Will Massachusetts Casino Gambling Ever Really Happen? Place Your Bets

Overlook the British; are casinos ever coming to Massachusetts? (Image supply: Britannica.com)

Last year, Massachusetts passed casino gambling legislation, but in 2013, it’s still uncertain whether that may result in any actual casinos being built in their state. While that law made it easy for licensing as high as three casinos in parts of this state (along with one slots parlor), a mix of reluctant communities and a brutally intrusive gaming commission are beginning in order to make some wonder if anyone will ever get approved for a casino here.

Uphill Battle So Far

Here’s the fact: many communities have rejected the idea of having a casino in their neighborhood. East Boston and Palmer both said no to casinos on this Election that is past Day even though many other towns stopped proposals from going forward before they ever got on the ballot. It doesn’t mean every casino has been refused, of course. Milford is dealing with Foxwoods on a proposal that will be taken up to a vote on November 19, while the town of Everett overwhelmingly approved a Wynn project, with 87 percent of voters coming away in favor of it. And MGM won a casino vote in Springfield this summer too.

But that alone isn’t enough. The Massachusetts Gaming Commission must additionally approve the companies that will be operating these gambling enterprises, and that is just starting to appear to be a real issue in some of those instances. When Suffolk Downs learned that the commission had serious questions about Caesars working with them, they dropped the casino giant from their proposal a move that added confusion towards the vote in East Boston, and might have ultimately determined the election.

Can Anybody Pass Muster?

Those same questions could be raised with other companies whom have actually yet to be vetted.

‘Given what happened with Caesars, it’s definitely a possibility now with Wynn and MGM, because they both have issues with SEC investigations or issues in Macau that have been raised by other commissions,’ said Clyde Barrow, teacher of public policy at UMass Dartmouth. ‘ should they’re going to use that same strict standard…we could arrive at the end of the road and have now to start over all again.’

Essentially, you will find some companies which have been vetted, but experienced their casino plans rejected by towns, and other people who are approved by towns but are yet to get that same vetting. So far, no one has passed away both steps.

There are several bright signs, if you’re prepared to look for them. It’s likely that someone will receive a permit for the slot parlor, as several communities have given the green light to hosting that facility, and it’s likely that the gaming commission will see several of them suitable (though in the end, only 1 will likely be opted for as the host).

But as for the larger casino projects, some observers are actually wondering in the event that casino that is major may simply give up and leave if the current frontrunners are rejected by Massachusetts, especially if they feel that doing business there is much more trouble than it is well worth. And whilst the continuing state has not quite reached that point yet, that is certainly getting near.

Similar to the Gold Rush, A Lot Of Money Is in Bitcoin Mining Equipment

Echoing Samuel Brannan back the California Gold Rush, the real money being made in Bitcoins today is by people offering the mining equipment (Image source: Discovery Channel)

Bitcoins keep hitting the news these days; whether since the crypto-currency of choice for nefarious Internet dealings on recently busted Silk Road, or being a form that is highly volatile of money whose consumer-based valuations fluctuate wildly, lately skyrocketing to the level that some economists say they are a bubble about to burst.

Offering to the Miners

But now it turns out the money that is real Bitcoins isn’t in the virtual cash it self; it is within the computer equipment getting continuously more sophisticated to ‘mine’ the Bitcoins that the real money lies. Here’s a background that is little

Bitcoin transactions depend on computer sites which can be able to untangle complex mathematics formulas in order to clear transactions and make sure the virtual coins are the article that is genuine. These companies then generate new Bitcoins once these mathematics issues get fixed, which are forwarded to people who operate the operational systems themselves. Naturally, the more coins get created, the more difficult these cryptographic equations become, which additionally helps to hedge inflation regarding the currency.

One person that is such runs these systems is 27-year-old Aaron Jackson-Wilde, who paid some $2,000 for their setup, that will be run by extremely specialized computer chips. These chips are specifically designed to both operate and maintain his Bitcoin community, while simultaneously creating a little reward money in what has come to be known as ‘Bitcoin mining.’

Attempting to Turn a Profit No Easy Task

The hope of these ‘miners’ much like their namesakes of old is always to make more in Bitcoins than they find yourself investing to ‘mine’ no feat that is easy some of these setups can run just as much as $20,000 or more, not forgetting the electrical costs involved when all this equipment is humming 24/7/365. Appropriate now, the coins are at an all-time high regarding the exact carbon copy of $200; that’s vs. $12 per coin only year that is last this time. So money is here to be made for the savvy few.

But just like aided by the California Gold Rush, the more miners jump in the fray, the harder it gets to truly generate income mining. Due to the recent dramatic spike in Bitcoins’ value, more and more miners have gotten involved, whom in turn have gotten more powerful chips, dramatically upping the workload overall on the Bitcoin system.

