New Facility Would Have Adult, Family Entertainment

The new complex would consist of two water parks. In addition, a mix of family and adult attractions will be contained in the resort that is former.

The largest of water parks would measure more than 80,000 square legs, and would be located across the street from where in fact the casino when was. A smaller park, measuring at over 26,000 square foot, is located closer to the casino and would feature swim-up pubs.

The facility would also include a year-round beachfront café (including a seasonal bar), hotel rooms, and perhaps condos and timeshares as well. Endeavor says that the complex could possibly be opened by wintertime 2016/2017.

According to CRDA Executive Director John Palmieri, the project is exactly just what the group is seeking from investors who desire to put cash into bringing tourism that is alternative to Atlantic City.

‘ All of these types of activities that promote entertainment, non-gaming amenities, tourism associated improvements,’ Palmieri said, these are the kinds of assets the CRDA is made to support.

Straub Had Also Proposed Water Park for AC

That isn’t the first time the concept of a major water park at one of the closed Atlantic City casinos was floated.

Florida developer Glenn Straub offered up the idea that is same this year when referring to potential ways that he could develop the former Revel Casino Hotel.

Straub’s plans for the Revel (which have diverse with time) would consist of both casinos and household entertainment that is friendly. However, the plans for the Atlantic Club won’t add any gambling facilities.

Second Project Also Approved

The water parks weren’t the plans that are only Atlantic City approved this week. In addition, the CRDA greenlighted a proposition to utilize a 14-acre parcel of land on Albany Avenue for ‘corporate offices and potential scholastic use.’

That proposition was the brainchild of AC Devco, a nonprofit company that is committed to accelerating the development of the town in areas outside of video gaming. The group is funded by the CRDA itself.

The reference to ‘potential academic usage’ has resulted in some speculation that Stockton University could be interested in the property, as the school had hoped to build a satellite campus at the former resort.

However, officials have not stated perhaps the college has any plans for your website.

The Atlantic Club was indeed the littlest of the 12 casinos running in Atlantic City, and was on the market for the buyer for a few time before finally closing in 2014 january.

For the right time, it appeared as though on line poker giant PokerStars would buy the facility, but that deal fell through, and no other buyers emerged before it shut.

Since then, three other Atlantic City gambling enterprises have also closed in the wake of falling gambling revenues in the resort city. The revel is included by them, the Showboat, and also the Trump Plaza.

Developer Abandons Brand New Bedford Casino Proposal

KG Urban has withdrawn their proposal to construct a casino in the New Bedford waterfront. (Image: New England Boating/Tom Richardson)

KG Urban has announced they will not be pursuing a casino license for a proposed resort in New Bedford, Massachusetts, sending a shockwave through the landscape of the battle for the final casino license in the state.

The decision comes inspite of the known proven fact that this New Bedford task was seen by many since the favorite to take the Southeastern Massachusetts license.

KG Urban had currently negotiated a number agreement with New Bedford lawmakers that would have attained the town $12 million each if the casino was built, and the project was easily approved by voters, with over 70 percent voting for the resort year.

Local Competition May Have Scared Investors

But KG Urban contacted the Massachusetts Gaming Commission on to let them know that they hadn’t been able to find financing for the resort, despite the fact that CEO Barry Gosin had claimed to have a financing plan in place in May wednesday.

However, the prospect of competition from a tribal casino in Taunton, the future of which is uncertain but would occur away from state licensing system, may have frightened financers away.

There can also be the Newport Grand facility in Rhode Island might be moved very near to the Massachusetts border in order to compete with the facilities that are new integrated the state.

‘Given the uncertainty of acquiring viable financing for the task while the time constraints of this license application process, we cannot justify investing any additional funds in the project beyond the significant amount already invested,’ Gosin wrote in their page to the commission.

City Stunned by Decision

Nevertheless, the decision came being a surprise to just about everyone involved, including New Bedford officials.

It have been hoped that the casino, set to be constructed on the city’s waterfront, would bring jobs and fiscal security to the city.

‘KG Urban’s choice to abandon the project is definitely an extreme disappointment and a great shock considering that its CEO Barry Gosin had led everyone to think he might have the mandatory funds to build the project,’ said New Bedford Mayor Jon Mitchell. ‘We have been united as a community and have done everything possible to guide the KG casino proposal based on Mr. Gosin’s dedication to fund the project fully, so city residents and its leadership are all understandably upset by Mr. Gosin’s choice.’

