Online Casino and Sports Betting Laws in Hudson Valley
This content was produced in partnership with Bazoom Group. New Yorkers are used to games of chance. From the blackjack tables of Atlantic City to the racetracks of Saratoga, we’ve always had a love affair with betting. But now, with smartphones and on-demand everything, the action is moving online. The Hudson Valley—small towns, river views and tech-savvy residents— is seeing a rise in online casinos and sports betting. But with the ease of betting at your fingertips comes its own set of problems and questions: Who’s regulating this digital Wild West, and what does it mean for Hudson Valley players? Behind the scenes, New York State’s oversight of this industry falls to the NYS Gaming Commission, an agency that handles everything from licensing to compliance in a rapidly changing gambling world. This body has the difficult task of balancing economic benefits with consumer protections, to make sure players have access to safe and responsible platforms. Whether you’re searching for top casino reviews before you sign up or dipping your toe into sports betting, the Commission’s policies impact players and operators alike. So what exactly is the Commission doing to keep New York’s gambling world fair, safe and profitable? Hudson Valley in New York’s Digital Gambling Landscape The Hudson Valley has been watching the changes in gambling laws closely, especially as online options have grown. In 2013, New York started laying the groundwork for legalized commercial casinos and a few years later sports betting was added to the mix—but only in licensed physical casinos. Then in 2022, the state made history by legalizing mobile sports betting and Hudson Valley residents can now bet from anywhere in the region. Now, a slew of app-based sportsbooks have popped up and online casino gaming, pending, might not be far behind. For Hudson Valley players, online gambling is a double-edged sword. On one hand, regulated apps and sites mean you can bet without having to drive to a casino. On the other, more options means more risk of problem gambling, which the NYS Gaming Commission is supposed to monitor and mitigate. Here the Commission is both regulator and protector, making rules to keep the industry fair and programs to support responsible gaming. NYS Gaming Commission The NYS Gaming Commission is the gatekeeper of all things gambling in the state. Formed in 2013, it consolidates the powers of previous gambling authorities into one body. It regulates horse racing, lottery games and casino licenses and its reach goes into the digital space as well. This was a big change, a one-stop shop for all things gambling in New York. In the case of online and mobile sports betting, the Commission plays a big role, in approving each licensed operator that enters the market. These approved operators must comply with strict rules around responsible gambling, data security and advertising standards. For players, this means they can place bets on licensed platforms that have gone through the vetting process. By requiring licensed operators to use technology that verifies users’ ages and locations, the Commission ensures only eligible New Yorkers can access the apps. The Commission’s work also intersects with public health by preventing gambling addiction. Licensed operators must fund responsible gambling initiatives, contribute to state problem-gambling programs and adhere to advertising guidelines that reduce exposure to minors and vulnerable populations. This isn’t just about revenue, it’s about ensuring gambling doesn’t become a community issue that Hudson Valley and other areas have to deal with. Online Casinos and Sports Betting in the Hudson Valley The big question is, will online casinos follow mobile sports betting? Advocates say online casinos will bring in more revenue for education and infrastructure. Opponents worry about addiction and the social impact of unlimited digital gaming. For now, the NYS Gaming Commission is taking it slow, probably taking notes from states like New Jersey, where online casinos have been operational for almost 10 years. If online casinos do come to Hudson Valley, players will have more choices than ever. But those choices will come with guardrails: licensing requirements, security protocols and Commission oversight. This is the New York way of growing the industry while protecting the players. How to Choose: What Hudson Valley Players Need to Know For anyone new to online betting, it’s hard to know where to start. There are dozens of apps to choose from, each with slightly different features, bonuses and games. Reading the top casino reviews will help you distinguish between licensed and reputable sites and those that may not be so. New York’s regulations make sure licensed sites follow fair play and user protections but it’s still up to you to choose wisely. The