Posted by admin March 2, 2020
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 within the deal.
As well as in the really week that New Jersey Governor Chris Christie, having bowed out from the presidential competition 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 left for the Trump Entertainment casino empire he built-in the eighties and nineties up to a group of hedge funds and bond that is corporate.
He has already established nothing to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. Nevertheless, the arch negotiator managed to retain a 10 % stake in Trump Entertainment, in return for enabling the company to retain the Trump brand name.
In 2014, Trump was incensed by exactly what he saw as Trump Entertainment’s mismanagement of the brand and litigated to have their name removed from the casino. But following Icahn’s intervention, he relented, and the true title 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 side regarding the building, this might be now very much the Carl Icahn show.
The Taj is the property that is second now owns in Atlantic City, having also rescued the Tropicana from bankruptcy last year.
‘The Taj is certainly one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City therefore the Taj have experienced a couple of tough years, 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 now have turned that property around and it has become one of Atlantic City’s few success stories. I’m confident we can and will do the exact same for the Taj,’ stated Icahn.
State associated with the Union
One group that will not be applauding, nonetheless, is the resort’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, who had bought the majority 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 best to scrap health pension and insurance benefits for his casino workers.
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 gambling enterprises at a hearing that is legislative Trenton on Monday. (Image: dailykos.com)
Opposition to North Jersey casino expansion gathered in Trenton on to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in the state monday.
Atlantic City business people and concerned residents joined politicians such as for example 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 kill the resort town, which has already lost one fourth 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 will attract hordes of gamblers from this new York area that is metropolitan which in turn would bolster the state’s faltering casino industry.
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. 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. 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 casinos that are new but taxation amounts have yet become decided, which alarms numerous in the resort town.
Joe Kelly, president of Greater Atlantic City Chamber, said that he didn’t 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 don’t know whom it’ll be returned to or how it will work,’ he complained.
He also stated he believed the proposal would result in two more casino closures in the town, and the loss that is potential of more jobs.
Senator Whelan warned that the state was using fire by expanding into the north and that the area will not be immune from the issue of saturation.
‘We’re maybe not going to [see] casinos in north Jersey have a 20-25 monopoly,’ he said year. ‘It is going to be a matter of years before nyc has casinos in Manhattan or within 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 in both houses.
Florida Gambling Expansion Bill Passes House Committee, Chances of Passage Remain Slim
Florida gambling expansion, perhaps: State Rep. Jose Diaz is leading the fight to start Florida’s gaming venues, nevertheless the cope with different parties, including the Seminole Tribe and pari-mutuel interests, has a long distance to get before being finalized into law. (Image: floridapolitics.com)
Florida gambling expansion bill HB 7109 scored a much-needed victory on Monday, after the state’s House Finance and Tax Committee voted 12-5 in favor of moving the legislation to your chamber’s floor.
Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul hawaii’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 greyhound racing, legalize daily fantasy sports (DFS), and achieve new terms with all the state’s Seminole Tribe.
Nevertheless, with a handful of parties 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 sure thing for passage.
Against All Odds
The prevalent issue facing the State of Florida is dealing 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 exclusive liberties to offer craps and roulette in exchange for a guaranteed $3 billion for the Sunshine State’s coffers throughout the next seven years.
Competing interests through the racing contingent said not so fast, and now have successfully pressured lawmakers into holding up the Scott-Seminole deal.
‘It’s very hard to negotiate a deal when every part threatens when you don’t provide them with exactly what they desire,’ a frustrated Diaz said Monday.
Diaz says their brand new House bill will require the Seminoles to sign off regarding the conditions, and time is of the essence. March 11 is the final day of the Florida Legislature’s 2016 session that is regular.
The Seminole compact 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 your self 3,500 jobs, and based on 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 moving forward for any gambling expansion that is future.
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 presently possesses state lottery, it is free of any tribal, commercial, or racetrack video gaming.
And State home Speaker David Ralston (R) wants to keep it that way. Ralston gets the distinct advantage in Georgia of determining what does and just what doesn’t get before the home 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 resort-style gambling licenses.
According to the Atlanta Journal-Constitution, Ralston encouraged his colleagues to attend church this weekend that is past reconsider any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 receiving a vote is something he ‘wouldn’t bet on. week’