With KG Urban apparently from the running, that leaves only a Mass Gaming & Entertainment proposal at the Brockton Fairgrounds within the running for the casino license that is final.

That isn’t a guarantee they can get the license, nevertheless, as the state gaming commission could choose not to honor one at all.

The KG Urban casino could have been operated by Foxwoods had it been built.

Foxwoods has yet to produce a comment in regards to the withdrawal of the proposal.

The move left state video gaming officials uncertain as to the future of the final casino license.

In a Thursday conference, the Massachusetts Gaming Commission agreed to accept KG Urban’s choice to withdraw through the process. No decisions that are further made, but the commission agreed to talk about the issue further in future meetings.

Three other licenses have already been awarded in hawaii. A slots parlor in Plainville opened in June, while an MGM resort in Springfield and a Wynn casino in Everett have both been awarded licenses, but continue to be years far from opening.

Mafia Gambling Empire Raided by Italian Police, $2.2 Billion in Assets Seized

Italian police this week made a significant bust in the ‘Ndrangheta gambling network, the richest and strongest mafia criminal activity syndicate worldwide. (Image: Reuters/Alessandro Bianchi)

The mafia crime company ‘Ndrangheta hasn’t traditionally have the notoriety its Sicilian and Naples counterparts have, but after Italian authorities raided its organizations in Reggio Calabria this week, that could soon change.

On police seized $2.2 billion in assets and issued 41 arrest warrants for persons involved in the operation of gambling companies both in Italy and abroad wednesday.

According to Angelino Alfano, Italy’s Minister of the Interior, 1,500 shops that are betting 82 gambling websites, and 56 companies owned by ‘Ndrangheta were confiscated.

The worldwide enterprise laundered money through gaming accounts and ‘bypassed the laws regulating this sector, acquiring significant profits that were then reinvested in the acquisition of brand new companies and licenses to further expand their activities,’ Italian police said in a statement.

Crime Does Pay

The Calabrian mafia’s primary focus may be the illegal drug trade, largely that of cocaine.

With its history dating back again to the 1860s, today ‘Ndrangheta is the most powerful, wealthy, and influential criminal activity organization in the world, while the Calabrian bosses are perfectly fine with the Naples and Sicily gangs taking the media’s infamy.

But this week it is ‘Ndrangheta that is clogging the headlines and bringing to light their annual revenues that are predicted to range between $60 and $70 billion, or three to four per cent of Italy’s gross product that is domestic.

In terms of earnings, that places ‘Ndrangheta on the exact same level that is financial Bing.

Eleven of the companies seized were based outside of ‘the boot,’ with locations in Austria, Malta, Romania, and Spain being infiltrated.

Alfano labeled the sting ‘a severe blow to the ‘Ndrangheta,’ but a review of this organization’s revenue breakdown shows that the ‘serious blow’ will be withstood.

‘Ndrangheta Finances

Though it’s difficult to determine what percentage gambling represents in the organization’s overall revenues, it is projected that drug trafficking alone accounts for nearly 50 %.

In accordance with Italian research firm Demoskopika, ‘Ndrangheta received $26.4 billion through the manufacturing and selling of drugs in 2013, while gambling grossed under $1.5 billion.

It appears ‘Ndrangheta’s investment in gambling has paid a return as it’s grown by at least $700 million in 2 years considering Italian authorities confiscated $2.2 billion in gambling assets.

While gambling is responsible at a lower price than five per cent of the mafia enterprise’s yearly revenue, it served as a tool that is valuable the gangsters to go cash throughout the world quickly and discreetly, which means the overall financial implications of this week’s breasts will expand with other industries ‘Ndrangheta is tangled up in.

The issuing of 41 arrest warrants for key personnel must also place additional stress on the empire, but with an calculated 400 key operatives and since many as 60,000 associates in 30 countries worldwide, eliminating the massive conglomerate will require additional takedowns.

Italy has ramped up its efforts to disrupt organized crime through anti-mafia legislative reforms and targeting assets controlled by criminal gangs, but unlike some crime families, ‘Ndrangheta is a network of clans that work together, and while there isn’t one solitary boss or don, it makes lowering the gang that far more difficult.

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