
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 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 kept 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 had nothing to do with the management of the Taj, or its now defunct sibling property, the Trump Plaza, ever since. Nevertheless, the arch negotiator was able to retain a 10 percent stake in Trump Entertainment, in return 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 their name removed from the casino. But following 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 over the front side regarding the building, this might 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 in ’09.
‘The Taj is certainly one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City as well as the Taj have experienced a couple of years that are tough today marks the turnaround,’ he added.
‘Just a few years ago, Tropicana was in bankruptcy and its fate uncertain, but since emerging in 2010, we’ve turned that property around and it has become one of Atlantic City’s few success stories. I am confident we can and will perform some same for the Taj,’ said Icahn.
State associated with the Union
One team that wont be applauding, however, is the hotel’s casino workers’ union Unite 54, which has yet to achieve a contract agreement with Icahn.
The casino almost closed times that are several 2014. Icahn, that has bought all of the Taj’s $286 million debt, said that he was willing to take it over and invest, provided he was granted several concessions by the city. One particular was the right to scrap health insurance and pension benefits for his casino employees.
As such, union demonstrations have develop 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 opposed to North Jersey casinos at a hearing that is legislative 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 people 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 an extremely fear that is real the proposal could kill the resort town, which includes already lost a quarter 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 brand 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. But the bill will have to be authorized by three-fifths of both chambers to ensure that this to happen.
Should the bill become law, Atlantic City’s current casino licensees would be offered the opportunity to bid for the North Jersey licenses first. If they turn out to be uninterested, the field would then be exposed to operators from outside the state.
Politicians have actually said Atlantic City will receive as much as $200 million in compensation from taxes regarding the casinos that are new but taxation levels have actually yet become determined, which alarms many into the resort town.
Joe Kelly, president of Greater Atlantic City Chamber, said that he failed to 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 don’t know 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 into the city, and the loss that is potential of 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 issue of saturation.
‘We’re maybe not going to [see] casinos in north Jersey have a 20-25 year monopoly,’ he said. ‘It are a matter of years before new york has gambling enterprises in Manhattan or within the Bronx. What Atlantic City is experiencing now, north Jersey will experience at that right time.’
Another hearing that is public 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, maybe: State Rep. Jose Diaz is leading the fight to start Florida’s gaming venues, nevertheless the handle various parties, including the Seminole Tribe and pari-mutuel interests, has a long way to get https://casinopokies777.com/casino-888/ before being signed 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 going the legislation to your chamber’s floor.
Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul the state’s current legislation by expanding gambling through 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 reach new terms with all the state’s Seminole Tribe.
But, 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 anything but a certain thing for passage.
Against All Odds
The prevalent issue facing the State of Florida is how to approach 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 offer craps and roulette as a swap 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 whenever every part threatens when you don’t provide them with just what they want,’ a frustrated Diaz said Monday.
Diaz says his new House bill will need the Seminoles to sign down on the provisions, and time is of the essence. March 11 may be the last day of the Florida Legislature’s 2016 Regular Session.
The Seminole lightweight with Florida expired in 2015, but casinos on reservation land continue to offer gambling and continue to send checks to the local government.
Reaching a deal now would be beneficial to both edges, as being a new pact would save 3,500 jobs, and according to Seminole Chairman James Billie, create thousands more and create 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 moving forward for almost any gambling expansion that is future.
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 a great deal 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 House Speaker David Ralston (R) wants to keep it that way. Ralston has got the distinct advantage in Georgia of deciding exactly what does and just what does not get before your house flooring for consideration.
On Friday, the House Rules Commmittee voted to move 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.
According to the Atlanta Journal-Constitution, Ralston encouraged his colleagues to go to church this past weekend and rethink any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the week by saying HB 677 receiving a vote is something he ‘wouldn’t bet on.’