This overload, in turn, then drove up the complexity of confirming each transaction made using the cryptographically sent data, and that is making it harder and harder for miners to recover their mining gear investment expenses. Andreas Antonopoulos, a digital currency entrepreneur in San Francisco, describes: ‘Bitcoin makes silicon perishable. Your mining rig rots away in the front of the eyes every you contain it. time’

Back in the real Gold Rush days, it was men like Samuel Brannan, Levi Strauss (yes, the jeans man) and Phillip Armour (who went on to become meatpacking that is famous) whom were just a few of the equipment and service providers who made far greater fortunes from the 1849 rush than anybody who actually discovered gold. And it appears perhaps not much has changed for the reason that arena.

‘It’s the guys who sell the equipment who’re making the cash, not the Bitcoin miners,’ said Jackson-Wilde, who works times as manager at a motorcycle battery company.

In fact, one such manufacturer, CoinTerra, estimates that the marketplace for Bitcoin mining chips could reach as high as $100 million per 12 months for the following three years alone, based on current valuations.

Experts within the mining field expect some 1.4 million bitcoins that are new be developed by the technology during those exact same three years, which will total some $280 million per year if current exchange rates stay fairly stable. Since Bitcoins’ initial creation back 2008, about 11.9 million Bitcoins valued at $2.4 billion in present exchanges happen minted.

WHERE DID BITCOINS ORIGINATE FROM?

Bitcoins first began circulating through the Internet last year after that initial introduction that is conceptual someone presenting under the pseudonym of Satoshi Nakamoto. It quickly became a popular type of ‘antimoney’ exactly what was recognized by some as being a viable alternative to bank-backed national currencies, due to its theoretically source that is untraceable. Its value is based entirely on what its users perceive it to be right now. It is currently considered the preeminent kind of digital money.

Whilst the cryptocurrency has attracted plenty of attention through the law the FBI recently seized and shut down the Silk path web site, which used the financial form for all its many illicit transactions it’s also been skyrocketing in value lately and is now attracting the attention of some legitimate investors, some of whom see the coins as being a serious force in e-commerce.

PokerStars Rejected New Jersey On Line Gaming License, For Now

Unconfirmed term on the street is that PokerStars has been rejected their New Jersey iGaming license, but don’t count them out of the game just yet.

Atlantic City’s online casino launch may be just around the corner it’s set for November 26th but looks just like the world’s biggest online poker room defintely won’t be partaking within the celebrations. PokerStars an element of the huge Black Friday scandal of 2011 has reportedly been rejected a New Jersey license that is iGaming.

DoJ Criminal Case Still a Stain on PS Reputation

The reason that is main for the denial has been the New Jersey Division of Gaming Enforcement’s impending criminal case against PokerStars founder Isai Scheinberg, which include allegations of bank fraud and money laundering as outlined within the Unlawful Web Gambling Enforcement Act (UIGEA) of 2006.

Just this June that is past’s son Mark handed over $50 million to the feds, who inturn had been essentially permitted to admit to no ‘wrongdoing, culpability, liability, or shame’ in the matter. That, nevertheless, had no impact on the newest Jersey gaming regulator’s actions; most likely, they got no little bit of that economic pie.

All Hope Not Lost

Mind you, this doesn’t mean that PokerStars is out of the iGaming business forever in New Jersey by any means. In reality, many predicted this as a possible initial outcome, and the Scheinbergs themselves cannot be totally stunned by the denial that is reported. Although PokerStars settled their civil indictments because of the Department of Justice back in 2012 once they shelled out $547 million in a peace providing to reimburse poker that is fellow complete Tilt’s failure to do this with their online clients, which had no impact on the criminal case that was brought against both the senior Scheinberg and PokerStars Director of Payments Paul Tate, who had been among the list of 11 men indicted by the feds on April 11, 2011.

Apparently what are at play here is Isai’s alleged involvement that is continued operating the business, even though officially he turned the reigns up to son Mark. As an example, the Atlantic Club Casino Resort in Atlantic City which PokerStars made a bid on, was refused, and who then got sued by the rejected suitor claimed in court that Daddy Isai had been included in phone convos that took place while that deal had been discussed, a big no-no.

So what will PokerStars likely have to do now getting back in the good graces associated with the New Jersey Division of Gaming Enforcement? Possibly, agree to absolutely zero involvement by any for the kingpin Ebony Friday figures, such as Isai or Paul Tate.

If true, this licensing dis will not merely impact PokerStars Internet plans in nj; land gaming ventures will also be impacted. A $10 million-dollar planned poker room at the Resorts Casino Hotel will also have to go into ‘hold’ mode until the licensing issues are sorted down.

And This Late-Breaking News…

In another bit that is shocking of, it appears that the now-infamous Atlantic Club has just filed for bankruptcy. The casino is seeking Chapter 11 protection, but will huuuge bonus continue to be open and running while this happens. Atlantic Club’s litigation with PokerStars is still ongoing; a matter which cannot have helped with cost-control measures for the property that is teetering.

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