Hudson Valley’s online gaming world will also require some knowledge of responsible gaming tools. The Gaming Commission requires all licensed operators to offer features like bet limits, “cooling off” periods and self-exclusion options for those who need to step away from gaming. By using these tools, Hudson Valley players can get the most out of their online experience and stay within their means. Betting on the Hudson Valley’s Digital Horizon As New York State continues to figure out online gaming Hudson Valley is on the cusp of this changing world. The state’s slow and steady approach means Hudson Valley residents will get new gaming options without the risks that come with unregulated sites. Hudson Valley’s entry into the online casino and sports betting world is a delicate dance between thrill and restraint, revenue and responsibility. For now, the NYS Gaming Commission is holding the reins and gaming will evolve in a way that benefits players, communities and the state. Hudson Valley residents will soon have a full menu of digital casinos but the real win may be the protections that come with New York’s regulatory approach. If you or anyone you know has a gambling problem, call 1-800-GAMBLER. Source link
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Hard Rock Hotel & Casino Bristol set to open Thursday
BRISTOL, Va. (WCYB) — The Hard Rock Hotel & Casino Bristol is set to open Thursday. The iconic guitar smash is scheduled for 10:30 a.m. The grand opening is set for noon. We plan to stream those events on our website and social media platforms. There are some traffic changes to be aware of as well. Left turns will be prohibited at multiple locations on Gate City Highway and some traffic lights will be turned off. Those traveling to the casino from Interstate 81 north are asked to take Exit 74A and those traveling from I-81 south are asked to take Exit 1A. We’ll have updates in this article throughout the day. Source link
Why this crypto casino is stealing memes on X.
If you’ve been on X lately, you’ve probably seen this but not even realized it: a clean-looking logo for an online crypto casino called Stake pasted onto a poorly cropped and low-res meme or a video. Founded in 2017 by Australian entrepreneurs Ed Craven and Bijan Tehrani (but ostensibly operated out of the small Caribbean nation of Curaçao), Stake is a crypto gambling site worth more than $2.6 billion today. The company’s most recent blog post claims that over 1.2 billion bets were placed in September alone, and the Financial Times reported in 2023 that the company had roughly 600,000 regular users with 6 million registered accounts. Despite this, public perception of the site seems overwhelmingly negative—and much of its bad reputation comes from the viral marketing ploys the company uses to reel in new users. Its new watermarking scheme on X is an amorphous advertising campaign that ignores international borders and the gambling laws that exist within them. While it’s legally sketchy, it’s also morally dubious. Kids who just want to look at memes have become the targets of a casino’s ruse. The company has a history of strange marketing gimmicks. In 2022, many Twitch streamers like Canadian star xQc were offered what seemed like an infinite money glitch to gamble freely on Stake as long as they streamed their slot binges, blackjack games, and mini-games such as Plinko while live; xQc reportedly bet an estimated $685 million on the site with the company’s help. This added to Twitch’s eventual decision to ban Stake (among other gambling sites) from its platform soon after, citing the effects on its highly impressionable audience of Gen Z and Gen Alpha. In response, Craven and Tehrani created Kick, a competitor streaming site, and tempted Twitch streamers with massive contracts to hop platforms and gamble freely. Now, more than a year later, xQc has reportedly bet more than $2.9 billion on Stake while livestreaming on Kick. (He’s openly admitted to having a gambling addiction in the past.) Stake may be shameless about using its Kick stars to promote gambling, but its marketing strategies are not isolated to their Twitch knockoff. Stake and Kick thus work in tandem, generating a slew of free marketing that spreads well outside their sites’ limits. But Stake’s latest tactic involves paying X accounts to watermark its logo on any and all posts they make. Let’s say you make a meme, and you post it on your Instagram. It gets screenshotted and reposted by casual meme spreaders. Eventually, there’s a chance it winds up in the photo gallery of a Stake employee, where your content becomes an ad for the company. Nothing is removed. Only a logo is added. It’s then posted by an X account which has Stake tagged in its bio. It goes viral, giving the company tons of eyeballs on their logo. Rinse and repeat. Patient zero for this ad experiment appears to be X user @FearedBuck, who started as a Milwaukee Bucks fan account but later pivoted to posting Kick clips full time. In August, Stake logos began showing up on the account’s videos. The page has since amassed more than 645,000 followers—up from 64,000 last December. Viewers, seemingly tired of the account’s engagement-baiting antics and appalled by the obvious money grab, Community Noted all of @FearedBuck’s Stake-sponsored posts, explaining that the user was violating X’s guidelines on undisclosed promotions as well as violating the Federal Trade Commission’s guidelines on gambling advertisements. As quickly as it started, @FearedBuck went full-stop on the Stake logos. But other accounts have since stepped in, all of which mostly post Kick clips. The only thing that’s changed is that the Stake watermarks now have clarifying text, often reading “Gamble Responsibly” or “This Is An #Ad,” in addition. The additional declaration may swerve X’s guidelines but it doesn’t bypass the U.K.’s Advertising Standards Authority, which has reportedly begun monitoring Stake’s X campaign. The ASA has already taken action against Sky Bet (a similar gambling site) from when ex-footballer Gary Neville watermarked the Sky Bet logo in a video. Stake has landed in hot water for its advertising before. Back in August, the Dutch Gaming Authority ordered the removal of Stake logos from its sponsored Formula 1 cars, again citing influence on minors. Stake is not legal in the Netherlands and the ads (on a car, being televised) could not simply be geoblocked based on a user’s IP address. Now they’ve made the jump to sponsoring meme pages, believing they can take the same tack: plaster your company logo on everything—like a player’s jersey or a stadium wall—and let the constant exposure become brand awareness. But memes and internet chatter are inherently organic and communal, which makes it much more egregious when they try this approach. Take this one between two X accounts, @PercThaGoat and @KillaMinga, that both have Stake tagged in their bios. The latter shared a video of artwork with a Stake watermark. The subsequent quote tweet attested, “Average coworker phone wallpaper,” receiving over 28,000 likes. Average coworker phone wallpaper https://t.co/53DClxAM4K — ً (@PercThaGoat) October 2, 2024 The only problem: This is an elaborate two-part copycat that blatantly plagiarized the exact contents of earlier X posts that happened months before. The copycat post banks on the proven virality of its parts and the fact that many users haven’t seen the original posts yet. Average coworker phone wallpaper https://t.co/ivQzIjyLxs — kathleen 𓃚 (@sparrows_honor) December 31, 2023 Ever since Elon Musk instated Twitter Blue, money grabs from blue-check accounts have become commonplace. A “rent due” tweet has become an axiom explaining the constant lewd shock-and-outrage bait that floods most of the timeline. To combat the onslaught, the site’s Community Notes feature acts as the law—but it’s an illusion of control. Individuals like @FearedBuck may have stopped posting Stake ads, but their original promotional posts were never removed from the site entirely. It’s well-known that Musk is struggling with advertisers, and although he’s promised to remove the bots, he’s seemingly too addicted
New York Casino Race Gets Real As The State Prepares To Issue New Licenses | The Bronx Daily
Since the state is about to issue three new gaming licenses by the end of 2025, some of the city’s hotspots such as Times Square, Hudson Yards, and the area near Citi Field in Queens are on the way to become major casino and entertainment centers. While most New Yorkers find their game on online platforms, a prospect of main casino resorts in iconic parts of NYC has developers champing at the bit. The competition is cutthroat, for much more billion-dollar investments, and thousands of created jobs are involved. The March to New Licenses Still On It all began in 2013 when the voters of New York gave a thumbs-up for seven casino licenses to get things moving with their state economy. Currently, four casinos run upstate, bringing in jobs and tax money. Now, it would appear that all eyes have diverted to those last three downstate licenses and the competition is serious – we are talking about 11 different proposals that could change New York City entertainment forever. Old Games but New Rules As New York gears up for new casino licenses, the online gambling scene is getting stronger every day, especially since many experienced players are looking for no verification casinos to avoid the boring KYC process and jump straight into action. These casinos offer fast deposits and withdrawals, greater privacy, and minimal registration steps so you can enjoy your favorite games in a safe environment without any hassle or delays. Big Names Bringing Big Proposals If there is one thing the heavy hitters are not