The Trump Taj Mahal is officially out of Chapter 11 bankruptcy and in the clutches of billionaire raider that is corporate Icahn, as a wholly owned subsidiary of Icahn Enterprises.
Billionaire Carl Icahn has rescued the Trump Taj Mahal from bankruptcy, but nevertheless faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although their name shall remain included in the deal.
As well as in the week that is very New Jersey Governor Chris Christie, having bowed out from the presidential battle himself, pledged his help for Donald Trump for the GOP nomination, Icahn’s takeover represents the final chapter in Donald Trump’s Atlantic City and gaming history.
Trump got out of Atlantic City in 2009, selling what was left of the Trump Entertainment casino empire he integrated the eighties and nineties to a group of hedge funds and corporate bond holders.
He has had nothing at all to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, ever since. Nonetheless, the arch negotiator managed to retain a ten percent stake in Trump Entertainment, in substitution for enabling the company to retain the Trump brand name.
In 2014, Trump was incensed by just what he saw as Trump Entertainment’s mismanagement of the brand and litigated to have their name eliminated from the casino. But after Icahn’s intervention, he relented, and the true name will remain.
Trump Ties Severed
That 10 % stake is now gone, severing Trump’s last ties with the city. And while his name may still be emblazoned in lights across the front for the building, this will be now very much the Carl Icahn show.
The Taj is the second home Icahn now owns in Atlantic City, having also rescued the Tropicana from bankruptcy last year.
‘The Taj is one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City and the Taj experienced a few tough years, today marks the turnaround,’ he added.
‘Just a years that are few, Tropicana was at bankruptcy and its fate uncertain, but since emerging in 2010, we have turned that property around and has now become certainly one of Atlantic City’s few success tales. I will be confident we can and will do the same for the Taj,’ stated Icahn.
State of the Union
One team that will not be applauding, nevertheless, is the hotel’s casino workers’ union Unite 54, which has yet to reach a contract agreement with Icahn.
The casino almost closed several times in 2014. Icahn, who had bought all the Taj’s $286 million debt, said over and invest, provided he was granted several concessions by the city that he was willing to take it. Some of those was the right to scrap health insurance and pension benefits for his casino employees.
As such, union demonstrations have turn into a familiar sight outside the home over the past 18 months.
North Jersey Casino Bill Not Sitting Well with Atlantic City Residents and Businesses
Just say no to North Jersey casino expansion: Senator Jim Whelan, who led the clamor of voices in opposition to North Jersey casinos at a legislative hearing in Trenton on Monday. (Image: dailykos.com)
Opposition to North Jersey casino expansion collected in Trenton on to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in the state monday.
Atlantic City business owners and concerned residents joined up with politicians such as State Senator Jim Whelan (D-Atlantic) in condemning the nj-new Jersey bill at a hearing that is public of Senate Budget and Appropriations Committee yesterday.
Among the bill’s criticisms was a really fear that is real the proposal could destroy the resort town, which has currently lost a quarter of its casinos and with them some 8,000 jobs, throughout the past two years.
Legislators want to allow the creation of two licenses in northern nj-new jersey, hoping they are going to attract hordes of gamblers from the New York metropolitan area, which in turn would bolster the state’s faltering casino industry.
Tax Worries
Since this would need an amendment to your state constitution, the matter would visit a public ballot apt to be voted on in November. However the bill will have to be approved by three-fifths of both chambers to allow this to take place.
Should the bill become law, Atlantic City’s current casino licensees would be offered the chance to bid for the North Jersey licenses first. If they show to be uninterested, the field would then be opened up to operators from outside the state.
Politicians have actually stated Atlantic City will receive up to $200 million in compensation from fees in the casinos that are new but taxation levels have actually yet to be determined, which alarms numerous in the resort city.
Joe Kelly, president of Greater Atlantic City Chamber, said that he would not understand how the bill could move forward without possibly these numbers.
‘ We don’t know what kind of revenue will be returned to Atlantic City, we have no idea who it’s going to be returned to or how it will work,’ he complained.
He also stated he believed the proposal would result in two more casino closures within the town, and the potential loss of 14,000 more jobs.
Saturated Fat
Senator Whelan warned that the continuing state was having fun with fire by expanding into the north and that the area will never be immune from the issue of saturation.
‘We’re perhaps not going to [see] casinos in north Jersey have a 20-25 monopoly,’ he said year. ‘It are going to be a matter of years before New York City has gambling enterprises in Manhattan or into the Bronx. What Atlantic City is experiencing now, north Jersey will experience at that right time.’
Another public hearing is due on March 7 in the Assembly, after which the bill will be voted on both in homes.
Florida Gambling Expansion Bill Passes House Committee, Odds of Passage Remain Slim
Florida gambling expansion, possibly: State Rep. Jose Diaz is leading the fight to start Florida’s gaming venues, however the deal with various parties, including the Seminole Tribe and pari-mutuel interests, has a long distance to go before being signed into law. (Image: floridapolitics.com)
Florida gambling expansion bill HB 7109 scored a victory that is much-needed Monday, following the state’s House Finance and Tax Committee voted 12-5 in favor of going the legislation to the chamber’s floor.
Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul their state’s current law by expanding gambling through the state. It would also authorize pari-mutuels to supply casino games without continuing to host horse or racing that is greyhound legalize daily fantasy sports (DFS), and reach new terms utilizing the state’s Seminole Tribe.
Nevertheless, with a handful of events all lobbying for their own self-interests, from lawmakers in Tallahassee to racetracks towards the Indian tribe, the intricate 122-page bill is certainly not a certain thing for passage.
Against All Odds
The issue that is predominant the State of Florida is how to approach the powerful Seminole Tribe and its five gaming facilities. In December, Governor Rick Scott (R) reached a deal with tribal leaders, handing over the rights that are exclusive offer craps and roulette in trade for a guaranteed $3 billion for the Sunshine State’s coffers throughout the next seven years.
Competing interests through the racing contingent said maybe not so fast, and also have successfully pressured lawmakers into supporting the Scott-Seminole deal.
‘It’s very difficult to negotiate a deal when every side threatens them what they want,’ a frustrated Diaz said Monday if you don’t give.
Diaz says their House that is new bill need the Seminoles to sign down regarding the provisions, and time is of the essence. March 11 is the final day’s the Florida Legislature’s 2016 session that is regular.
The Seminole lightweight with Florida expired in 2015, but casinos on reservation land carry on to offer gambling and continue to send checks to the state government.
Reaching a deal now would be beneficial to both sides, being a new pact would save yourself 3,500 jobs, and according to Seminole Chairman James Billie, create thousands more and generate upwards of $10 billion for their state by 2036.
In what’s 888 casino app perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum continue for any future gambling expansion.
Georgia Gambling Not on Its Mind
With Florida’s neighbor towards the north, Georgia wants to take the direct opposite approach to gambling than the Sunshine State. The far more conservative Peach State, Georgia has voted for the Republican presidential nominee all but four times since 1964.
Georgia currently includes a continuing state lottery, but is free of any tribal, commercial, or racetrack video gaming.
And State House Speaker David Ralston (R) wants to keep it that way. Ralston has the advantage that is distinct Georgia of deciding what does and just what does not go before the House floor for consideration.
On Friday, the House Rules Commmittee voted to move House Bill 677 to the floor. Authored by State Rep. Ron Stephens (R-District 164), the legislation would authorize the issuance of four gambling that is resort-style.
According to the Atlanta Journal-Constitution, Ralston encouraged his colleagues to go to church this past weekend and reconsider any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 receiving a vote is one thing he ‘wouldn’t bet on. week’
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