Trump Taj Mahal Back Out of Bankruptcy with Carl Icahn during the Helm
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 still 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 week that is very 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 video gaming history.
Trump got out of Atlantic City in 2009, selling that which was left of the casinopokies777.com Trump Entertainment casino empire he built-in the eighties and nineties to a group of hedge funds and corporate bond holders.
He has already established nothing in connection with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. Nonetheless, the arch negotiator been able to retain a 10 percent stake in Trump Entertainment, in return for enabling 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 their name removed from the casino. But after Icahn’s intervention, he relented, and the name 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 of the building, this is 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 and the Taj have experienced several tough years, 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 now have turned that property around and contains become certainly one of Atlantic City’s few success tales. I’m confident we can and will do the exact same for the Taj,’ stated Icahn.
State for the Union
One team that wont be applauding, but, is the resort’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 all the Taj’s $286 million debt, said that he was ready to just take it over and invest, provided he was granted several concessions by the city. Some of those was the best to scrap health insurance and pension benefits for his casino workers.
As such, union demonstrations have become a familiar sight outside the property 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 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 business owners and concerned residents joined politicians such as for example 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 very fear that is real the proposal could kill the resort town, which includes already lost one fourth of its casinos and with them some 8,000 jobs, on the past couple of years.
Legislators want to allow the creation of two licenses in northern nj-new jersey, 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.
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 would need to be authorized 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 said Atlantic City will receive up to $200 million in compensation from fees regarding the new casinos, but taxation amounts have yet to be determined, which alarms numerous within the resort town.
Joe Kelly, president of Greater Atlantic City Chamber, said that he did not understand how the bill could possibly go 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 said he believed the proposal would result in two more casino closures into the town, and the potential loss of 14,000 more jobs.
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 perhaps not going to [see] casinos in north Jersey have actually a 20-25 monopoly,’ he said year. ‘It are going to be a matter of years before New York City 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 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 various parties, including the Seminole Tribe and pari-mutuel interests, has a good way 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 home 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 the state’s current legislation by expanding gambling through the entire 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 using 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 bill that is 122-page certainly not a certain thing for passage.
Against All Odds
The issue that is predominant hawaii of Florida is how to deal 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 as a swap for a guaranteed $3 billion for the Sunshine State’s coffers throughout the next seven years.
Competing interests from the racing contingent said perhaps not so fast, and have successfully pressured lawmakers into holding up the deal that is scott-Seminole.
‘It’s very hard to negotiate a deal whenever every side threatens them what they want,’ a frustrated Diaz said Monday if you don’t give.
Diaz says his new House bill will need the Seminoles to sign down on the conditions, and time is of the essence. March 11 may be 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 state government.
Reaching a deal now would be advantageous to both edges, as being a new pact would save your self 3,500 jobs, and according to Seminole Chairman James Billie, create thousands more and generate upwards of $10 billion for their 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 just about 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 even more conservative Peach State, Georgia has voted for the Republican nominee that is presidential but four times since 1964.
Georgia presently includes a continuing 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 gets the advantage that is distinct Georgia of determining what does and just what does not go before the House floor 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 resort-style gambling licenses.
In line with the Atlanta Journal-Constitution, Ralston encouraged his colleagues to attend church this past weekend and rethink any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 finding a vote is something he ‘wouldn’t bet on. week’