
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, yet still 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 week that is very New Jersey Governor Chris Christie, having bowed out from the presidential competition 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 video gaming history.
Trump got out of Atlantic City in 2009, selling what was kept regarding the Trump Entertainment casino empire he integrated 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 defunct sister property, the Trump Plaza, from the time. Nonetheless, the arch negotiator were able to retain a ten percent stake in Trump Entertainment, in substitution for allowing the ongoing 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 his name removed 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 over the front of the building, this is certainly now really much the Carl Icahn show.
The Taj is the second home Icahn now owns in Atlantic City, having also rescued the Tropicana from bankruptcy in 2009.
‘The Taj is one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City plus the Taj experienced a few years that are tough today marks the turnaround,’ he added.
‘Just a years that are few, Tropicana was at bankruptcy and its particular fate uncertain, but since emerging in 2010, we’ve turned that property around and contains become certainly one of Atlantic City’s few success tales. I am confident we can and will perform some same for the Taj,’ stated Icahn.
State for the Union
One group that will not be applauding, but, is the resort’s casino workers’ union Unite 54, which has yet to achieve 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. Those types of was the right to scrap health pension and insurance benefits for his casino employees.
As such, union demonstrations have become 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 gambling enterprises at a legislative hearing in Trenton on Monday. (Image: dailykos.com)
Opposition to North Jersey casino expansion collected in Trenton on Monday to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in the state.
Atlantic City companies 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 very fear that is real the proposal could destroy the resort town, which has already lost one fourth of its casinos and with them some 8,000 jobs, on 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 the latest 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. However the bill will have to be authorized by three-fifths of both chambers in order for 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 stated Atlantic City will receive up to $200 million in compensation from taxes in the casinos that are new but taxation levels have yet become determined, which alarms many into 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 figures.
‘ We don’t know what kind of revenue will be returned to Atlantic City, we don’t know who 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 within 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 won’t be immune from the issue of saturation.
‘We’re not going to [see] casinos in north Jersey have a 20-25 monopoly,’ he said year. ‘It are a matter of years before nyc has gambling enterprises 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 both in 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, however the handle different 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, after the state’s House Finance and Tax Committee voted 12-5 in favor of going the legislation to your chamber’s floor.
Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul their state’s current law by expanding gambling throughout the 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 aided by 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 sure thing for passage.
Against All Odds
The issue that is predominant their state of Florida is how to deal 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 exclusive rights to offer craps and roulette in exchange for a guaranteed $3 billion for the Sunshine State’s coffers on the next seven years.
Competing interests from the racing contingent said perhaps not so fast, and also have successfully forced lawmakers into supporting 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 new House bill will require the Seminoles to sign down regarding the conditions, and time https://casinopokies777.com/casino-888/ is of the essence. March 11 could be the final day of the Florida Legislature’s 2016 session that is regular.
The Seminole lightweight 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 useful to both sides, being a new pact would save yourself 3,500 jobs, and in accordance with Seminole Chairman James Billie, create thousands more and create upwards of $10 billion for their state by 2036.
In what’s perhaps an olive branch to those opposed to expanded gambling, Diaz’s legislation 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 approach that is opposite gambling than the Sunshine State. The a great deal more conservative Peach State, Georgia has voted for the Republican nominee that is presidential but four times since 1964.
Georgia currently possesses 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 got the advantage that is distinct Georgia of deciding just what does and what doesn’t go before the House flooring for consideration.
On the House Rules Commmittee voted to move House Bill 677 to the floor friday. 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 attend church this weekend that is past rethink any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 finding a vote is one thing he ‘wouldn’t bet on. week’