
The Trump Taj Mahal is officially out of Chapter 11 bankruptcy and in the clutches of billionaire corporate raider Carl 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 his name shall remain included in the deal.
And in the very week that New Jersey Governor Chris Christie, having bowed out of the presidential battle himself, pledged his support for Donald Trump for the GOP nomination, Icahn’s takeover represents the final chapter in Donald Trump’s Atlantic City and video gaming history.
Trump got out of Atlantic City in 2009, selling what was kept of the Trump Entertainment casino empire he integrated the eighties and nineties to a group of hedge funds and bond that is corporate.
He has already established nothing in connection with the management of the Taj, or its now sister that is defunct, the Trump Plaza, ever since. Nonetheless, the arch negotiator been able to retain a 10 percent stake in Trump Entertainment, in substitution for enabling the ongoing company to retain the Trump brand name.
In 2014, Trump was incensed by what he saw as Trump Entertainment’s mismanagement of the brand and litigated to have his name removed from the casino. But after Icahn’s intervention, he relented, and the true title will remain.
Trump Ties Severed
That 10 percent stake is now gone, severing Trump’s last ties with the city. And while his name may still be emblazoned in lights throughout the front for the building, this will be now really much the Carl Icahn show.
The Taj is the second property 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 also the Taj experienced a couple of years that are tough today marks the turnaround,’ he added.
‘Just a few years ago, Tropicana was at bankruptcy as well as its fate uncertain, but since emerging in 2010, we’ve turned that property around and contains become one of Atlantic City’s few success stories. I am confident we can and will do the same for the Taj,’ said Icahn.
State for the Union
One group that will not be applauding, however, is the hotel’s casino workers’ union Unite 54, which has yet to reach a contract agreement with Icahn.
The casino almost closed many times in 2014. Icahn, that has bought most of 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 pension and insurance benefits for his casino employees.
As such, union demonstrations have develop into a sight that is familiar the property 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 gathered in Trenton on Monday to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly into the state.
Atlantic City companies and concerned residents joined 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 tremendously fear that is real the proposal could destroy the resort town, which has already lost 25 % 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, hoping they are going to attract hordes of gamblers from this new York area that is metropolitan which in turn would bolster the state’s faltering casino industry.
Tax Worries
The matter would go to a public ballot likely to be voted on in November since this would require an amendment to the state constitution. Nevertheless the bill will have to be authorized by three-fifths of both chambers in order for this to occur.
Should the bill become law, Atlantic City’s current casino licensees would be offered the opportunity to bid for the North Jersey licenses first. Then be opened up to operators from outside the state if they prove to be uninterested, the field would.
Politicians have stated Atlantic City will receive up to $200 million in compensation from taxes in the casinos that are new but taxation amounts have yet to be decided, which casinopokies777.com alarms many in the resort city.
Joe Kelly, president of Greater Atlantic City Chamber, said which he would not know how the bill could possibly move forward without these numbers.
‘ We don’t know what kind of revenue will be returned to Atlantic City, we have no idea whom 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 into the city, and the potential loss of 14,000 more jobs.
Saturated Fat
Senator Whelan warned that the continuing state was playing with fire by expanding into the north and that the area will never be immune from the issue of saturation.
‘We’re maybe not going to [see] casinos in north Jersey have actually a 20-25 monopoly,’ he said year. ‘It will be a matter of years before nyc has casinos in Manhattan or into the Bronx. What Atlantic City is experiencing now, north Jersey will experience at that time.’
Another public hearing is due on March 7 in the Assembly, after which the bill will be voted on in both homes.
Florida Gambling Expansion Bill Passes House Committee, Odds of Passage Remain Slim
Florida gambling expansion, maybe: State Rep. Jose Diaz is leading the fight to start Florida’s gaming venues, but the cope with different events, including the Seminole Tribe and pari-mutuel interests, has a way that is long 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 moving the legislation towards 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 offer casino games without continuing to host horse or racing that is greyhound legalize daily fantasy sports (DFS), and achieve new terms using the state’s Seminole Tribe.
Nevertheless, with a handful of events all lobbying for their very own self-interests, from lawmakers in Tallahassee to racetracks to the Indian tribe, the intricate 122-page bill is certainly not a certain thing for passage.
Against All Odds
The prevalent issue facing hawaii of Florida is how to deal with the powerful Seminole Tribe and its five video gaming facilities. In December, Governor Rick Scott (R) reached a deal with tribal leaders, handing over the rights that are exclusive provide craps and roulette as a swap for a guaranteed $3 billion for the Sunshine State’s coffers within the next seven years.
Competing interests through the racing contingent said not so fast, and have successfully pressured lawmakers into holding up the deal that is scott-Seminole.
‘It’s extremely tough 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 brand new House bill will need the Seminoles to sign down on the conditions, and time is of the essence. March 11 may be the last day’s the Florida Legislature’s 2016 session that is regular.
The Seminole compact with Florida expired in 2015, but casinos on reservation land continue to offer gambling and continue to send checks to the continuing local government.
Reaching a deal now would be advantageous to both sides, as being a pact that is new save your self 3,500 jobs, and according to Seminole Chairman James Billie, create thousands more and produce upwards of $10 billion for their state by 2036.
In what exactly is perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum continue for just about any future gambling expansion.
Georgia Gambling Not on Its Mind
With Florida’s neighbor to your north, Georgia wants to take the direct opposite approach to gambling than the Sunshine State. The more conservative Peach State, Georgia has voted for the Republican presidential nominee all but four times since 1964.
Georgia currently possesses state lottery, but is free of any tribal, commercial, or racetrack gaming.
And State House Speaker David Ralston (R) wants to keep it that way. Ralston has the distinct advantage in Georgia of deciding just what does and what doesn’t go before your house floor for consideration.
On Friday, the House Rules Commmittee voted to go House Bill 677 to a floor. Authored by State Rep. Ron Stephens (R-District 164), the legislation would authorize the issuance of four gambling that is resort-style.
Based on the Atlanta Journal-Constitution, Ralston encouraged his colleagues to go to church this weekend that is past rethink any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 getting a vote is something he ‘wouldn’t bet on. week’