doing, it is playing around. Wynn Resorts and Related Companies showed up and impressed the audience with a $12 billion pitch for Hudson Yards – we are talking it all: luxury resort, hotel, spa, and a five-acre park with homes. Mets owner Steve Cohen is also interested in boosting his business, he has partnered with Hard Rock to propose a Metropolitan Park casino and entertainment complex in Queens, just over from Citi Field. The location is tailor-made to bring out big crowds, and they say it will be transformed into a major tourism destination. On the other hand, Jay-Z’s Roc Nation and Caesars Entertainment want to build a Caesars Palace right in Times Square, promising to pump $250 million into Hell’s Kitchen to support small businesses, improve security, and fund neighborhood development initiatives. The project aims to boost the casino experience and create thousands of union jobs, elevating the local economy and infrastructure to the deserved level. Economic Impact – Jobs and Revenue The money talk is serious. Just look at Wynn’s Hudson Yards plan in and of itself, and the numbers become staggering – they are talking about 30,000 construction jobs and 5,000 permanent ones. Up to $500 million annually in taxes apiece could be brought into city coffers courtesy of each casino. No joke for a city still reeling from CoViD-19. Mixed Public Reaction Yet, not everyone is doing backflips over this plan. Groups like Protect the High Line are concerned about what these massive projects might do to their neighborhoods. Manhattan Community Board 4 expressed fears that the building could cast shadows over parks and public spaces, undermining years of careful urban planning. The unions, though? They are all in. Back in October, hundreds of union workers showed up to rally for Hudson Yards, seeing it as their ticket to solid jobs. The debate showcases the sheer complexity of these decisions, a trade-off between economic gains and community fears is no piece of cake. Online and Bitcoin Casinos on the Rise Meanwhile, New Yorkers are not exactly holding their breath while these casinos get built. Online casinos and crypto gaming sites are blowing up, especially those offshore without all the red tape. Not only do they provide privacy and speed, but since there is very little local regulation on offshore gambling, New Yorkers are free to play. What Is Next in the Industry Looking ahead to 2025, when the Gaming Commission makes its picks, we can expect these new casinos to make money for the city, but online gambling will continue to be the first choice of many players. Meanwhile, the state is trying to juggle enticing those sweet casino dollars with community pushback, not to mention the positive market trends in the sector. Since billions of dollars and thousands of jobs are hanging in the balance, the next few years could be decisive for big developers in the industry. But, beyond the glitz and economic promises, these projects will face rigorous regulatory inspection, with officials closely evaluating potential impacts on the local area and its people. As plans unfold, the stakes go beyond concrete and casino floors, tapping into what it means to build within the heart of New York. . Featured image credit: DepositPhotos.com Source link
Over 1,200 employed as $500M hotel/casino prepares to open
BRISTOL, Va. — The wait is over. More than six years and three months have passed since word first leaked out prominent local business leaders Jim McGlothlin and Clyde Stacy intended to convince the Virginia General Assembly to legalize gambling so they could establish a casino at the former Bristol Mall. That legislation ultimately passed in April 2020 with a provision that voters in five cities had to approve the designated gaming operator. It has been three years, 11 months and 21 days since city voters overwhelmingly approved plans for a Hard Rock Hotel & Casino resort to operate at 500 Gate City Highway. It’s been 856 days since a temporary casino opened in the ground floor of a former Belk department store and immediately exceeded state projections for adjusted gross revenues. People are also reading… And 709 days have passed since Hard Rock leaders joined with local officials in the former Sears parking lot, on the ex-mall’s east side, to officially break ground on a transformational project aimed at creating over 1,000 new jobs with above average wages and generating significant tax and other revenues for the region and state. Today at noon, the doors will open on the $500 million Hard Rock Hotel & Casino Bristol, a 620,000-square-foot resort that will include two gaming spaces, a 303-room hotel, restaurants, Hard Rock Café, a 2,000-seat Hard Rock Live entertainment and event venue, Hard Rock Sportsbook, spa, pool and other amenities. Tonight at 7 p.m., country music star and TV personality Blake Shelton will christen Hard Rock Live with a sold-out performance. Thousands are expected to visit during grand opening weekend. City officials have initiated plans to help traffic and encourage anyone not going to Hard Rock to avoid the Gate City Highway/Interstate 81 Exit 1 area. Much like the Bristol Casino was the first in Virginia, the Hard Rock will be the first Virginia casino with an attached hotel. Portsmouth opened its casino in January 2023, but developers have yet to begin hotel construction. Danville’s hotel and casino is scheduled to open next month. Ground was recently broken for the Norfolk casino with a planned opening in 2027 and voters in Petersburg last week approved a casino referendum.