Overlook the British; are casinos ever coming to Massachusetts? (Image source: Britannica.com)
In 2011, Massachusetts passed casino gambling legislation, but in 2013, it’s still uncertain whether that may lead to any actual casinos being built in the state. While that law managed to get possible for licensing of up to three casinos in various parts of the state (along with one slots parlor), a combination of reluctant communities and a brutally intrusive gaming commission are beginning to create some wonder if anyone will ever get authorized for a casino here.
Uphill Battle So Far
Here’s the reality: many communities have rejected the theory of having a casino within their neighborhood. East Boston and Palmer both said no to casinos on this Election that is past Day while many other towns stopped proposals from going ahead before they ever got on the ballot. It doesn’t mean every casino has been refused, of course. Milford is using Foxwoods on a proposal that will be taken up to a vote on 19, while the town of Everett overwhelmingly approved a Wynn project, with 87 percent of voters coming out in favor of it november. And MGM won a casino vote in Springfield this summer as well.
But that alone isn’t enough. The Massachusetts Gaming Commission must also accept the companies that will be running these casinos, and that is beginning to look like a real issue in some of those instances. When Suffolk Downs discovered that the commission had serious questions regarding Caesars working they dropped the casino giant from their proposal a move that added confusion to the vote in East Boston, and may have ultimately decided the election with them.
Can Anybody Pass Muster?
Those same questions could be raised with other businesses who have yet to be vetted.
‘Given what happened with Caesars, it’s certainly a possibility now with Wynn and MGM, since they both have actually dilemmas with SEC investigations or issues in Macau that have been raised by other commissions,’ said Clyde Barrow, teacher of public policy at UMass Dartmouth. ‘ If they’re going to use that same strict standard…we could get to the end of the road and have to start over all again.’
Really, you can find some organizations which were vetted, but have had their casino plans refused by towns, and other people who were approved by towns but are yet to get that same vetting. Therefore far, nobody has passed both steps.
There are a few bright signs, if you’re prepared to look for them. It’s most likely that some body will be given a permit for the slot parlor, as several communities have given the light that is green hosting that facility, and it’s likely that the gaming commission will find more than one of them suitable (though in the long run, only one will be selected as the host).
But in terms of the larger casino tasks, some observers are now wondering in the event that major casino designers may simply give up and leave if the current frontrunners are rejected by Massachusetts, particularly if they feel that conducting business there was more trouble than it is well worth. And whilst the continuing state hasn’t quite reached that point yet, it is certainly getting near.
Just Like the Gold Rush, A Lot Of Money Is in Bitcoin Mining Equipment
Echoing Samuel Brannan back in the California Gold Rush, the real money being made in Bitcoins today is by individuals selling the mining equipment (Image source: Discovery Channel)
Bitcoins keep hitting the news today; whether because the crypto-currency of preference for nefarious Internet dealings on recently busted Silk path, or as a highly volatile kind of digital money whose consumer-based valuations fluctuate wildly, recently skyrocketing to the stage that some economists say they are a bubble going to burst.
Attempting to sell towards the Miners
But now it turns out the money that is real Bitcoins isn’t in the virtual money slotsforfun-ca.com it self; it’s within the computer equipment getting continuously more sophisticated to ‘mine’ the Bitcoins that the real money lies. Here’s a little back ground:
Bitcoin transactions depend on computer systems being able to untangle complex mathematics formulas in order to clear transactions and guarantee the virtual coins will be the genuine article. These systems then generate new Bitcoins once these mathematics issues have resolved, which are forwarded to those that run the operational systems themselves. Naturally, the more coins get created, the greater difficult these equations that are cryptographic, which additionally helps to hedge inflation in 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 is run by extremely specialized computer chips. These chips are created specifically to both operate and maintain his Bitcoin system, while simultaneously making a small reward money in what has come to be known as ‘Bitcoin mining.’
Wanting 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 a number of these setups can run just as much as $20,000 or more, not to mention the electrical expenses included whenever all this equipment is humming 24/7/365. Right now, the coins have reached an all-time high of this equivalent of $200; that’s vs. $12 per coin only year that is last this time. So cash is there to be made for the savvy few.
But in the same way with all the California Gold Rush, the more miners jump in the fray, the harder it gets to really earn money mining. Due to the recent spike that is dramatic Bitcoins’ value, more miners have gotten involved, who in turn have gotten more powerful potato chips, dramatically upping the workload overall on the Bitcoin system.
