Online Casinos Directory

New Jersey may be entering the world of legalized gambling sooner than once thought. There was a new bill introduced recently that would bring online gambling in. The online industry would be run by casinos in Atlantic City. The bill was introduced by Senator Lesniak who also has brought about a constitutional amendment that would allow state-regulated sports betting into the casinos. Like all other states, New Jersey is struggling post-recession. The recession was hard on every state economy and now each one is having a difficult time making ends meet. Budgets are huge and deficits are skyrocketing. Almost every state is hard-pressed to find ways to manage the budget and find new money-generating activities to help the state budgets.

Currently the state of New Jersey offers gambling on horse races through the website called 4NJBets.com. The state is proposing an expansion of the law that would let various versions of games like poker, baccarat, and blackjack. The New Jersey Casino Control Commission would be the ones regulating the online gambling industry. iMEGA chairman Joe Brennan Jr. said, “We are happy that New Jersey has taken this issue into their own hands. New Jersey is recognized as having the toughest gaming regulators in the US, but as a leading gaming state with a long track record of doing things the right way. Internet gambling will have a great home here and the opportunity to begin normalizing the industry.”

New Jersey is in a great position of pioneering the online gambling model. The state is poised on being number one if legislators can make the industry work successfully. iMEGA supports efforts by Senator Barney Frank who created an amendment to the UIGEA, the Unlawful Internet Gambling Enforcement Act of 2006. The UIGEA was meant to ban online gambling in the states, but in the end created more problems than aids for the country as a whole. Gamblers moved quickly out of the US and channeled their funds to offshore gambling websites. Now, the US is trying to regulate and legalize gambling to keep billions of dollars in the country. New Jersey could be the first state to successfully bring online gambling regulation to the market in 2010.

One of the main reasons Las Vegas has thrived so well over the past two decades is the unified partnership between the casino industry and the city and county governments in the area. They have worked together to maintain an infrastructure and code that is conducive to growth of the market.  Smith said, “Atlantic City, in contract, has changed very little since the 1980s. There is a tremendous number of people we found when we built the Borgata that still do not visit Atlantic City because it doesn’t have the product they want. They’re not comfortable with the city.”

On the other hand, some are pointing to South America as the next big boom in gambling. Guillermo Gabella, director of Bueno Aires-based gaming manufacturer Boldt S. A., said he sees great potential for expansion of the gaming market in South America and Latin America. The recession didn’t hit the casino industry in southern America the same way it did elsewhere throughout the world. “We are very encouraged for the growth we could achieve,” Gabella said. “We can see these areas have had a significant growth even though there has been an economic crisis. It has not affected us in the same way it has affected Europe or the United States.”

Further expansion of the South and Latin American gaming markets, however, will depend on the establishment of strong regulatory bodies and governments’ readiness to thwart illegal gambling in the area. Gaming executives are noting some positive things happening in the market though. Capital markets, for instance, are opening again for the industry, meaning gaming companies are able to refinance their debts and issue new debts. The gaming technology industry has also been doing more financing of slot machines, as well as granting new payment terms to maintain significant business with casinos. President of Slot Company Aristocrat Technologies, Nick Khin, stated, “We’ve had to become more flexible in terms of doing business. The price of slot machines has gone up quite dramatically over the years,” Smith said. “That has quite naturally extended the replacement cycle because there’s a finite amount of capital that can be reinvested in these operations.”

At the Global Gaming Expo, CEO of Boyd Gaming Keith Smith said, “If you look out over the next 10 years, you could probably count on one hand the number of new buildings we’ll see on the Strip. Frankly, my crystal ball isn’t that clear, but there will not be the tremendous amount of new buildings on the Strip.” Smith believes that Las Vegas gaming companies will have to find new markets for expansion because the construction boom that happened over the past two decades won’t be repeated.  He is stating also that local and state governments will have to take proactive actions to find new markets if they want to continue working with gaming companies to increase their tax revenue dollars. In particular, Smith believes that states need to create favorable conditions for gaming companies—meaning low tax rates and low fees. This is the only way that gaming companies will be able to succeed in the market.

Virginia McDowell, CEO of the regional casino operator Isle of Capri Casinos, stated, “You can’t have high license fees, you can’t have high tax rates and expect for us to make significant investments in your states. We are going to look at strategic capital going forward and sit there and say ‘How can we leverage the least to get the highest return?’ That may mean it may be difficult for us to look at expansion opportunities where there’s going to be either significant cost or significant competition as a barrier to entry.” An active government role will be needed even in jurisdictions where gaming already exists.