‘’ Something big “Something big is about to happen here,” Hard Rock Bristol President Allie Evangelista said Tuesday. “I saw the vision when I came here three years ago. The vision of what a Hard Rock property could do for a small community. Its a a small town but its a large region and the entire region will benefit from us being here.” One guest is coming from Germany, marking his 400th visit to a Hard Rock property. “He’s coming here because of Hard Rock. He doesn’t know Bristol. Others are coming here because of Hard Rock and we want them to see all this region has to offer. They might go shopping downtown or go trout fishing. They might come for the speedway and then come to Hard Rock.” Allie Evangelista, president of Hard Rock Bristol, talks about why she took the job in the area and how she knows the Hard Rock will not only be successful but a win for the area. She said the “sky is the limit.” “It’s exciting,” Evangelista said. “Everyone is proud to be opening the property. They realize this is a big deal,” “People are tired. We’re putting a lot of hours in for training. But you only get to open once. We want to enjoy the moment.” Virginia’s 2020 approval of casinos by local referendum was based on this type of tourism jump-starting economically challenged communities with job creation and better wages. About 1,250 people are currently working there and another 50 are being trained, she said. Another 130 are having their applications reviewed by the Virginia Lottery, which oversees gaming in Virginia so they expect to be at around 1,400 within the next week — with many just coming onboard in the last month, she said. “I’ve seen already what we pay people is helping them get a better life for themselves and their families,” Evangelista said. The property generates gaming taxes for the state and the local share is divided among 14 Southwest Virginia localities. Those localities have already received nearly $20 million to be spent on education, emergency services or infrastructure, during the two years of the temporary Bristol Casino. The 303-room hotel — largest in this region — will generate lodging taxes for the city and its array of restaurants will generate new meals tax revenues. What’s inside What can people expect when they walk in for the first time? “We’ll likely be busy. You will likely realize quickly its more than a casino. This is a Hard Rock property which is a lot more than that. We’ll have the best of gaming available but it not just gaming anymore,” she said. “We have a variety of food and beverage outlets to offer our guests opportunities for fine dining at Council Oak [Steak and Seafood] or Asian cuisine at YouYu [Noodle Bar], Marketplace has Southern, Mexican and Italian and we’re opening Hard Rock Café — a brand that’s been enjoyed all over the world for 53 years — right here in Bristol. You don’t have to come here only because you like to play slots and tables,” Evangelista said. Studio 621 is a bar dedicated to memorializing the 1927 Bristol Sessions recordings and country music. Its lineup includes moonshine cocktails, a range of products from Tennessee Hills Distillery and other brand names. There will be different types of music occurring regularly throughout the facility — near Studio 621, the Council Oak bar plus special events inside the 2,000-seat Hard Rock Live. The music memorabilia on display throughout the property is valued at $1 million and gives the facility a museum-like feel. Evangelista calls the 303-room hotel a “first class experience” with an array of room options including 56 suites. There is also a spa and
Enjoy Casino Games on PS5 for Entertainment and Gains
