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The arguments came as Scotts Valley asked US District Judge Trevor McFadden to issue a preliminary injunction blocking Interior’s July 30 decision. The outcome of the dispute directly threatens the tribe’s much larger ambition for the site: a proposed $700 million casino resort and hotel.
Under IGRA, gaming is generally prohibited on land taken into trust after 1988 unless it qualifies under specific exceptions. Scotts Valley claims its Vallejo property falls under the “restored lands” exception for federally recognized tribes.
While Interior agreed that Scotts Valley met requirements regarding its modern ties to the area and the timing of the acquisition, the department ultimately concluded the tribe failed to demonstrate a sufficiently significant historical connection to the land.
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“If the tax burden alone makes it impossible to establish the occupation of slot machine operators as the economic basis of one’s livelihood within the municipality,” the ruling said.
Braun also argued that the public had been excluded from the preparatory finance committee meeting without justification.
But the court said that point did not affect the validity of the by-law, adding that it saw no evidence of a tax that would choke businesses.
About Jokers Million
For the right audience, likely professional traders and sophisticated retail investors, the CME futures on FutureSports indexes could amount to “Goldilocks” offerings because the derivatives aren’t standard sports bets nor are they carbon copies of the event contracts traded on prediction markets.
The MLB and NHL futures contracts could be deployed by big-money bettors as hedges on various team exposures over the course of those leagues’ seasons.
As for the regulatory outlooks for the ETFs, the SEC hasn’t publicly commented on the NHL funds’ fates and it’s too early to tell what will come of the MLB filings, but there are hundreds of futures-based ETFs on the market today.