
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 will remain included in the deal.
And in the extremely week that New Jersey Governor Chris Christie, having bowed from the presidential race 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 the thing that was kept associated with the Trump Entertainment casino empire he integrated the eighties and nineties to a group of hedge funds and bond that is corporate.
He has had nothing in connection with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. However, the arch negotiator managed to retain a 10 % stake in Trump Entertainment, in return for permitting 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 their name eliminated from the casino. But following Icahn’s intervention, he relented, and the name will remain.
Trump Ties Severed
That ten 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 regarding the building, this is now very much the Carl Icahn show.
The Taj is the second property Icahn now owns in Atlantic City, having also rescued the Tropicana from bankruptcy during 2009.
‘The Taj is certainly one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City and the Taj experienced a couple of 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’ve turned that property around and has now become certainly one of Atlantic City’s few success tales. I’m confident we can and will perform some same for the Taj,’ said Icahn.
State regarding the Union
One team that won’t be applauding, but, is the hotel’s casino workers’ union Unite 54, which has yet to reach a contract agreement with Icahn.
The casino almost closed times that are several 2014. Icahn, who had bought most of the Taj’s $286 million debt, said which he was willing to simply take it over and invest, provided he had been granted several concessions by the city. Among 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 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 codice bonus 888 casino lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in the state monday.
Atlantic City business people and concerned residents joined up with politicians such as for example State Senator Jim Whelan (D-Atlantic) in condemning the New Jersey bill at a hearing that is public of Senate Budget and Appropriations Committee yesterday.
Among the bill’s criticisms was a tremendously real fear that the proposal could kill the resort town, which includes already lost 25 % of its casinos and with them some 8,000 jobs, over the past couple of years.
Legislators want to allow the creation of two licenses in northern nj, hoping they are going to attract hordes of gamblers from the New York area that is metropolitan 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 go to a public ballot probably be voted on in November. However the bill would have to be approved by three-fifths of both chambers to ensure that 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 actually said Atlantic City will receive as much as $200 million in compensation from fees regarding the new casinos, but taxation amounts have yet to be determined, which alarms numerous within the resort city.
Joe Kelly, president of Greater Atlantic City Chamber, said which he failed to understand how the bill could possibly go forward without these figures.
‘ We don’t know what kind of revenue will be returned to Atlantic City, we don’t know whom it will be returned to or how it will work,’ he complained.
He also said 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 state was using fire by expanding into the north and that the area won’t be immune from the problem of saturation.
‘We’re not going to [see] casinos in north Jersey have a 20-25 year monopoly,’ he said. ‘It are going to be a matter of years before New York City has gambling enterprises in Manhattan or within 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 both in houses.
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 open Florida’s gaming venues, but the cope with different events, including the Seminole Tribe and pari-mutuel interests, has a good way to get before being finalized into law. (Image: floridapolitics.com)
Florida gambling expansion bill HB 7109 scored a victory that is much-needed Monday, after 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 the state’s current law by expanding gambling through the entire 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 reach new terms utilizing the state’s Seminole Tribe.
Nonetheless, with a handful of parties all lobbying for their own self-interests, from lawmakers in Tallahassee to racetracks to the Indian tribe, the intricate bill that is 122-page certainly not a certain thing for passage.
Against All Odds
The issue that is predominant their state of Florida is dealing with 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 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 from the racing contingent said not so fast, and also have successfully pressured lawmakers into holding up the deal that is scott-Seminole.
‘It’s very hard to negotiate a deal when every part 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 on the provisions, and time is of the essence. March 11 is the last day of the Florida Legislature’s 2016 Regular Session.
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 state.
Reaching a deal now would be beneficial to both sides, as a pact that is new save 3,500 jobs, and in accordance with Seminole Chairman James Billie, create thousands more and generate upwards of $10 billion for hawaii by 2036.
In what is perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum continue for almost any future gambling expansion.
Georgia Gambling Not on Its Mind
With Florida’s neighbor to the north, Georgia wants to take the direct approach that is opposite gambling than the Sunshine State. The far more conservative Peach State, Georgia has voted for the Republican nominee that is presidential but four times since 1964.
Georgia presently includes a state lottery, but is free of any tribal, commercial, or racetrack video gaming.
And State home Speaker David Ralston (R) wants to keep it that way. Ralston has the advantage that is distinct Georgia of deciding what does and what doesn’t go before the House floor for consideration.
On Friday, the House Rules Commmittee voted to go House Bill 677 to the ground. Authored by State Rep. Ron Stephens (R-District 164), the legislation would authorize the issuance of four resort-style gambling licenses.
According to the Atlanta Journal-Constitution, Ralston encouraged his colleagues to go to church this past weekend and rethink any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the week by saying HB 677 getting a vote is something he ‘wouldn’t bet on.’
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