Anjali Verma (Anjali Verma) wrote in business2021,
Anjali Verma
Anjali Verma

Gambling Regularization Rejected Again In Florida

For years, stakeholders have been competing in Florida's legislative chambers in the United States for an expansion and loosening of gambling legislation in the state. Currently, only two counties have the right to operate slot machines, and there is a limit to the number of casinos (Togel Singapura) that can be built in the locality. After numerous lawsuits and their respective judgments, gambling legislation in the US state proved to be ineffective. This rejection of the new regularization by the lower house makes the industry remain subject to vague legislation. An aggravating factor is that this rejection also implies the annulment of plebiscite decisions in all counties. Of these, eight decided to release the installation of slot machines in horse racing houses and dog races, but the House of Representatives decided to maintain the current ban, despite this result.

The state senate, on the other hand, supports the new legislation. According to Senate President Joe Negron, the eight-county decision should be respected. José Felix Díaz, a state deputy, rebutted the statement: "This is a problem to be handled by the entire state. The decision would affect not only the eight counties, but all those adjacent. Therefore, it must be taken at the state level. " Originally, both houses passed new legislation on gambling . The legislations approved were very different and therefore there was a need for conciliation between 6 members of the lower house and 6 members of the upper house. The two parties have not reached consensus in the time frame for the matter - 60 days - and so the decision should be postponed to next year, when new legislation could be presented.

The current state of Florida gambling and betting

Currently, slot machines can operate in Miami-Dade and Broward, and seven casinos have an operating license. The new legislation aimed at expanding the number of casinos and legislating on the possibility of licensing, exclusively for the Seminole Tribe of Florida, of dice games and roulettes. Tribo already has license to operate casinos (Togel Singapura) in the state and is negotiating the opening of a new casino in Miami. Diaz, a state deputy, says he is open to approval of another casino in the county, but that the decision will be left to the people of Miami-dade, who will have to vote in a plebiscite on the matter. By next year, however, the state of Florida must lose hundreds of millions of dollars in taxes, calculated on a possible new billing if legislation on gambling and gambling had been approved. The solution to an urgent need of the state is also postponed: regularizing the situation of the current casinos and slot machines after judicial decisions put the machines in vague positions before the law.

Trump Taj Mahal Casino Sold For A Fraction Of Your Value

Donald Trump may have written "The Art of the Deal," but it was the Seminole Indians who got a great deal by buying an opulent casino built by the man who is now President of the United States. The Trump Taj Mahal - casino in Atlantic City, heart city of casinos in New Jersey - which the tycoon built for $ 1.2 billion in 1990, is now worth a small part of that figure.

Documents submitted to the Securities and Exchange Commission revealed that the price that the billionaire, Carl Icahn received from Hard Rock International by the already closed casino: the amount of 50 million dollars. The sale was very controversial at the time, certainly a great deal considering the value of the building.

Trump referred to the casino (Togel Singapura) as "the eighth wonder of the world" when it opened. He would cut ties with the casino in 2009, although he continued to retain a small part in the business regarding the right to use his name. That small percentage of the business came to an end last year when Icahn acquired Trump Entertainment Resorts, which had gone bankrupt. Icahn and the workers' union of the main casino in Atlantic City failed to reach an agreement to secure tax and health benefits. The union then decided to go on strike.

In October, Icahn decided to close the casino saying that there was no way to make a profit, lamenting the losses that already reached 350 million dollars. Icahn continues to own the old Trump Plaza casino which closed its doors in September 2014. Hard Rock, which is owned by the Indian Tribal Tribe of Florida, plans to reopen the Taj Mahal casino in 2018 after resolving casino issues and removing all references to Trump.

Hard Rock expects to spend $ 375 million on renovations that will feature some of the world's largest music collection. Hotel guests may even have access to Fender electric guitars to play in their rooms.

In addition to seeing an opportunity in a market that seems to be stabilizing after the closure of five of its twelve casinos since 2014, this deal also makes sense otherwise for Hard Rock. The company that has partnered with Meadowlands Racetrack operator Jeff Gural plans to build a casino resort in East Rutherford, located just outside of New York if New Jersey voters decide to amend the state constitution to allow them to play in casinos outside of Atlantic City.

The hope remains high even though a referendum aimed at allowing this maneuver was bitterly defeated in November. Although the new legislation is presumably written for the next casino expansion attempt , last year's rules gave owners of existing casinos in Atlantic City the first chance to get one of two new licenses that would have been created when the new measure was to vote was approved.

Being now owner of the old Taj Mahal, Hard Rock will be in a good position to operate a North Jersey casino license if the legislative path aligns with the expansion.

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