Smith, whose company operates the Borgata in Atlantic City in a joint venture with MGM Mirage, cited New Jersey as a perfect example of issues. New Jersey shore gaming markets have problems with the huge amount of competition in neighboring states and for them to be a viable contender in the market, they need the help of the state and local government. Smith added, “It has a bright future but it needs some public support. We need the public sector to come to the table and clean up parts of Atlantic City.”

Part two coming next.

The New Jersey state Casino Control Commission last week approved a law to require winnings from slot machines and keno in the Atlantic City casinos be collected within one year. According to the new law, after one year the money legally belongs to the casinos and the state. Officials reported that there are $12.4 million in unclaimed winnings and much of it is in very miniscule amounts of under $1. Though the small amounts are not important to a lot of players, the total that adds up to $12.4 million is important to the state.

April 8^th is the first deadline to collect the winnings over one year old. After that vouchers will be issued and they will be good for a year after they’re issued. The rules apply only to slot machines and keno, not to other games of chance. The state and casinos are each to get a share of unclaimed winnings. This is a great opportunity for the state and the casinos to capitalize on money that is just sitting in limbo.

Nate Frankel of the New Jersey commission stated, “In general, people don’t care about a dollar here or there…the chances of them proactively trying to collect a few cents just isn’t that big…On the other hand if the state and the casinos are able to split the overall pool, it could make a substantial amount of revenue for both entities.” From past money claims, most people don’t work to claim a few pennies and the money is left where it is to be claimed by whomever is next in line for it.  Frankel added, “People believe if it is under a dollar it isn’t worth going after…a ‘more trouble than it’s worth’ attitude prevails.”

At least that’s what the state and casinos are hoping for. If they manage to gain ownership of even half of the money out there, that is still over $6 million to be distributed to each party. That’s a large enough sum for them to make a dent in the huge deficits and coffers involved. Only time will tell whether or not people rush to get their pennies and if that benefits the state and casino budgets if they don’t.

New Jersey officials congregated in Atlantic City recently for the Annual New Jersey League of Municipalities conference. Over 20,000 officials and appointed government came together to participate in various seminars and discussions by day and gamble and have fun by night. The conference is a 4-day long event that is highlighted by a dual appearance by Republican Governor elect Chris Christie and lame duck Democratic Gov. Jon Corzine. Each one is set to deliver a keynote speech for the attendees.

League Executive Director William Dressel said his job is to construct an educational program for attendees and to “provide my elected officials with the tools they need” to run local government. “I’m only responsible for what happens between 9 o’clock and 5 o’clock. For every hour in that normal workday, it is chock full of education workshops, clinics.” Dressel’s words are aligned with what every one knows about the event. Sure there are tons of learning seminars and developmental tools for everyone to use, but after 5pm almost everyone is there to party, gamble and have fun.

Former Governor James E. McGreevey described the convention as “really just a huge frat party” in his autobiography.  It was where former Hudson County Executive Robert C. Janiszewski took a $5,000 bribe from an FBI informant, and later turned informant.

He was brought down by the office of then-U.S. Attorney Christie, who later led a league seminar on ethics with Attorney General Anne Milgram and warned local officials against participating in similar acts. He told them if “someone approaches you with an envelope of cash looking for some kind of favor from you” in Atlantic City, “it’s probably us.” Dressel said he expects less partying and antics this year, in part because the dismal economy has cut into hotel bookings.  “Quite frankly, (municipal officials are) looking for a lot of answers and insight on how to govern in these tight economic times,” he said.

The seminars are built around topics like the economy, budgets, foreclosures, “going green,” and the impact of federal stimulus dollars. “There’s a lot of good info,” said Kevin Duffy, mayor of Hardwick Township, Warren County. Lester Lewis-Powder, a Maplewood committee member, acknowledged some may think the convention is a time for local officials to live it up in Atlantic City on the taxpayers’ dime. “I paid my entire bill myself to avoid that,” he said of his room at the Borgata hotel. More than a dozen parties were scheduled at hotel and casino restaurants and ballrooms, hosted by state lawmakers, local officials and the contractors they do business with.  Sure there is fun afterhours, but there is enough educational material and instruction to truly make a difference in the politicians’ individual municipalities if they focus on it.