The casino gaming scene has leveled up big time, stretching way beyond your phone, tablet, or PC. Now, PS5 users can get in on the action and play real money casino games online straight from their console. And no, we’re not talking about blackjack in Red Dead Redemption or rolling up to the Diamond Casino in GTA V. We’re talking about legit, cash-on-the-line casino games on your PS5. Whether you’re just looking to kill time or aiming for that big payout, the PS5 gives you a fresh spin on the casino experience that’s probably slightly different from what you’re used to. Here’s how you can set yourself up to enjoy top-tier online casino games right from your gaming rig at home. Can I Play Online Casino Games for Real Money on PS5? Definitely, but there’s a catch. While PS5 doesn’t support native casino apps, you can still access web-based casino sites using the built-in browser. Pop over to reputable spots like Vegas Aces or Poker Stars VR, and you’ll be playing poker, roulette, and slots in no time. Pro tip: always make sure the site you’re using is licensed and legit for a safe and smooth ride. Best Online Casino Platforms for PS5 When scoping out an online casino for your PS5, look for game selection, payout rates, and an easy-to-navigate interface. The best platforms will give you seamless gameplay that feels right at home on a console. Vegas Aces – This casino has a solid lineup of classic games and a silky-smooth layout that looks great on the PS5. You can go big on table games, live dealer tables, slots, and more. Poker Stars VR – This isn’t just poker; it’s poker on steroids. Go head-to-head with players, chat with the dealer, and play in real-time—all through your PS5. How to Play Casino Games and Win Money Wanna increase your odds of winning? Keep these tips in mind: Know the Game – Don’t throw cash at a game you barely understand. Get a handle on the rules and strategies. Many sites even have free demo versions, so you can practice without losing a dime. Budget Wisely—Set a play limit and stick to it. This will keep your wallet happy and ensure that your gaming stays fun, not frustrating. Grab Bonuses – Hunt down sign-up bonuses and promotions. They’re free chips that let you play longer and (hopefully) win more. The Best Casino Games for PS5 Players Wondering what to play? Here are a few games that mix good graphics with decent payout potential: Blackjack: Simple to play, low house edge, and perfect for anyone who likes to mix a bit of strategy with their luck. Roulette: With different versions like American, European, and French, there’s something for everyone. Heads-up: the European one gives you better odds, thanks to that single zero. Slots: Modern slots are optimized for smooth play, even through the PS5’s browser. Go for games with high RTPs for a better shot at cashing out. Making the Most of Your Casino Experience on PS5 To keep your PS5 casino sessions running like a top, ensure your console’s hooked to a strong internet connection. And if you’re serious about that immersive feel, throw on a comfy headset and grab an ergonomic controller. Some games even support VR for the ultimate experience. So, turn your PS5 into more than just a place to grind levels or battle bosses—it’s your ticket to a whole different kind of thrill where the stakes are real. FAQS Can I Play Casino Online for Real Money? Yes, 100%. There are a ton of ways to hit up online casinos in the U.S. and throw down real money on games that test your skills or just your luck. Which Casino Game Is Easy to Earn Money? Blackjack and baccarat get a lot of love for a reason: low house edges. That means better chances of raking in some wins compared to other games. How to Make Money From Casino Games? Making money in the online casino game comes down to strategy, knowing your stuff, and smart betting. Sure, luck’s always gonna be in the mix, but going in with a plan can give you that edge you need to come out on top. Like this: Like Loading… Related Source link
City Council approves $5M casino site purchase, keeps tax rate unchanged
A southward view of the 96-acre Walmsley Boulevard site, outlined in red. (Thalhimer flyer images) In a five-hour meeting that saw several split decisions – and a resolution, for now, of the tax rate debate – City Council on Monday unanimously approved a multimillion-dollar purchase of the Southside site twice floated for a casino development. Council OK’d spending $5.5 million to purchase 96 acres off Walmsley Boulevard for a new public park, an extension of Walmsley Boulevard from Commerce Road to Richmond Highway, and a roughly 45-acre economic development site. The vote clears the way for the city to acquire and begin planning and potential marketing of the site, which administrators have said would prioritize workforce development and commercial and civic growth. The $5.5 million is part of $10 million that council budgeted this year to advance economic development in South Richmond in the wake of the casino plan that city voters twice rejected. The city’s deal with property owner Philip Morris USA requires that it close on the purchase by Dec. 30. It also requires that the city demolish an existing building on the site by next December, administrators said at Tuesday’s meeting. A northward view of the site, which is just south of the Philip Morris Manufacturing Center complex. Councilmember Ellen Robertson asked for details on what could be developed on the property. But