ReportWire

Tag: ARC

  • Court Upholds Arkansas Vote Blocking Casino in Russellville

    Posted on: August 30, 2025, 05:25h. 

    Last updated on: August 29, 2025, 03:26h.

    • Another court decision has gone against a casino in Pope County
    • A federal judge says an Arkansas referendum in 2024 was legitimate
    • The Cherokee Nation could appeal

    A federal judge says a statewide amendment to the Arkansas Constitution approved last November was legally binding and did not violate a commercial gaming company’s rights under the United States Constitution.

    Arkansas referendum Cherokee Nation Legends
    The Arkansas state flag. After years of legal disputes, it appears Arkansas’ Pope County will not get a casino after all, though the Cherokee Nation could appeal the latest federal ruling. (Image: Shutterstock)

    Last November, Arkansas voters passed Issue 2 with 56% support, an amendment to the state constitution that said the Arkansas Racing Commission (ARC) can only consider commercial casino licenses for counties where local referendums field majority support for slot machines, table games, and sports betting. Issue 2 additionally repealed the gaming license that ARC awarded to Cherokee Nation Entertainment in 2024. CNE had planned to build a $325 million destination called Legends Resort & Casino in Russellville.

    CNE, a subsidiary of the Cherokee Nation of Oklahoma’s commercial conglomerate, Cherokee Nation Businesses, sued the state of Arkansas and the Racing Commission on allegations that Issue 2 violated its rights under the U.S. Constitution.

    In an order signed Aug. 28, Judge D.P. Marshall Jr. in Arkansas’ Eastern District Court ruled in favor of the state and dismissed the Cherokees’ claims that Issue 2 “impermissibly” interfered with its Economic Development Agreement it previously executed with Pope County. Marshall also said CNE’s claim that its “Bill of Attainder Clause” rights under the U.S. Constitution were unjust because Issue 2 did not call out the Cherokees by name, but only “any casino license issued for Pope County.”

    “Even if [Issue 2] did single out CNE, it doesn’t punish the Cherokee under the historical test for a bill of attainder,” Marshall wrote.

    Long Backstory

    During the 2018 election, Arkansas voters authorized a casino in each of the counties of Pope, Crittenden, Garland, and Jefferson. However, Pope was one of only 11 counties among the 64 that did not vote in favor of allowing casinos to come to the Razorback State.

    Jefferson partnered with the Quapaw Nation of Oklahoma to open Saracen Casino Resort in Pine Bluff. The racinos in Crittenden and Garland — Southland and Oaklawn — transitioned into full-fledged casinos.

    Pope County was the lone county with a competitive bid, as an entity called Gulfside Casino Partnership, based in Mississippi, sought the opportunity to build a casino in Russellville. Endless legal wranglings, initiated by ARC itself when a commissioner was found to have had a bias in his grading of the competing proposals, tabled the gaming license for years.

    A subsequent legal challenge came over how ARC qualified bids, and whether a former county judge’s support for a casino carried the same weight as the sitting judge. It was ultimately decided, with the assistance of the Arkansas attorney general’s office, that the Cherokees were the only qualified bid, as it had the support of both Pope County Judge Ben Cross and a majority of the Pope County Quorum Court.

    A rival tribe of the Cherokees — the Choctaw Nation — subsequently funded Issue 4 to repeal the Pope County license. The Choctaws operate tribal casinos just across the state line in Oklahoma and rely strongly on the northwest Arkansas market.

    $60M Loss

    The Cherokees say they’ve spent $60 million on the Arkansas casino fight, including the two referendum campaigns. The investment seems like a loser, though the Nation is not yet ready to fold.

    We are reviewing all aspects of the judge’s ruling and considering next steps in the legal process,” said Allison Lowe Burum, a spokesperson for Cherokee Nation Businesses.

