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 nevertheless faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although his name will remain as part of 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 that which was kept associated with Trump Entertainment casino empire he built in the eighties and nineties to a group of hedge funds and bond that is corporate.
He has had nothing at all to do with the management of the Taj, or its now defunct sis property, the Trump Plaza, from the time. Nevertheless, 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 exactly 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 title will remain.
Trump Ties Severed
That 10 % stake is now gone, severing Trump’s last ties with the city. And while his name may be emblazoned in still lights over the front of this building, this is certainly 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 in ’09.
’The Taj is one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ’Although both Atlantic City and also the Taj have had a few tough years, today marks the turnaround,’ he added.
’Just a years that are few, Tropicana was at bankruptcy as well as its fate uncertain, but since emerging in 2010, we have turned that property around and has now become one of Atlantic City’s few success stories. I am confident we can and will do the exact same for the Taj,’ said Icahn.
State of the Union
One team that will not be applauding, nevertheless, is the resort’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 the Taj’s $286 million debt, said that he was prepared to take it over and invest, provided he had been granted several concessions by the city. One particular was the right to scrap health pension and insurance 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 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 into the state.
Atlantic City business people and concerned residents joined up with politicians such as for instance State Senator Jim Whelan (D-Atlantic) in condemning the 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 kill the resort town, which has currently lost 25 % of its casinos and with them some 8,000 jobs, within the past two years.
Legislators want to allow the creation of two licenses in northern nj-new jersey, hoping they’ll 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 will have to be approved 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 opportunity to bid for the North Jersey licenses first. If they turn out to be uninterested, the field would then be opened to operators from outside the state.
Politicians have stated Atlantic City will receive as much as $200 million in compensation casino 888 apk from taxes on the new casinos, but taxation amounts have yet to be determined, which alarms numerous within the resort city.
Joe Kelly, president of Greater Atlantic City Chamber, said which he failed to know 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 have no idea whom 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 into the town, and the potential loss of 14,000 more jobs.
Senator Whelan warned that the state was playing with fire by expanding into the north and that the area will never be immune from the problem of saturation.
’We’re not going to [see] casinos in north Jersey have a 20-25 year monopoly,’ he said. ’It is going to be a matter of years before new york has gambling enterprises in Manhattan or in 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, possibly: State Rep. Jose Diaz is leading the fight to start Florida’s gaming venues, however the deal 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 moving the legislation to your chamber’s floor.
Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul the state’s current law by expanding gambling through the state. It would also authorize pari-mutuels to offer casino games without continuing to host horse or racing that is greyhound legalize daily fantasy sports (DFS), and reach new terms using the state’s Seminole Tribe.
Nonetheless, with a handful of parties all lobbying for their own self-interests, from lawmakers in Tallahassee to racetracks towards the Indian tribe, the intricate 122-page bill is certainly not a certain thing for passage.
Against All Odds
The predominant 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 exclusive liberties to offer craps and roulette in trade for a guaranteed $3 billion for the Sunshine State’s coffers throughout the next seven years.
Competing interests from the racing contingent said maybe not so fast, and also have successfully forced lawmakers into supporting the deal that is scott-Seminole.
’It’s extremely tough to negotiate a deal when every part threatens should youn’t let them have exactly what they need,’ a frustrated Diaz said Monday.
Diaz says his brand new House bill will require the Seminoles to sign off regarding 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 good for both sides, 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 hawaii by 2036.
In what is perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum continue 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 approach that is opposite 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 continuing state lottery, but 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 distinct advantage in Georgia of determining exactly what does and what does not go before your house flooring for consideration.
On Friday, the House Rules Commmittee voted to move House Bill 677 to the floor. Authored by State Rep. Ron Stephens (R-District 164), the legislation would authorize the issuance of four resort-style gambling licenses.
According to the Atlanta Journal-Constitution, Ralston encouraged his colleagues to go to church this past weekend and reconsider any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the week by saying HB 677 getting a vote is something he ’wouldn’t bet on.’