administrators noted that specific plans would result from potential development proposals for the 45-acre site, as well as designs and concepts for the park and connector road. Those plans could be shaped by the city and the community, but only if the city controls the property, Chief Administrative Officer Lincoln Saunders said. “We do not have a defined tenant or a defined plan. The goal would be to go out and see what are some of the best offers and best opportunities we can get. But if we don’t control the property, we don’t have any role to play in that potential development and to ensure that we get that type of development that we’re looking for,” he said. The purchase is for Phillip Morris-owned property at 4700 Trenton Ave. and a portion of 2001 Walmsley Blvd. The site is just south of the Philip Morris Manufacturing Center complex along Commerce Road and Interstate 95. In a news conference Wednesday, Mayor Levar Stoney said securing the site was desirable for attracting economic development and investment in the Southside. Responding to questions from reporters, Stoney said: “It’s always better when the city gets to control the site for development, because someone can buy a piece of land and then, by right, they can do whatever they want with the land. At least we can provide some requirements on what we want to see and what the community wants to see as well.” The city’s deal with Philip Morris, which listed the property for sale earlier this year, comes as parent company Altria Group is in talks about a potential sale of its Center for Research and Technology building downtown to Virginia Commonwealth University. Altria has said it would likely construct a new facility at the Philip Morris complex if a deal with VCU goes forward. Asked Wednesday about that deal, Stoney acknowledged that a sale of the downtown building to VCU could remove more than $3 million in annual real estate tax revenue from the city’s tax rolls, because university-owned property is exempt from local taxes. Mayor Levar Stoney during Wednesday’s news conference. (Jonathan Spiers photo) “There’s millions of dollars at stake if this were to be resorted to a nontaxable, tax-exempt piece of property, which means that the city would have to balance the budget by cutting services and expenditures. I have a problem with that,” he said. Stoney also noted the impasse between the city and VCU Health over real estate tax payments stemming from the failed redevelopment of Richmond’s nearby Public Safety Building site, which the city owns and controls. He described the two scenarios as a “double whammy” for city residents. “Since VCU refuses to live up to their obligation on the Public Safety Building, it’s problematic for me,” Stoney said. “On one hand, you decided to shortchange the residents of the city by not fulfilling your obligation on the Public Safety Building, and then on the other hand, you take the Altria Research Center off the tax rolls, costing the city multiple millions of dollars.” Stoney added that the city supports VCU and credited it with leading “the rebirth” of the city. “However,” he said, “there needs to be a real discussion about their purchasing of tracts of land that don’t add to the tax rolls of the city. And it’s my hope that we can come to some resolution on the agreement that they made on the Public Safety Building.” VCU Health has said it didn’t make the latest $2 million payment that was owed because of a directive from Virginia legislators included in the state budget that ordered the health system to find a way to stop the payments. Before its regular meeting Tuesday, City Council met in a closed session to consult with legal counsel about the Public Safety Building site, which GRTC is considering for a mixed-use development that would include a permanent bus transfer station. No action was taken by council after the session. Tax rate maintained, rebate approved City Council’s meeting on Tuesday stretched five hours. (Screenshot) Also at Tuesday’s meeting, council voted 5-4 against Reva Trammell’s proposal to reduce the real estate tax rate by 4 cents, and then unanimously approved maintaining the rate at $1.20 per $100 of assessed value. The decision brought to an end a monthslong debate over whether to adjust the rate in light of increased property assessments. Trammell had said the rate, unchanged since 2009, needed to be cut to help offset assessments that have outpaced many residents’ abilities to afford their rents and mortgages. Council President Kristen Nye reiterated concerns over the timing, noting a plan to suspend
SL Green Seeking Loan Extension for Site of Proposed Caesars Casino
