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 as part of the deal.
Plus in the week that is very 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 left associated with Trump Entertainment casino empire he built in the eighties and nineties up to a group of hedge funds and business bond holders.
He has already established nothing at all to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, ever since. Nonetheless, the arch negotiator been able to retain a ten percent stake in Trump Entertainment, in return 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 following Icahn’s intervention, he relented, and the true name 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 across the front side of this building, this is certainly now really 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 during 2009.
‘The Taj is certainly one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City while the Taj experienced a few years that are tough today marks the turnaround,’ he added.
‘Just a years that are few, Tropicana was in bankruptcy and its 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 will be confident we can and will perform some exact same for the Taj,’ stated Icahn.
State of this Union
One team that won’t 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, that has bought a lot of the Taj’s $286 million debt, said that he was prepared to just take it over and invest, provided he was granted several concessions by the city. Some of those was the proper to scrap health insurance and pension benefits for his casino workers.
As such, union demonstrations have develop into 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 hearing that is legislative Trenton on Monday. (Image: dailykos.com)
Opposition to North Jersey casino expansion gathered in Trenton on Monday to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly within the state.
Atlantic City business owners 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 real fear that the proposal could destroy the resort town, which has already lost a quarter 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 New Jersey, hoping they’ll attract hordes of gamblers from the latest 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 have to be authorized by three-fifths of both chambers to allow this to occur.
Should the bill become law, Atlantic City’s current casino licensees would be offered the opportunity 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 stated Atlantic City will receive up to $200 million in compensation from fees regarding the casinos that are new but taxation levels have actually yet to be determined, which alarms many in the resort city.
Joe Kelly, president of Greater Atlantic City Chamber, said which he failed to know 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 have no idea whom 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.
Senator Whelan warned that the continuing state was playing with fire by expanding into the north and that the area will not be immune from the issue of saturation.
‘We’re perhaps not going to [see] casinos in north Jersey have a 20-25 year monopoly,’ he said. ‘It will be 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 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, maybe: State Rep. Jose Diaz is leading the fight to start Florida’s gaming venues, nevertheless the cope with different events, including the Seminole Tribe and pari-mutuel interests, has a long way to go before being finalized 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 the 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 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 own self-interests, from lawmakers in Tallahassee to racetracks to the Indian tribe, the intricate 122-page bill is anything but a sure thing for passage.
Against All Odds
The predominant issue facing 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 rights that are exclusive provide 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 maybe not so fast, and have successfully pressured lawmakers into supporting the Scott-Seminole deal.
‘It’s extremely tough to negotiate a deal whenever every side threatens should you choosen’t give them exactly what they want,’ a frustrated Diaz said Monday.
Diaz says their 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’s 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 local government.
Reaching a deal now would be beneficial to both sides, being a pact that is new conserve 3,500 jobs, and based on Seminole Chairman James Billie, create thousands more and generate 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 legislation would require a voter referendum continue for any gambling expansion that is future.
Georgia Gambling Not on Its Mind
With Florida’s neighbor to the 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 currently features a state lottery, it is free of any tribal, commercial, or racetrack gaming.
And State House Speaker David Ralston (R) wants to keep it that way. Ralston has the advantage that is distinct Georgia of deciding exactly what does and what does not go before the home 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.
Based on the Atlanta Journal-Constitution, Ralston encouraged his colleagues to visit church this weekend that is past reconsider any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the week by saying HB 677 getting a vote is something he ‘wouldn’t bet on.’