This overload, in turn, then drove up the complexity of verifying each transaction made utilizing the cryptographically transmitted data, and that is making it harder and harder for miners to recoup their mining gear investment costs. Andreas Antonopoulos, a currency that is digital in San Francisco, explains: ‘Bitcoin makes silicon perishable. Your mining rig rots away right in front of one’s eyes every you have it. time’
Back in the real Gold Rush days, it had been men like Samuel Brannan, Levi Strauss (yes, the jeans guy) and Phillip Armour (who proceeded to become famous meatpacking magnate) whom had been just a few of the equipment and service providers who made far greater fortunes off of the 1849 rush than anybody who actually discovered gold. And it appears perhaps not much has changed in that arena.
‘It’s the guys who sell the equipment who are making the money, 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 market for Bitcoin mining chips could reach as high as $100 million per year for the following three years alone, based on current valuations.
Experts in the mining field expect some 1.4 million new Bitcoins to be developed by the technology during those exact same three years, which will total some $280 million each year if current change rates remain fairly stable. Since Bitcoins’ initial creation back in 2008, about 11.9 million Bitcoins valued at $2.4 billion in current exchanges have been minted.
WHERE DID BITCOINS COME FROM?
Bitcoins first began circulating via the Internet in 2009 after that initial introduction that is conceptual someone presenting under the pseudonym of Satoshi Nakamoto. It quickly became a popular form of ‘antimoney’ what was perceived by some as being a viable alternative to bank-backed national currencies, due to its theoretically untraceable source. Its value relies solely on which its users perceive it become at this time. It is currently considered the form that is preeminent of money.
The FBI recently seized and shut down the Silk Road website, which used the monetary 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 becoming a serious force in e-commerce while the cryptocurrency has attracted plenty of attention from the law.
PokerStars Denied New Jersey Online Gaming License, For Now
Unconfirmed word on the street is that PokerStars has been rejected their New Jersey iGaming license, but never count them out of the game just yet.
Atlantic City’s on line casino launch may be just around the corner it’s set for November 26th but looks just like the world’s biggest poker that is online will not be partaking in the festivities. PokerStars the main huge Black Friday scandal of 2011 has apparently 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 brand new Jersey Division of Gaming Enforcement’s impending criminal case against PokerStars founder Isai Scheinberg, including allegations of bank fraud and money laundering as outlined within the illegal Internet Gambling Enforcement Act (UIGEA) of 2006.
Simply this past June, Scheinberg’s son Mark paid $50 million to the feds, who inturn ended up being essentially permitted to admit to no ‘wrongdoing, culpability, liability, or guilt’ in the situation. That, nevertheless, had no effect on this new Jersey gaming regulator’s actions; after all, they got no bit of that economic pie.
All Hope Not Lost
Mind you, this doesn’t mean that PokerStars is out from the iGaming business forever in brand New Jersey at all. In fact, many predicted this being a feasible initial outcome, and the Scheinbergs themselves cannot be totally stunned by the reported denial. Although PokerStars settled their civil indictments aided by the Department of Justice back in 2012 when they shelled out $547 million in a peace offering to reimburse poker that is fellow Full Tilt’s failure to do this with their online customers, which had no impact on the criminal situation which was brought against both the senior Scheinberg and PokerStars Director of Payments Paul Tate, who were one of the 11 men indicted by the feds on April 11, 2011.
Apparently what might be at play here is Isai’s alleged continued involvement in running the organization, despite the fact that officially he turned the reigns over to son Mark. For instance, the Atlantic Club Casino Resort in Atlantic City which PokerStars made a bid on, was rejected, and who then got sued by the rejected suitor claimed in court that Daddy Isai was in fact involved in phone convos that took place while that deal had been discussed, a big no-no.
So just what will PokerStars likely have actually to do now getting back the good graces regarding the brand New Jersey Division of Gaming Enforcement? Perhaps, agree to absolutely zero involvement by any of the kingpin Black figures, such as Isai or Paul Tate friday.
If true, this licensing dis will not merely influence PokerStars Internet plans in nj; land gaming ventures will also be affected. A $10 million-dollar planned poker room at the Resorts Casino Hotel will also need to get into ‘hold’ mode until the certification issues are sorted down.
And This Late-Breaking News…
In another shocking bit of news, it appears that the now-infamous Atlantic Club has just filed for bankruptcy. The casino is seeking Chapter 11 protection, but will remain open and operating while this happens. Atlantic Club’s litigation with PokerStars is still ongoing; a matter which cannot have helped with cost-control measures for the teetering home.