Worldwide Gambling And Casino News
The gambling business is growing around the globe. Even as the industry is facing legal challenges in the US and France; many new countries are inviting international leading gambling corporations in lure of getting revenue. Let us have a look at some of the recent international developments that have taken place in the gambling biz.
China Invites The Meydan Group To Develop Horse Cities
China recently announced its plans for developing two “horse cites” within the country. The Chinese exclusively invited the Meydan Group for this venture. They had previously developed the largest racing complex of the world in the UAE.
It is interesting to note that horse racing was illegal in China until a couple of years ago. Sources indicate that the Chinese intent to clone the Dubai’s success, which is currently at the peak of the racing world. Dubai did all this in less than a decade.
The Meydan Group has devised a ten-year plan for the project. The spokesperson of the company said that the horse city will consist of an international equestrian college, facility for breeding of horses and for their auction. It will also have a number of luxury hotels and a racing track. The college will be up and running by 2012.
Gambling Expansion Bill Killed In New Hampshire, US
The state of New Hampshire has been facing difficulties in generating revenue for quite some time now. It was suggested that gambling expansion in the state would significantly reduce its fiscal deficit. A bill was passed earlier by the legalizing black jack, while allowing six new casinos to open. It also allowed installation of video slot machines at five venues; three of which were race tracks.
The bill was drafted to raise 50 million dollars that would allow the government to stop cutting the social service programs. It was also expected to create new jobs. The bill, however, failed to convince the house members, where it was defeated by 54 votes.
Those in the favor of the bill argued that it was the only way to quickly generate the much needed revenue. A number of opposing representatives said that gambling will add to the problems of the local population. While others said that they were not against the concept allowing gambling for revenue generation. Their main concern was the flaws in the bill. The bill is expected to come up again in the house in early May, when the governor will propose more budget cuts.
OTB Fakes Financial Distress To Bag Concessions
The New York Off Track Betting Corporation had recently announced that they were closing all their operations within a few days if they were not able to cut a deal with the state governor. The OTB Corp. currently owes more than 5 million dollars to Empire Resorts and the Yonkers’ horsemen. They expected a waiver of around 2 million dollars by their cunning move.
The Empire Resorts, however, resented any effort to reduce OTB’s credit. They maintained they would rather prefer its closure. After it became clear that the government officials will not take any action; OTB renounced its plans for closure. Consequently it revoked almost 1,500 layoffs.
OTB is being heavily criticized for its act of fiscal distress.