Posts Tagged ‘casinos’

Big Fat Deal in Jersey: Christie Let Trump Skip Millions in Taxes

September 21, 2016

Big Fat Deal in Jersey: Christie Let Trump Ignore Millions in Taxes

“By the time Chris Christie became governor of New Jersey, the state’s auditors and lawyers had been battling for several years to collect long-overdue taxes owed by the casinos founded by his friend Donald J. Trump.

The total, with interest, had grown to almost $30 million. The state had doggedly pursued the matter through two of the casinos’ bankruptcy cases and even accused the company led by Mr. Trump of filing false reports with state casino regulators about the amount of taxes it had paid.

But the year after Governor Christie, a Republican, took office, the tone of the litigation shifted. The state entertained settlement offers. And in December 2011, after six years in court, the state agreed to accept just $5 million, roughly 17 cents on the dollar of what auditors said the casinos owed.”

— “Trump Casinos’ Tax Debt Was $30 Million. Then Christie Took Office.” Russ Buettner, New York Times

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Question 7: Maryland Gambling Proxy War

November 6, 2012

Question 7: Maryland Gambling Proxy War

Maryland voters go to the polls today to decide if they will be manipulated by West Virginia casino owners or Las Vegas casino owners. ‘Vegas wants to run gambling joints in Prince Georges County, near Washington DC. Maryland backers claim this will keep the money they lose inside their own state, as if it won’t just go to Nevada to be reinvested in Macau or a Mitt Romney PAC or something. West Virginia casino owners want to avoid competition from fancier gambling dens closer to Baltimore and DC, so they’re against it. The only sure winners here: advertising agencies and local broadcasters, since both sides spent millions bombarding helpless residents with commercials.

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Warren Buffett’s Message for Maryland Voters

October 9, 2012

Warren Buffett's Message to Maryland Voters

Berkshire Hathaway’s Warren Buffett, to MBA students at the Richard Ivey School of Business:

“On my honeymoon I traveled out west. When I visited the casino and saw all these smart well-dressed people participating in a game with the odds against them, it was then that I realized ‘I won’t have a problem getting rich!'”

— “The Moment When Warren Buffett Realized Getting Rich Would Be Easy,” Gus Lubin, Business Insider

Something to think about on Tuesday, November 6th.

Related:

“University of Maryland launches problem gambling center,” Chris Korman, Baltimore Sun

The High Price of America’s Gambling Addiction,” Sheryl Nance-Nash, AOL Daily Finance

“Gambling more of a problem in U.S. adults than drinking,” Kathleen Blanchard RN, eMaxHealth.com

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Potomac Casino: Snake Eyes

June 22, 2012

Potomac Casino: Snake Eyes

The deal for a huge casino 5 miles outside DC at Maryland’s National Harbor has gone sour. A state government working group advised against granting a license for the $800 million gambling joint on the banks of the Potomac in Prince Georges County. Five casinos have already been licensed by the state, and of them three are currently relieving customers of their cash.

National Harbor offers many advantages to a casino operation. It has water taxi service to Old Town Alexandria, a bunch of mediocre eateries and sufficient hotel rooms to accomodate high rollers and the hookers who love them. Casinos are 24/7 enterprises, and National Harbor’s Children Museum can provide daytime daycare for the kids of bored housewives busy gambling away the grocery money.

More:

“O’Malley slams delegates for backing out of casino deal,” Ben Giles, Washington Examiner

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Regulating Wall Street’s Gamblers

April 26, 2010

Regulating Wall Street's Gamblers

“Over the last decade, the wealthiest Americans got richer by trading in the unregulated financial casinos on Wall Street.” — Senator Tom Harkin (D-IA).

“Once Congress deregulated the swaps market in 1999 it became a $600 trillion high-stakes casino for Wall Street to take big risks and bring our economy to the brink.”– Senator Maria  Cantwell (D-WA).

” … without action, we’ll continue to see what amounts to highly-leveraged, loosely-monitored gambling in our financial system, putting taxpayers and the economy in jeopardy.” – President Barack Obama.

“Wall Street’s a casino, so maybe state gambling laws apply,” Les Blumenthal, McClatchy Newspapers. (See an opposing view here).

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