Despite Scandal, Miss America Receives $4M Subsidy From Atlantic City’s Casino Reinvestment Development Authority
Miss America is remaining in Atlantic City for at least another pageant.
Minus a stint in vegas, Miss America has very long called Atlantic City’s Boardwalk Hall its home. That will carry on for the 2019 competition.
Despite a scandal that shook up the organization in December over derogatory emails sent and received by then-CEO Sam Haskell and two board people regarding former Miss America champions, the pageant had been approved this week for $4.325 million in state capital. The New Jersey Casino Reinvestment Development Authority (CRDA) voted unanimously on Tuesday in favor of honoring the installment that is final of three-year, $12.5 million contract.
Dick Clark Productions was quick to drop the broadcast after the scandal emerged, and NJ Assemblyman Vince Mazzeo (D-Atlantic) called on the CRDA to annul the funds.
‘we understand the CRDA had to fulfill its obligation that is contractual to skip America pageant this year and I also respect that,’ Mazzeo told The Press of Atlantic City. ‘However, as this contract finishes, I would urge the CRDA leadership to better over utilize the $4 million on endeavors that will bring a larger return on investment to Atlantic City.’
The CRDA said it had been ‘encouraged’ by the leadership change at Miss America as well as the 2019 competition’s ‘focus on women’s empowerment. in a brief statement’ No date has been set for the pageant.
The skip America Organization board has been overhauled. Seven of the 10 members are now ladies, with former Fox News host and commentator Gretchen Carlson its chair and CEO.
Founded in 1984, the Casino Reinvestment Development Authority is really a state agency that gathers taxes from Atlantic City casinos and is to use the funds to invest in general public and projects that are private benefit the town and state.
According to its site, the CRDA ‘uses casino reinvestments as a catalyst for meaningful, positive enhancement in the lives of New Jersey residents statewide. In doing so, the CRDA has dramatically and positively altered Atlantic City’s domestic, commercial, social, and social landscape, while financially supporting quality-of-life improvement efforts.’
How using more than $4 million to support Miss America in Atlantic City lives up to that mission was questioned by some area officials. The 2018 competition telecast on ABC drew just 5.6 million viewers, the number that is lowest in five years.
‘The CRDA has to seriously rethink and prioritize how it spends its cash, and it will start with its subsidy to your Miss America Organization,’ Mazzeo declared in January.
CRDA Funding, Projects
The CRDA has several revenue sources.
Its primary money flow has historically been a 1.25 percent tax on gross gaming at Atlantic City casinos. However, during the town’s bankruptcy, those funds had been directed away from the CRDA and alternatively 1 x bet earmarked to help pay down debt.
The CRDA also places a $5 per night hotel room tax, and $3 each day parking fee. The agency additionally taxes total hotel remains at nine %, alcoholic drinks three percent, and concert tickets nine %.
The CRDA has invested, or as they choose ‘invested,’ $10.4 million in improvements and renovations of Steel Pier. That includes $6.4 million to construct a 200-foot ferris wheel.
The Atlantic City Gateway Project has also received a $17 million investment from the CRDA. A residential and academic campus of Stockton University, the task would be to open this fall.
Pennsylvania Casinos Set Monthly Record, Join Maryland, Ohio, and Michigan in Posting Brand New Highs
Pennsylvania casinos generated more than $300 million in gross video gaming income (GGR) last month, initial time in state history that the threshold is passed.
Slot players waited for machines back 2010 when SugarHouse Casino opened in Philadelphia, but Pennsylvania casinos never enjoyed a busier monthly than March 2018. (Image: Matt Rourke/Associated Press)
The Pennsylvania Gaming Control Board (PGCB) released final figures this week that showed table that is gross income at $79.54 million in March, and slots accounting for $221.35 million. Combined, GGR for the Keystone State’s 12 casinos ended up being $300,516,011.
That quantity easily eclipses last March’s take by four percent. Additionally tops the prior record that is all-time high of $296.7 million, that has been set in March 2013.
Parx Casino north of Philadelphia led the real way with $54.6 million in March revenue, a 10 percent premium on the property’s 2017 March haul.
Sands Bethlehem was next at $46.7 million, but that represents a 3.3 percent year-over-year decrease. Sands Bethlehem is in the act to be sold to a tribe in Alabama for $1.3 billion.
