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 their name shall remain as part of the deal.
As well as in the very week that New Jersey Governor Chris Christie, having bowed from 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 gaming history.
Trump got out of Atlantic City in 2009, selling the thing that 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 received nothing at all to do with the management of the Taj, or its now defunct sis home, the Trump Plaza, ever since. However, the arch negotiator was able to retain a 10 percent stake in Trump Entertainment, in substitution for permitting the 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 eliminated from the casino. But after Icahn’s intervention, he relented, and the true title 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 over the front associated with the building, this is 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 and the Taj experienced several years that are tough today marks the turnaround,’ he added.
‘Just a few years ago, Tropicana was in bankruptcy and its particular fate uncertain, but since emerging in 2010, we have turned that property around and has now become certainly one of Atlantic City’s few success tales. I will be confident we can and will do the exact same for the Taj,’ stated Icahn.
State of this Union
One team that won’t be applauding, nonetheless, 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, that has bought the majority of the Taj’s $286 million debt, said he was prepared to take it over and invest, provided he was granted several concessions by the city. Among those was the best to scrap health pension and insurance benefits for his casino employees.
As such, union demonstrations have become 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 legislative hearing in 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 companies and concerned residents joined up with politicians such as State Senator Jim Whelan (D-Atlantic) in condemning the New Jersey bill at a public hearing of the 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, that has currently lost a quarter of its casinos and with them some 8,000 jobs, over 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 New York area that is metropolitan which in turn would bolster the state’s faltering casino industry.
Since this would require an amendment to the state constitution, the matter would head to a public ballot apt to be voted on in November. Nevertheless the bill will have to be authorized by three-fifths of both chambers to enable this to take place.
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 prove to be uninterested, the field would then be exposed to operators from outside the state.
Politicians have actually said Atlantic City will receive up to $200 million in compensation from taxes on the new casinos, but taxation levels have yet to be determined, which alarms numerous in the resort town.
Joe Kelly, president of Greater Atlantic City Chamber, said 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 do not know who it’s going to 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 town, and the loss that is potential of more jobs.
Senator Whelan warned that the continuing state was having fun with fire by expanding into the north and that the area will never be immune from the situation 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 new york has gambling enterprises in Manhattan or into 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, Chances of Passage Remain Slim
Florida gambling expansion, perhaps: State Rep. Jose Diaz is leading the fight to open up Florida’s gaming venues, nevertheless the deal with different parties, 888 casino 88 giocate gratis including the Seminole Tribe and pari-mutuel interests, has a long 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, following the state’s House Finance and Tax Committee voted 12-5 in favor of going the legislation towards the chamber’s floor.
Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul hawaii’s current law by expanding gambling through the state. It would also authorize pari-mutuels to provide casino games without continuing to host horse or racing that is greyhound legalize daily fantasy sports (DFS), and achieve new terms because of 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 sure thing for passage.
Against All Odds
The prevalent issue facing hawaii 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 exclusive rights to offer craps and roulette as a swap 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 also have successfully pressured lawmakers into holding up the deal that is scott-Seminole.
‘It’s very difficult to negotiate a deal whenever every part threatens when you don’t give them what they want,’ a frustrated Diaz said Monday.
Diaz says their new House bill will need the Seminoles to sign down on the conditions, 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 carry on to offer gambling and continue to send checks to the continuing local government.
Reaching a deal now would be useful to both edges, being a pact that is new save yourself 3,500 jobs, and based on Seminole Chairman James Billie, create thousands more and produce upwards of $10 billion for the state by 2036.
In what’s perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum moving forward for almost any future gambling expansion.
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 presidential nominee all but four times since 1964.
Georgia currently features a continuing 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 got the distinct advantage in Georgia of determining just what does and what does not go before the home floor 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 attend church this weekend that is past rethink any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the week by saying HB 677 finding a vote is something he ‘wouldn’t bet on.’