The European Parliament has approved a proposal that will tie all gambling operators to stringent anti-money laundering measures and need all beneficial owners of online gambling companies in EU countries to be placed in public registers. Beneficial owners are individuals who ultimately own an investment, instead than simply hold it on behalf of the owner that is real and therefore the new legislation seeks to prevent criminals from having anonymous stakes in online gambling operations.

It’s going to also ensure that banks, lawyers, auditors, etc., have a responsibility to question any transactions that are suspicious by their customers. Along with listing information on company owners, the registers that are new carry information on legal arrangements related to all individuals’ companies, holdings, foundations and trusts.

How Laundering that is much under

That online gambling can facilitate money laundering is a battle that is frequent of the anti-gambling brigade, although the veracity of the claim has always been up for debate. The internet 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 money-laundering claims, has been open to greater transparency, and this will certainly lay all the cards on the dining table, making it much more burdensome for any operator within the European Union to make unlawful transactions or evade taxes.

Secretary General of the European Gaming and Betting Association Maarten Haijer welcomed the directive, stating that, in an era when ‘dot.countries’ within the EU are increasingly segregating online gambling within their borders, it reinforces the idea that the industry is actually a cross-border service, and is better governed by a pan-European code, as in opposition to many different national regulators.

‘We are confident that the European Parliament now includes a good basis to come to an agreement aided by the Council,’ he said. ‘We hope that the final text will be approved by all organizations by the end of the year because it is crucial that the directive is transposed at national degree because soon as possible.’

RGA Balks at Directives

However, the Remote Gambling Association (RGA) was less enthused, questioning why the online gambling industry had been singled down, particularly whenever it already has rigorous anti-money-laundering and due diligence measures set up. It also recommended that the next AML Directive law passed by the EU in 2005 was honored by all country States and was already effective in combating money laundering.

Chief executive of the RGA Clive Hawkswood said: ‘The licensed gambling that is online has highly developed tools for identifying feasible threats and it has an excellent record in preventing cash laundering. As an industry we are never complacent, but simply there is absolutely no justification for singling out our sector because of this type or kind of treatment.’

The directive, which was passed by 643 votes to 30 with 12 abstentions, still has some real option to go before it becomes legislation, however. Brussels is notorious because of its tortuous bureaucratic red tape and it is possible that the EU Council may reject the recommendations of the European Parliament. More negotiations are set to occur following the elections that are parliamentary a couple of months’ time.

‘We have consistently supported a risk-based approach,’ said Hawkswood, ‘which we consider to be the most suitable manner to tackle any issues and, of program, individual Member States can introduce extra measures if there are particular dilemmas within their jurisdictions. We wish now that the EU Council will reject the Parliament’s place on this problem and that the European Commission will defend its original stance.’

Koen Roovers, EU consultant 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 cash that has been gained through unlawful techniques, or embezzled from a government’s coffers.’

The debate goes on…

Nj On Line Gambling Increases in But Growth Slows february

February’s online gaming revenues in nj-new jersey were better compared to before, but analysts notice a slowdown (Image: month)

What goes up, must fall. Or, in this full case, it should at least start increasing more slowly. This is the story out of New Jersey, where online gambling revenues carry on to grow for the state though perhaps not because quickly as they did within the last two months.

Second Numbers Up month

The raw figures for brand New Jersey’s Internet casinos and poker sites were definitely improved in February. All told, the 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 gambling enterprises in Atlantic City, which brought in simply $199.1 million during the thirty days. Overall, that meant that total revenues were down simply 1.5 per cent from last year, when online gambling didn’t exist to buoy the numbers somewhat.

Growth of close to 9 percent is perhaps not a problem for New Jersey’s fledgling online gambling industry, but it may maybe not be the kind of growth state and casino officials were hoping for after whatever they saw in January. The month that is first of 12 months the 2nd full month of play on the sites saw growth of 28 % in month-over-month revenues when compared with last December.

That has led some to wonder if the New Jersey market is starting to plateau, reaching point where further development will be slow (if hopefully steady). But for most in the industry who were not sure just what to expect, the true numbers thus far were more than adequate.

‘we are delighted with the real method this has started,’ stated Brian Mattingly, CEO of 888 Holdings. ‘All of us got into a great rhythm and started some good marketing. Overall, I’m happy with where we are at.’

Borgata/Boyd Partnership during the Helm

The Borgata Casino once again led the way in the on line gambling sector, as their joint venture with Boyd Gaming (which has about half of the Borgata) and MGM Resorts introduced $4.09 million simply under 40 percent for the market that is entire. Caesars Entertainment which partners with 888 Holdings to deliver their online gambling items came in a strong second, bringing in $3.34 million (about 32 percent for the market). Borgata and Caesars have actually quickly established themselves as the leaders into the New Jersey market, with all other websites on the internet combined getting 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,’ said Boyd Gaming CEO Keith Smith. ‘Looking ahead, we continue to see significant opportunities for future growth in nj-new jersey.’

The number that is total of at New Jersey sites was up dramatically too. At the time of February 28, there were 248,241 Internet that is active gambling in their state, though it is really not clear exactly how many of those belonged to unique individuals.

While the numbers coming in-may be near to exactly what industry analysts expected, they’re far in short supply of exactly what is needed to meet Governor Chris Christie’s hopes of generating $180 million in taxation profits for the state. The Christie management has since admitted those true figures were unrealistic, 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 general gambling industry instead.

‘Given the complex connections between Internet and on-site gaming, we usually do not bear down the expected total collections between your two sources,’ said New Jersey Treasurer Andrew Sidamon-Eristoff in a letter to convey Senator Paul Sarlo.