    Devin O’Connor

    Source link

  • ARC, RMG, Tabcorp, and 1/ST CONTENT Announce Strategic Partnership

    ARC, RMG, Tabcorp, and 1/ST CONTENT Announce Strategic Partnership

    Arena Racing Company (ARC), Racecourse Media Group (RMG), Tabcorp, and 1/ST CONTENT have announced a groundbreaking strategic alliance that unites four leading content providers focused on the horse and greyhound racing industry. This partnership aims to create a global network of rights holders to distribute racing content across multiple international markets.

    All Four Members Boast Substantial Expertise

    The new collaboration aims to enhance global and local operators’ ability to offer a comprehensive range of bespoke 24/7 racing video, data, and wagering solutions, including tote and managed trading services. The partnership should simplify access to additional content and services for wagering customers, helping foster an engaged customer base.

    This partnership relies on the combined expertise of each of its members. ARC, the most prominent racing group in the UK, operates 16 racecourses and five greyhound stadia across the nation and has fostered a respectable fanbase. It provides quality content popular with companies like UK-based media rights management firm RMG.

    1/ST CONTENT, a division of 1/ST, the premier racing company in the Americas, also specializes in distributing racing content and will be instrumental in ensuring ARC’s content reaches new audiences. Similarly, Australia’s largest gambling company, Tabcorp, will provide multichannel wagering, media, and gaming services, catering to the competitive itch of racing fans.

    Racing Content Will Enjoy Unprecedented Reach

    Brendan Parnell, ARC managing director of media and international, emphasized the benefits of the alliance. He noted that creating a complete service hub would empower the racing group’s betting and media partners, helping them deliver a leading product and enhance customer acquisition and retention via consistent, quality racing content.

    24/7 broadcast and video streaming rights should ensure that ARC’s international partners can fully leverage its industry-leading data and wagering technology. Martin Stevenson, CEO of RMG, agreed with these statements, hoping the alliance would drive sustained growth for the horse and greyhound racing sector via continued innovation.

    This is an excellent illustration of different racing jurisdictions innovating together to create new products and services to grow access and interest in horse racing around the world.

    Martin Stevenson, RMG CEO

    This strategic alliance is poised to shake up the horse and greyhound racing industry. The partnership heralds a more integrated and dynamic approach to racing content distribution. It aims to set new standards in the industry, fostering innovation and expanding the reach of horse and greyhound racing worldwide, promising a brighter and more interconnected future for the sport.

    Deyan Dimitrov

    Source link

  • IBA recasts model assignment agreement for transfer of loan exposures of lenders to ARCs

    IBA recasts model assignment agreement for transfer of loan exposures of lenders to ARCs

    The Indian Banks’ Association (IBA) has come up with a revised model assignment agreement (AA) and model trust deed (TD) for transfer of loan exposures of lenders to asset reconstruction companies (ARCs) in the wake of increasing use of the Insolvency and Bankruptcy Code (IBC), 2016, as a resolution mechanism, and introduction of the framework for resolution of stressed assets in 2019.

    The earlier model AA and model TD for sale of loan assets by banks to ARCs pre-dates both IBC and the framework for early recognition, reporting and time bound resolution of stressed assets. This model was first adopted by banks and ARCs in 2013.

    The aforementioned documents, which have been standardised, now have embedded features that could give comfort to foreign investors to take exposure to loans being purchased by ARCs.

    Lenders (banks/financial institutions/ non-banking finance companies) will have to disclose details to assignees (ARCs) whether any proceedings for winding up, bankruptcy or liquidation or restraint or attachment of any properties have been initiated against borrowers.

    Also read: At 120, City Union Bank changes tack, slightly 

    They will also have to reveal details whether the assigned loans have been rescheduled or any other relief has been granted to borrowers.

    The lender will be required to make “representations and warranties” to the buyers of stressed assets that to the best of its knowledge there are no proceedings for winding up, CIRP (corporate insolvency resolution process), personal insolvency, bankruptcy or liquidation or restraint or attachment of any properties of the borrower.

    Model trust deed

    Going by the model Trust Deed, the Trustee (ARC) has to submit all such information as may be required by the Security Receipt holders in respect of the financial assets and/or the borrower.

