Rhode Island Faces Competition from Impending Massachusetts Gaming

Lincoln, Rhode Island’s Twin River Casino is just one whose revenues could be impacted 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, next few months, licenses will be awarded to as much as three casino operators in various regions of the state to become listed on the slots parlor in Plainville, and that is going to mean lots of brand new income for hawaii. It entails that Massachusetts gamblers will have a way to stay a complete lot closer to home when they want to visit a casino great for them, but not so beneficial to the state’s neighbors who rely on gambling revenues as part of their state budgets.

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

Massachusetts Casinos Will Influence Rhode Island Revenues

Now, those gambling enterprises are expected to make $394 million for their state in the current fiscal 12 months, and another $400 million in 2014-15. But into the four years following the Massachusetts casinos start opening which many believe could happen as 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 will focus on a $48 million dip in 2015-16, which would increase to $144 million by the end of the four-year projection.

That’s an issue for their state, since they’ve been already predicting budget shortfalls for those years. Losing of gambling revenue would only exacerbate that problem, leading to a calculated shortfall of $419 million for the 2018-19 year that is fiscal.

The issue just expanded more apparent when the Penn nationwide Gaming proposal in Plainville was chosen because the site of Massachusetts’ lone slots parlor. That facility which could be up and running before the end of this 12 months is directly on the edge with Rhode Island, and perfectly found to attract exactly what University of Massachusetts Dartmouth professor Clyde Barrow calls ‘convenience gamblers,’ who usually traveled to the Rhode Island casinos.

‘ The first objective was to re capture convenience gamblers that were leaving Massachusetts and going to Twin River and Newport Grand,’ Barrow who is an expert in the gaming industry said.

While casino operators in Rhode Island know this problem is coming and will work to fight it, there’s only a great deal they plus the state can do to protect their profits.

‘We’ve said all along that we can concentrate on the things that we can control,’ said Twin River Chairman John Taylor. ‘Although we desire to be aware of what is happening over the edge, we can’t obviously have much effect on what happens.’

Online Gaming Still Aways Off

One avenue that is potential increased gambling revenues is on line gambling. However, Rhode Island has yet to even test Internet gaming sites, as well as the state has yet to move beyond the stage that is exploratory thinking about the idea.

The https://casinopokies777.com/casino-888/ 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 could be a totally new type of gambling.

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

Aubin also questioned whether offering lottery products online would merely cannibalize revenues from convenience stores as well as other vendors whom currently sell their games, possibly causing more harm compared to added revenue could be well 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 impossible to expedite (Image: circuit3.blogspot.com)

The European Parliament has approved a proposal that will tie all gambling operators to anti-money that is stringent measures and require all beneficial owners of online gambling companies in EU countries to be listed in public registers. Beneficial owners are people who ultimately own an investment, rather than simply hold it on behalf of the real owner, and so the new law seeks to avoid 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 clients. In addition to listing information on company owners, the registers that are new carry information on legal plans regarding all individuals’ companies, holdings, foundations and trusts.

How Much Laundering Under Debate

That online gambling can facilitate money laundering is a battle that is frequent of the anti-gambling brigade, although the veracity of that claim has for ages been up for debate. The web gambling industry already has strict anti-money-laundering measures in place. The EU legislation should, then, be welcomed by both sides the gambling industry, irked by the claims that are money-laundering has been open to greater transparency, and this will undoubtedly lay most of the cards on the table, rendering it more problematic for any operator within the European Union to make illegal transactions or evade taxes.

Secretary General of the European Gaming and Betting Association Maarten Haijer welcomed the directive, saying that, in a 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 it 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 basis that is good come to a contract utilizing the Council,’ he said. ‘We hope that the final text will be authorized by all organizations by the finish associated with year as it is critical that the directive is transposed at national level because quickly 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 currently has rigorous anti-money-laundering and due diligence measures in position. It also suggested that the 3rd AML Directive law passed by the EU in 2005 was followed by all Nation States and had been effective in combating money laundering.

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

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

‘We have actually consistently supported a risk-based approach,’ said Hawkswood, ‘which we consider to function as the most suitable way to tackle any dilemmas and, of program, individual Member States can introduce extra measures if there are specific dilemmas inside their jurisdictions. We wish now that the EU Council will reject the Parliament’s position on this matter and that the European Commission will defend its original stance.’

Koen Roovers, EU consultant for the Financial Transparency Coalition, was adamant, nevertheless, that ‘the current system has bred a network that is vast of shell organizations, that are utilized to funnel cash that has been gained through illegal practices, or embezzled from a government’s coffers.’

The debate goes on…

Nj On The Web Gambling Increases in February, But Growth Slows

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

What goes up, must drop. Or, in this full case, it must at least start increasing more slowly. That’s the story out of New Jersey, where online gambling profits continue to cultivate for hawaii though perhaps not as quickly while they did in the last two months.

Second Numbers Up month

The raw figures for New Jersey’s Internet casinos and poker sites were definitely enhanced in February. All told, the websites brought in a combined $10.3 million, up 8.9 percent from January. That helped offset a 6.2 percent decline in land-based casinos in Atlantic City, which brought in just $199.1 million during the month. Overall, that meant that total revenues were down simply 1.5 % from last year, when online gambling didn’t exist to buoy the numbers somewhat.

Growth of close to 9 percent is certainly maybe not a problem for brand New Jersey’s fledgling online gambling industry, but it could perhaps not be the type of development state and casino officials were hoping for after what they saw in January. The first month of this 12 months the 2nd complete month of play regarding the sites saw growth of 28 per cent in month-over-month revenues when compared with last December.

Which has led some to wonder if this new Jersey market is starting to plateau, reaching point where further growth will be slow (if hopefully steady). But for many in the industry who were not sure just what to anticipate, the true numbers thus far happen more than adequate.

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

Borgata/Boyd Partnership at the Helm

The Borgata Casino once again led the way in the on line gambling sector, as their partnership with Boyd Gaming (which owns about half of the Borgata) and MGM Resorts earned $4.09 million just under 40 percent associated with entire market. Caesars Entertainment which partners with 888 Holdings to deliver their online gambling products came in a powerful second, bringing in $3.34 million (about 32 percent associated with the market). Borgata and Caesars have actually quickly founded themselves because the leaders within the nj-new Jersey market, with all other sites that are online attracting less revenue than either of their offerings.

‘ We were particularly encouraged by the performance of Borgata’s online casino site, which achieved month-over-month revenue development of 36 percent,’ stated Boyd Gaming CEO Keith Smith. ‘Looking ahead, we continue to see opportunities that are significant future growth in nj.’

The number that is total of at brand New Jersey sites was up somewhat too. At the time of February 28, there were 248,241 active Internet gambling records in hawaii, though it’s not clear how many of those belonged to unique people.

While the true numbers coming in may be near to exactly what industry analysts expected, they’re far in short supply of what is needed to meet Governor Chris Christie’s hopes of creating $180 million in tax profits for the state. The Christie administration has since admitted those true figures were unrealistic, and revised them downward. Recently, the local government said they will no longer make such estimates for online and brick-and-mortar revenues, and instead make an effort to calculate the gambling that is overall rather.

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

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