Trump Taj Mahal Back Out of Bankruptcy with Carl Icahn during the Helm

Trump T<span id="more-8469"></span>aj 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 nevertheless faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although his name shall remain within the deal.

Plus in the really week that New Jersey Governor Chris Christie, having bowed out of 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 that which was kept of this Trump Entertainment casino empire he integrated the eighties and nineties to a group of hedge funds and bond that is corporate.

He has received nothing to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. Nevertheless, the arch negotiator been able to retain a ten percent stake in Trump Entertainment, in substitution for allowing 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 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 building, this will be 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 2009.

‚The Taj is one of Atlantic City’s signature properties,‘ Icahn told the Associated Press. ‚Although both Atlantic City while the Taj experienced several tough years, today marks the turnaround,‘ he added.

‚Just a years that are few, Tropicana was at bankruptcy and its particular fate uncertain, but since emerging in 2010, we have turned that property around and it has become certainly one of Atlantic City’s few success tales. I’m confident we can and will perform some exact same for the Taj,‘ stated Icahn.

State associated with Union

One group that won’t be applauding, but, is the hotel’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 the majority of the Taj’s $286 million debt, said over and invest, provided he was granted several concessions by the city that he was willing to take it. Those types of was the proper to scrap health insurance and pension benefits for his casino employees.

As such, union demonstrations have develop into 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 hearing that is legislative Trenton on Monday. (Image:

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 example State Senator Jim Whelan (D-Atlantic) in condemning the nj-new Jersey bill at a public hearing of the Senate Budget and Appropriations Committee yesterday.

Among the bill’s criticisms was a very real fear that the proposal could destroy the resort town, which includes currently lost 25 % of its casinos and with them some 8,000 jobs, throughout the past two years.

Legislators want to allow the creation of two licenses in northern New Jersey, hoping they are going to attract hordes of gamblers from this new York metropolitan area, 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. However the bill will have to be approved by three-fifths of both chambers in order for 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. If they show to be uninterested, the field would then be exposed to operators from outside the state.

Politicians have actually stated Atlantic City will receive up to $200 million in compensation from taxes on the casinos that are new but taxation levels have yet to be determined, which alarms numerous in 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 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 in the town, and the potential loss of 14,000 more jobs.

Saturated Fat

Senator Whelan warned that the continuing state was using fire by expanding into the north and that the area will not 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 is going to be a matter of years before New York City has casinos in Manhattan or in the Bronx. What Atlantic City is experiencing now, north Jersey will experience at that time.‘

Another hearing that is public due on March 7 in the Assembly, after which the bill will be voted on in both houses.

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 Florida’s gaming venues, but the handle different parties, including the Seminole Tribe and pari-mutuel interests, has a way that is long go before being finalized into law. (Image:

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 hawaii’s current law by expanding gambling throughout 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 utilizing the state’s Seminole Tribe.

But, with a handful of events all lobbying for their very 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 prevalent issue facing hawaii of Florida is dealing 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 rights to 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 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 hard to negotiate a deal whenever every side threatens should youn’t give them exactly what they desire,‘ a frustrated Diaz said Monday.

Diaz says their House that is new bill need the Seminoles to sign down in the provisions, and time is of the essence. March 11 is the final 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 state government.

Reaching a deal now would be useful to both edges, as being a pact that is new save your self 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’s perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum continue for any future gambling expansion.

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 much more conservative Peach State, Georgia has voted for the Republican presidential nominee all but four times since 1964.

Georgia presently 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 what does and what doesn’t get before your 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 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.‘

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