Las Vegas authorities study new badlands plan
The Clark County Planning Commission is looking to expand over 230 single-family homes across the former stretch of golf course in the Badlands area this week, which could end up having a big effect on revenues for the city of Las Vegas. The purpose of the commission is to confer on a new public engagement program for developers looking to affect the area. These developers want to construct and expand on the existing parks and golf courses that surround the residential developments of the area.
Badlands developer company EHB Cos. and its representatives have presented a case stating that putting forth new rules in regards to new developments unfairly targets their construction projects, stating boldly that “we’re done with the games”. Previous engagements to construct condominiums on the 250-acre Badlands course in question has not boded well with some current residents, specifically in the upscale Queensridge development. Queensridge properties that perch over the closed golf course will be affected by the new development.
If the commission comes to an outcome that would negatively affect the plans of the developers, alternative statements detailing what would happen to the golf course would require presentation. The key areas of focus in the current negotiations revolve around flood control and drainage easements of the new properties for the currently closed course. Many predict that the Commission’s efforts will only delay the proposed Badlands development, further complicated further discussions.
The new development policy would apply to over twenty master development plan sections according to city planning officials, and the Las Vegas City Council has looked at a plethora of development proposals for the existing golf course due to overwhelming pressure from developers and their opponents.
New plans for developing the Badlands golf course would include 75 lots for single-family residences spread across some 72 acres, 106 lots for single-family homes on 77 acres and 53 lots for single-family homes on roughly 34 acres. According to developers, these new homes will bring in an influx of young new families with expendable incomes that could positively affect the economy of Las Vegas, including the gambling industry. Despite the approval of new properties around the area, the Badlands plans have been in negotiations over the past two years.
VAT tax-free sports betting in Malta for 2018
The country of Malta has received positive news in a recent legal decision to remove the EU mandated Value Added Tax or VAT tax from its sports betting industry. Starting in January of 2018, proprietors of gambling on any sporting events are no longer required to pay the VAT charge, including bookmakers and betting exchange services, according to the new regulatory reform.
Generally speaking, Value Added Tax is a broadly based consumption tax that is applicable to member countries of the European Union for the value added to goods and services. The newly mandated exemption will only apply to gambling on sports and lotteries however, and not casino games according to a statement released by the Council of Europe.
Lifting of the VAT will extend to all betting platforms that determine the outcome of real or virtual events, which includes sports events, competitions, performances of financial indexes and betting on natural events. This new law is applicable to frequenters of both land based and online-operated casinos. It comes at a good time for gaming as experts are predicting a boom in the Malta casino participation in the coming years. Government and other lottery games are already exempt from VAT, and the news is positive for patrons of live betting platforms.
The terms of the VAT exemption have been added to the Value Added Tax Act, a directive of the Council of Europe related to VAT. The directive permits member states to exempt gambling activities from VAT, subject to certain conditions. According to statistics from the previous year, the government of Malta received a little over three-quarters of one billion dollars in VAT revenue. A whopping figure amounting to as much as 7 percent of the small island’s Gross Domestic Product. The Times of Malta reported that the cost to the government in terms of profits lost has not yet been firmly established. Government officials refused to comment on the new mandate, which will be implemented on the New Year of 2018.
New Vegas casino could file for bankruptcy
The SLS Hotel and Casino Las Vegas, renovated back in 2013, and located on the north end of the iconic Las Vegas Strip has been in serious financial troubles recently. Reports indicate that the casino could potentially be on the verge of bankruptcy; as some of its investors have filed a lawsuit detailing such information. The property is owned in part by real estate mogul Sam Nazarian and the Stockbridge Real Estate group.
SLS Las Vegas’ owners are facing litigation from a group of Chinese investors that put money into the project in exchange for U.S. citizenship under a government program. However, financial reports from earlier in the year have shown a serious negative slope in revenue, and the lawsuit claims that the casino is heading toward chapter 11 bankruptcy.
The casino, formerly the Sahara, reopened in 2014 and has not been able to turn a profit. According to experts, the Chinese investors pumped some $400 million in assets into the casino, but its failure to see financial gain has had them backpedaling to get out of the deal.
As per prior agreements made with the group of some 60 Chinese investors, none of the aforementioned have yet received citizenship within the United States. The suit, filed Nov. 30 in Los Angeles, brings up their case and will be thoroughly examined in federal court. The investors seek to claim roughly $255 million in damages as well as all legal fees. The recent pending sale of SLS to Meruelo Group will not be negatively affected due to the lawsuit according to owners of the casino in question. They also do not see any bankruptcy filing in the near future. SLS is projected to be sold as planned at an undisclosed price.
SLS is situated on a coveted part of the Las Vegas Strip. Alex Meruelo, owner of Meruelo Group, has stated that he will not pass up on an opportunity to obtain the property regardless of the recent incidents revolving the casino. The SLS Hotel and Casino Las Vegas was formerly the iconic Sahara hotel and casino, featuring performances from the infamous Rat Pack and Frank Sinatra. Despite renovation, the casino fell into financial turmoil after U.S. economic crisis of 2008. It was eventually forced to close in 2011.