Rivers Casino was third however the biggest portion gain winner. The Pittsburgh casino saw GGR increase 11.1 percent to $33.5 million.
Philly’s two other casinos, SugarHouse and Harrah’s, were next respectively at $28.7 million and $24.7 million.
Pennsylvania joins Maryland, Ohio, and Michigan’s Detroit casinos in posting record monthly highs in March.
- Maryland’s six casinos posted a combined $150 million in GGR, which easily surpassed its previous $141.1 million set that is high March 2017.
- Ohio’s four land-based gambling enterprises won $81.7 million last thirty days, and their state’s six racinos accumulated $96.4 million. Both figures are monthly records.
- Detroit’s three casinos won $138.6 million, more than $3.3 million significantly more than the town’s previous most useful GGR mark.
March was unseasonably warm throughout a lot of the country, but also damp. Casinos also benefited from a extra saturday in march 2018 compared to 2017.
In Pennsylvania, March was one of the snowiest periods for the 2017-18 winter, especially in central and eastern portions of the state. But temperatures that are warm the days surrounding the snowfall didn’t keep residents housebound long.
No Satellite Bids
Nine of Pennsylvania’s 12 casinos published gains that are monthly March. Into the coming years, they might face competition that is additional the so-called ‘mini-casinos’ begin popping up.
Under the state’s expanded gaming work finalized into law last year by Governor Tom Wolf (D), as much as 10 satellite video gaming venues can be built, with up to 750 slots and 30 table games each.
On Wednesday, the PGCB didn’t receive any bids for the venues. Five earlier auctions awarded Category 4 satellite licenses, with Penn National Gaming securing two for the 15-mile regional radiuses.
Headquartered in Wyomissing, Pennsylvania, Penn National was against the gaming expansion, but stated it is securing the satellite locales in order to protect its Hollywood Casino close to the Harrisburg state capital in Grantville.
Unwilling to raise taxes, the GOP-controlled General Assembly got behind gambling in an effort to help bridge a state money space.
The legislation authorizes internet gambling and daily fantasy sports, airport terminal gaming lounges, slot machines inside certain truck stops, and creates a regulatory framework for sports betting along with the mini-casinos.
Elaine Wynn Vows Board Shake Up at Wynn Resorts, Expect Heads to Roll
Wynn Resorts’ shareholder that is biggest, Elaine Wynn ,wants an instantaneous shake up regarding the board that when backed a resolution, led by her ex-husband, Steve Wynn, to oust her.
Elaine Wynn says she believes the Wynn Resorts board requires to be ‘reconstituted straight away’ with new blood that does not have any loyalty to either her or her ex-husband, Steve Wynn. (Image: Associated Press)
The day after Ms. Wynn settled a longstanding battle that is legal the business and her former spouse, she wrote to the board demanding it reopen the window for shareholders to schedule new company and nominate new directors.
In a letter filed to the Securities and Exchange Commission on Tuesday, she suggested a 60-day reinstatement of the nomination procedure ‘to enable a fully vetted nomination process to happen’ in time for the business’s forthcoming AGM.
Ms. Wynn stated she does not want to seek a board position herself but believes sweeping changes to the structure that is corporate needed. She would nominate fresh blood that was separate of her, the company, and Steve Wynn in purchase to ‘restore the company’s reputation,’ she added.
Steve Wynn Steps Down
We genuinely believe that the business’s governance structure needs to be reformed and that the board of directors needs to be reconstituted,’ she wrote. ‘This ought to be done straight away and definitely before any material choices are made that could affect the long-lasting interests associated with shareholders.’
Ms. Wynn became Wynn Resort’s shareholder that is largest, with 9.25 per cent, after her ex-husband sold his equity in the company last month to safeguard its gaming licenses from an escalating intimate misconduct scandal. Lawsuits from disgruntled investors have been mounting, claiming the board must have known about its former chairman and CEO’s so-called behavior but failed in its duty to protect the company.
‘The nominees is highly respected and, in many cases, have actually significant public company experience,’ wrote Ms. Wynn. ‘They might have the expertise that is requisite experience to help the organization address both its opportunities and challenges. The nominees would help the board conform to current best practices with regards to variety and would be selected with a view to licensing that is applicable.’