    This includes submission of all such information that the Trust and/or the Trustee may become privy to as a financial creditor of the borrower (including upon initiation of any insolvency proceedings against the borrower under the IBC, 2016 or any other analogous process thereto).

    The model template can be customised to facilitate alignment with the specific commercial terms of transfer of such exposures on case-to-case basis as mutually arrived at between the assignor and assignee.

    Source link

  • Who makes money when AI reads the internet for us?

    Who makes money when AI reads the internet for us?


    Last week, The Browser Company, a startup that makes the Arc web browser, released a slick new iPhone app called Arc Search. Instead of displaying links, its brand new “Browse for Me” feature reads the first handful of pages and summarizes them into a single, custom-built, Arc-formatted web page using large language models from OpenAI and others. If a user does click through to any of the actual pages, Arc Search blocks ads, cookies and trackers by default. Arc’s efforts to reimagine web browsing have received near-universal acclaim. But over the last few days, “Browse for Me” earned The Browser Company its first online backlash.

    For decades, websites have served ads and pushed people visiting them towards paying for subscriptions. Monetizing traffic is one of the primary ways most creators on the web continue to make a living. Reducing the need for people to visit actual websites deprives those creators of compensation for their work, and disincentivizes them from publishing anything at all.

    “Web creators are trying to share their knowledge and get supported while doing so”, tweeted Ben Goodger, a software engineer who helped create both Firefox and Chrome. “I get how this helps users. How does it help creators? Without them there is no web…” After all, if a web browser sucked out all information from web pages without users needing to actually visit them, why would anyone bother making websites in the first place?

    The backlash has prompted the company’s co-founder and CEO Josh Miller to question the fundamental nature of how the web is monetized. Miller, who was previously a product director at the White House and worked at Facebook after it acquired his previous startup, Branch, told Goodger on X that how creators monetize web pages needs to evolve. He also told Platformer’s Casey Newton that generative AI presents an opportunity to “shake up the stagnant oligopoly that runs much of the web today” but admitted that he didn’t know how writers and creators who made the actual website that his browser scrapes from would be compensated. “It completely upends the economics of publishing on the internet,” he admitted.

    Miller declined to speak to Engadget, and The Browser Company did not respond to Engadget’s questions.

    Arc set itself apart from other web browsers by fundamentally rethinking how web browsers look and work ever since it was released to the general public in July last year. It did this by adding features like the ability to split multiple tabs vertically and offering a picture-in-picture mode for Google Meet video conferences. But for the last few months, Arc has been rapidly adding AI-powered features such as automatic web page summaries, ChatGPT integration and giving users the option to switch their default search engine to Perplexity, a Google rival that uses AI to provide answers to search queries by summarizing web pages in a chat-style interface and providing tiny citations to sources. The “Browse for Me” feature lands Arc smack in the middle of one of AI’s biggest ethical quandaries: who pays creators when AI products rip off and repurpose their content?

    “The best thing about the internet is that somebody super passionate about something makes a website about the thing that they love,” tech entrepreneur and blogging pioneer Anil Dash told Engadget. “This new feature from Arc intermediates that and diminishes that.” In a post on Threads shortly after Arc released the app, Dash criticized modern search engines and AI chatbots that sucked up the internet’s content and aimed to stop people from visiting websites, calling them “deeply destructive.”

    It’s easy, Dash said, to blame the pop-ups, cookies and intrusive advertisements that power the economic engine of the modern web as the reason why browsing feels broken now. And there may be signs that users are warming to the concept of having their information presented to them summarized by large language models rather than manually clicking around multiple web pages. On Thursday, Miller tweeted that people chose “Browse for Me” over regular Google search in Arc Search on mobile for approximately 32 percent of all queries. The company is currently working on making that the default search experience and also bringing it to its desktop browser.

    “It’s not intellectually honest to say that this is better for users,” said Dash. “We only focus on short term user benefit and not the idea that users want to be fully informed about the impact they’re having on the entire digital ecosystem by doing this.” Summarizing this double-edged sword succinctly a food blogger tweeted at Miller, “As a consumer, this is awesome. As a blogger, I’m a lil afraid.”

