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Atlantic City Redux: New Jersey Governor Chris Christie, center, combined with State Sen. Stephen Sweeney, left, and Atlantic City Mayor Don Guardian, announced plans this week for the state to take control of Atlantic City’s finances in order to stay bankruptcy action.
Atlantic City, teetering now for the good long time on the side of bankruptcy, will no longer need to think for itself. New Jersey Governor Chris Christie (R) made the announcement earlier this week that the city’s finances are being turned over to state guardianship for the next five years.
Christie exited his 2016 presidential campaign path shortly to tackle two pressing issues facing his state, in fact.The first matter of concern ended up being snowstorm Jonas that dumped two feet of snowfall on the region and caused significant flooding along the Jersey shore.
The storm cleanup stretched through the entire state and up and down the coastline, but when all of the roads were clear and residents dug out, one area remained underwater: Atlantic City and its all-on-red outlook that is financial.
On Tuesday, Christie unveiled a plan that is joint State Senate President Stephen Sweeney (D-District 3) and Atlantic City Mayor Don Guardian (R) to seize the insolvent gambling resort town and manage the town’s financial governing.
‘We all understand what this is about, going from twelve casinos to eight and achieving the ensuing decrease of nearly 65 % in the town’s property income tax base is a challenge that no other city has endured in as brief a period frame,’ Christie said during a press conference, followed closely by Sweeney and Guardian. ‘Greater state involvement makes sense and all sorts of three of us up here consent to that.’
Christie hopes to have the bipartisan legislation introduced and passed next month. If the proposition become law, Trenton politicians would govern Atlantic City for the following five years.
Sweeney will soon introduce the legislation that may be expedited through ideally hawaii legislature and land on Christie’s desk before March. The bill will include the directives that are following as decided by Christie, Sweeney, and Guardian.
The state’s Division of Local Government Services and Local Finance Board may have executive authority over decision-making as it relates to funds.
The instant tasks will concentrate on restructuring debt that is municipal amending or terminating municipal contracts discovered to be unfavorable, consolidating municipal solutions with the county or other municipalities, and potentially dissolving or transferring all municipal authorities, departments, and commissions.
State leaders will look to privatize municipal solutions and sell or lease assets that are city-owned.
Atlantic City government leaders will be needing to pass ordinances to aid in the economic recovery.
The primary reason Atlantic City is in such dire straits is a result of the tumbling gambling industry that is local. The East Coast gaming monopoly it long enjoyed is over, thanks to numerous nearby states legalizing land-based casinos.
Some regional leaders and council members in Atlantic City believe that New Jersey has to do more by means of bailouts before the very last resort of such a dramatic takeover by their state, however. Critics of Christie’s plan claims the state reaped the benefits of the town’s gambling for decades and should help spend the town’s $240 million debt, $33.5 million budget shortfall, and also the $160 million it owes the Borgata in overpaid property taxes.
Guardian had recently threatened bankruptcy should the state move to overtake their town. A bankruptcy filing would have significant consequences statewide and potentially lead to a credit downgrading for brand New Jersey.
Christie apparently pulled some magic in convincing Guardian to his and Sweeney’s side.
‘While there’s been much rumored about bankruptcy, that is clearly not my preference,’ Christie said. ‘ We will move swiftly to pass this legislation that is comprehensive I will sign it so we can access it with Atlantic City’s next and essential period of the restructuring.’
PokerStars’ Neymar Jr. is facing financial troubles in his homeland as he launched ‘Neymar Jr. Edition’ Spin and Gos. (Image: PokerStars.com)
Neymar Jr.’s latest round of having their picture splashed all around the news may perhaps not be exactly the type of publicity that PokerStars was selecting from the global superstar when it hired him as being a brand name ambassador last 12 months.
That’s as the dynamic and insanely popular Barcelona and Brazil soccer star has now been fined by A brazilian court for taxation evasion.
The court says that Neymar Jr., along with his father Neymar Sr., must pay a $110,000 fine, imposed for allegedly taxes that are avoiding 2007-08.
The judgment comes as section of a wider investigation into the finances associated with father and son Neymars, who the São Paulo court that is federal dodged very nearly $16 million in taxes between 2011 and 2013, right before the player’s high-profile transfer from Brazilian club Santos to Barcelona.
Some $47.6 million in September, a São Paulo judge froze assets belonging to Brazilian companies jointly owned by Neymar and his father, worth. Judge Carlos Muta said he froze triple the amount allegedly owed as being a measure that is preventative guarantee that the assets were not offered ahead of the investigation was complete.