Posted on: November 13, 2024, 09:43h. Last updated on: November 13, 2024, 09:43h. SL Green (NYSE: SLG), the real estate partner in a proposed effort to bring a casino hotel to Times Square, is looking to get an extension on a $743 million loan tied to the New York City property. Times Square in New York City. SL Green is seeking a loan extension for 1515 Broadway — the proposed home of a Caesars casino. (Image: Shutterstock) A recent report from Morningstar indicated the loan on 1515 Broadway entered special servicing in late October, implying default is imminent. However, the real estate investment trust (REIT) is seeking an extension on the loan, which comes due in March. The Morningstar report noted the property is fully leased, generating ample cash flow, calling its overall performance “stellar.” Loan data confirm SL Green is current on its mortgage payments on the property and that the landlord is not be strained by its debt obligations there. In October 2022, SL Green announced it is partnering with Caesars Entertainment in a quest to open a casino in Times Square. Jay-Z’s Roc Nation entertainment agency joined the consortium the following month. The group pitched at a $4 billion casino hotel at 1515 Broadway. SL Green Has Big Debt Burden Real estate is a capital-intensive industry and as is the case with most of its counterparts, SL Green carries significant debt. The company’s share of debt which also includes its share of unconsolidated joint venture debt, was $10.5 billion, and the company had approximately $0.4 billion of excess cash and investments on its balance sheet, resulting in net debt of $10.1 billion as of the end of the second quarter of 2024,” wrote Morningstar analyst Suryansh Sharma. The research firm pointed out that SL Green’s current interest rate on 1515 Broadway is below 4% and a refinance of the property could result in a higher rate. A potential increase could be buffered by declining interest rates and the expectation that the Federal Reserve will continue cutting borrowing costs in the months ahead. As for when New York will award the three downstate casino licenses — something that could help SL Green should Caesars win one — that’s unlikely to happen prior to the end of 2025. Drama at 1515 Broadway SL Green’s overall tenant base is diversified, but that’s not the case at 1515 Broadway. CBS News parent Paramount controls nearly all the space at the property and that company announced layoffs in August, including some pertaining to workers at the SL Green buildings. Additionally, Paramount is in the midst of a testy takeover battle. It’s possible potential creditors may demand to see more tenants at the building or “tax” SL Green for the property’s dependence on Paramount. As for the proposed Caesars casino, should that project win approval from New York regulators, SL Green has said the gaming venue would occupy the space currently used by the Miskoff Theater. That’s home to “The Lion King” — one of the longest-running shows in Broadway history. Source link
Hard Rock Casino’s charitable impact felt in Northeast Tennessee and Southwest Virginia
BRISTOL, Va. (WCYB) — As the Hard Rock Casino prepares to open its doors, its impact on local charities in Northeast Tennessee and Southwest Virginia is already being felt. The casino has been actively involved in community outreach, providing monetary donations and volunteer support to various organizations. “Our team members are really invested in giving back to our community. It’s part of the culture we build here in Hard Rock Bristol,” said Michelle Fick, the community outreach manager. One way patrons can contribute is by donating in the casino ticket boxes on the gambling floor. The casino also supports local organizations through direct monetary donations and volunteer efforts. Feeding Southwest Virginia is one organization that has benefited from this partnership. “We’ve been blessed from the beginning to have a partnership with the casino,” said Lisa Claytor, chief development officer of Feeding Southwest Virginia. The organization feeds 114,000 people per month, with one in five children and one in seven adults experiencing food insecurity. “Three years ago, the United Way of Southwest Virginia gave us the children’s backpack program. Whenever there’s a transition like that, there’s a worry that it will be less than it was. After we began taking it over, the casino stepped up and said that’s something we’d like to support,” Claytor said. Through their partnership with the casino, Feeding Southwest Virginia has been able to distribute 7,500 backpacks filled with food to children in need. “It’s made a big difference. Plus, they’re very generous with in-kind donations. This week, they are donating almost 200 turkeys for us to give out to families so they can have a turkey for the holiday,” Claytor added. Hard Rock team members have been actively volunteering, which Claytor said has encouraged others to get involved. “I think once people saw they were involved, they also became involved. So we’re very thankful for their strong stewardship,” she said. Source link