    Last week, Matt Karolian, the vice president of platforms, research and development at The Boston Globe typed “top Boston news” into Arc Search and hit “Browse for Me”. Within seconds, the app had scanned local Boston news sites and presented a list of headlines containing local developments and weather updates. “News orgs are gonna lose their shit about Arc Search,” Karolian posted on Threads. “It’ll read your journalism, summarize it for the user…and then if the user does click a link, they block the ads.”

    Local news publishers, Karolian told Engadget, almost entirely depend on selling ads and subscriptions to readers who visit their websites to survive. “When tech platforms come along and disintermediate that experience without any regard for the impact it could have, it is deeply disappointing.” Arc Search does include prominent links and citations to the websites it summarizes from. But Karolian said that this misses the point. “It fails to ponder the consequences of what happens when you roll out products like this.”

    Arc Search isn’t the only service using AI to summarize information from web pages. Google, the world’s biggest search engine, now offers AI-generated summaries to users’ queries at the top of its search results, something that experts have previously called “a bit like dropping a bomb right at the center of the information nexus.” Arc Search, however, goes a step beyond and eliminates search results altogether. Meanwhile, Miller has continued to tweet throughout the controversy, posting vague musings about websites in an “AI-first internet” while simultaneously releasing products based on concepts he has admittedly still not sorted out.

    On a recent episode of The Vergecast that Miller appeared on, he compared what Arc Search might do to the economics of the web to what Craigslist did to business models of print newspapers. “I think it’s absolutely true that Arc Search and the fact that we remove the clutter and the BS and make you faster and get you what you need in a lot less time is objectively good for the vast majority of people, and it is also true that it breaks something,” he says. “It breaks a bit of the value exchange. We are grappling with a revolution with how software works and how computers work and that’s going to mess up some things.”

    Karolian from The Globe said that the behavior of tech companies applying AI to content on the web reminded him of a monologue delivered by Ian Malcolm, one of the protagonists in Jurassic Park to park creator John Hammond about applying the power of technology without considering its impact: “Your scientists were so preoccupied with whether or not they could they didn’t stop if they should.”





    Pranav Dixit

    Source link

  • ARCs’ retail loan recovery slows by 35%, may extend timelines

    ARCs’ retail loan recovery slows by 35%, may extend timelines

    Recoveries by asset reconstruction companies (ARCs) across retail loans such as housing and MSME slowed, proportioning 35 per cent to the principal outstanding, during June-December 2022, India Ratings and Research said in a note.

    This is because post the launch of one-time settlement (OTS) regulations in October 2022, ARCs started following measured steps to ensure realisations, which led to protracted timelines of the settlement process, in addition to the pull down seen during the Covid-19 pandemic.

    “This has slowed down the pace of recovery, and the recovery timelines can get stretched by three to four quarters,” the rating agency said, adding that while there has been no significant rating migration in its rated portfolio of security receipts (SRs) so far, the impact of the regulation could be seen in the upcoming cycles.

    The prescribed norms require an independent advisory committee to examine all settlement of dues with borrowers including retail, SME and MSME loans. Further, all methods of recoveries are required to be exhausted before a settlement process can take place.

    “As per the agency’s discussion with ARCs, for retail loans backed SRs, settlement or staggered payments were the most preferred method of recovery for ARCs in the past as it would increase the recovery amount and reduce the costs associated with repossession and foreclosure.”

    Even as the quantum of recovery might not be affected, there will be delays in the timelines to recovery by three to four quarters, it added.

    With the operating environment returning to normalcy, downgrades are projected to slowdown in the coming quarters. However, the OTS guidelines could facilitate a drag in the ratings thereby momentarily increasing the downgrade to upgrade ratio. The ratio of downgrades to upgrades for the retail universe was 1.75x during the December 2022 review compared with 1.5x during the June 2022 review and 1.25x in December 2021.

    Source link