Neymar’s transfer from Santos to Barcelona has also been beset by allegations of economic misappropriations. Barcelona had claimed it had signed the forward for €57.1 million ($62.4 million), but that figure later was revealed to be €86.2 million ($94.2 million), with €40 million ($43.8 million) visiting the Neymar family.
Final May, a judge in Spain demanded that Barcelona president Josep Bartomeu and his predecessor, Sandro Rosell, stand trial on charges of income tax fraud in relation towards the signing.
Therefore, things haven’t always run efficiently for the PokerStars ambassador, who along with Cristiano Ronaldo and Ronaldo (Nazario de Lima), make up the trio of elite soccer players pimping the PokerStars brand to their multiple millions of social networking followers.
PokerStars marketing that featured the young Neymar also hit a major snag last year whenever great britain Gambling Commission deemed that ‘Junior’ was underage and mayn’t be promoting a gambling product.
UK gambling law stipulates that no body that even looks under the age of 25 can happen prominently in gambling marketing, which suggested that PokerStars had to restore the 23-year-old superstar that is global face with that of the other, and over-40, kingpin ambassador, Daniel Negreanu.
Still, at minimum he didn’t bite someone, like his Barca teammate Luis Suarez contrived to do regarding the stage that is global weeks after signing once the brand ambassador for 888poker.
Having said that, 888 got some great publicity in practically every newspaper within the world after it quickly became the first sponsor to fire Suarez for their toothy atrocity.
Meanwhile, PokerStars is finding interesting new techniques to market Neymar, such as naming Spin and get’s after him. The ‘Neymar club player casino codes 2015 Jr. Edition’ Spin and Go has debuted in the Italian market.
Until February 7th, players will have a way to enter special €0.20, €2 and €25 tournaments that have a premier prize of €500,000 ($547,775), the best Spin and Go jackpot on the PokerStars Italian customer.
Nikolay Davydenko, whoever 2007 match with Martin Vassallo Arguello ignited serious suspicion of corruption within tennis. (Image: tennisworldusa.org)
Tennis’ top brass has launched a research into the effectiveness for the sport’s anti-corruption measures, after damning documents were leaked recently that allege widespread match-fixing issues at even the highest quantities of the industry.
Papers passed to the BBC and Buzzfeed Information fourteen days ago by anonymous whistleblowers reported that 16 top-level players, who remain unnamed by both media outlets, are strongly suspected of tossing matches over the past ten years.
These players have all ranked in the top 50 into the global globe, among them Grand Slam title winners, said the BBC.
The Association of Tennis Professionals (ATP), World Tennis Association, International Tennis Federation and Grand Slam Board are typical behind the effort, which seeks to reaffirm tennis’ commitment to integrity, while examining the effectiveness associated with the Tennis Anti-Corruption Programme.
It will also review the processes and sourced elements of the Tennis Integrity Unit (TUI), a physical human body that came under criticism through the BBC and Buzzfeed. The leaked reports reported the players in question had been over and over repeatedly flagged to TUI, but no action that is punitive to have been taken.
The documents offer details of a 2008 research into the link between players and various international gambling syndicates at the behest of the ATP. Investigators identified 28 players in all, whom they suspected had links to three syndicates that had made hundreds of thousands betting on games.
It arrived on the scene week that is last the 2007 investigation had been sparked by a suspicious match between Russian Nikolay Davydenko and Argentine Martin Vassallo Arguello.
Therefore suspicious, in reality, that Betfair took the unprecedented measure of voiding all bets regarding the game, including the millions that had been bet on the overwhelming underdog, Arguello, from the Russian account. Large bets were still being placed on Arguello, even if he was two sets down.
Recalling the event to the BBC, Mark Davies, managing director of Betfair, said that he previously just left for an ending up in a top UK politician when their phone rang.
‘It was our legal director,’ Davies recalled, ‘and he said if you ask me, ‘ We now have got the worst tennis match that we have ever had on the site.’ ‘
Sure enough, Arguello won the match, after his opponent create a unexpected injury and bowed out in the set that is final.
Some $7 million was wagered on the match via Betfair, over ten times the amount the betting change would have anticipated.
‘Tennis remains certainly one of the leaders in integrity,’ read a statement from the sport’s regulating bodies this week. ‘a zero-tolerance is had by us approach to all aspects of corruption and all of us are absolutely committed to rooting out corruption whatever needs doing.
‘The environment for all major sports, including tennis, has changed dramatically throughout the past eight years and coupled with issues raised in the media, we believe now is the right time to examine how exactly we continue to fight corruption into the game.’