Carl Icahn wants to revitalize the Taj Mahal in Atlantic City and save yourself thousands of jobs in the process, but he says it can’t be done unless local union workers are ready to compromise. Unhappy union employees, shown only at an earlier protest, feel otherwise.
Billionaire Carl Icahn has acquired the Trump Taj Mahal, exchanging $292 million he’s owed for complete ownership of the casino in a deal that was approved by the newest Jersey Casino Control Commission this week.
Icahn says he will invest another $100 million to revitalize the resort and also to keep the Atlantic City landmark solvent.
‘We think whenever you pull into the Taj Mahal, it is dirty, it’s dated, and it takes to be freshened up,’ Trump Entertainment CEO Robert Griffin stated of this settlement. ‘I feel very highly that the Taj Mahal will prosper.’
That is going to be no simple task, but, while the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for the first quarter of 2015. The hotel’s 2,010 rooms were less than 50 % full throughout the first three months associated with a drastically lower rate than that of the other seven casino hotels that averaged occupancy levels of around 70 to 85 percent year.
Icahn’t Stand Unions
Icahn is optimistic he can restore the Taj to its former days of glory. But one key condition the mogul insists on is that regional 54 and the UNITE HERE unions stop their pursuit of experiencing a court mandate Icahn to reinstate benefits for employees that have been terminated by Trump Entertainment during bankruptcy procedures.
On Wednesday, Icahn told reporters he sees the Taj being reestablished much like he did with the Tropicana, the other Atlantic City casino under their ownership.
‘Although regional 54 seems fixated at all costs on damaging the Taj, and risking its closing and the lack of almost 3,000 jobs, we have always been positive,’ Icahn said.
Icahn also released a letter to Local 54 Taj employees this week that likens the nationwide UNITE HERE organization up to a Ponzi scheme that uses dues to enrich the lives of its leadership at a detrimental price to its users.
‘It is an fact that is undisputable your union leadership refused to negotiate with the Taj as the losses were mounting and it was pushed into bankruptcy. Your union leadership refused to take into account any concession that would have helped keep the Taj afloat, and that’s because your jobs usually do not matter to the union leadership,’ Icahn penned.
The once bustling gambling mecca associated with coast that is east now home to just eight total casinos, and Icahn now has control of two, or 25 percent of the town’s video gaming venues. That means along with Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a tiny monopoly on the town where the overall game of Monopoly relies.
Thought it’s understandable union workers want and need their health insurance and retirement advantages reinstated, their tactics might be going about this within the way that is wrong. This week, Local 54 delivered a page to Icahn’s midtown Manhattan workplace by having a list of its demands, along side an apple pie, a dig in response to Icahn saying ‘apple pie and flowers isn’t what sort of world works’ previously this year.
Jeb Bush Latest GOP Candidate to Enter no deposit bonus codes planet 7 oz Republican Presidential Race
Today officially official: After many months of unofficial fundraising, Jeb Bush confirmed his bid for the 2016 GOP nomination. The son and cousin of two past United States presidents is hoping to separate your lives his campaign from their instead family name that is famous. Type of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates within the 2016 election that is presidential Monday, having an statement at Miami-Dade College in the afternoon. But unlike lots of the higher than a dozen prospects into the GOP field, Bush will be hoping to perform from a position of strength, as he shall be one regarding the favorites for the celebration’s nomination in the early going for the campaign.
‘ In any language my message are going to be an optimistic one, because i will be certain that we are able to make the decades simply ahead in the us the greatest time ever become alive in this world,’ the newest Bush political dynasty candidate opined, using both English and Spanish to address the live and certainly massive TV audience.
Columba Bush, a first-generation Mexican immigrant who married Jeb 41 years ago, could show critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who happens to be hitched to your politician for 41 years and was initially from León, Guanajuato in Mexico, will certainly be an essential force in a country grappling with immigration and dual-language issues on a daily basis.
In reality, the tale goes that Mrs. Bush did not speak English when even she married Jeb back in 1974. Her mother ended up being reportedly a migrant worker and food server.
Bush may require the assistance. Although the former Florida governor is frequently the best choice in national polls of Republican voters, though that advantage is incredibly narrow. In reality, it may become more accurate to consider Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders as of this stage that is early.
Strong Establishment Candidate
That said, Bush has plenty of advantages that will make his campaign a strong one. For one, he will don’t have any difficulty raising cash.
One super PAC that is backing him had hoped to increase $100 million by the end of June, even though they’ll almost certainly come up short of that goal, it’s clear there will be lots of funding for the Bush war chest.
He will also provide endorsements that are numerous Republican establishment figures, in addition to a name that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is trying to not drive on at the least the most obvious of coattails. After all, that famous last name is a double-edged sword, depending on which voters you are talking to.
While both his father and brother have previously offered as president, Jeb Bush is wanting to avoid being seen merely because the next in line of succession, with a ‘royal’ aspect that numerous voters may maybe not be comfortable with.
Campaign Has Been Unofficial for Months
Of course, by any reasonable standard, Bush’s campaign has been underway for months, but he’s got carefully skirted the line in order to avoid formally launching a campaign organization until now. Within the weekend, Bush told CNN that becoming an official candidate will allow him to higher articulate his message to the US individuals.
‘we think this transition to a candidacy will allow me to be more direct about my advocacy regarding the leadership abilities necessary for the president that is next fix a few things,’ Bush said while in, of all places, Estonia this weekend. ‘ And as a prospect, contrary to someone who has been paying attention and learning along the way, we’ll offer alternatives to the road we’re on aswell, so I’ll be more specific on policy.’
Historically Opposed to Gambling
It’s uncertain whether we’ll get any information on Bush’s video gaming policies, but his previous stances on gambling problems while governor of Florida make it pretty clear he is not any fan of casinos, as he strongly opposed gambling expansion in the state. Their stances on Internet gambling are less clear, though it’s hard to imagine he will be any friendlier to online poker and casino games than he was for their land-based counterparts.
Perhaps more importantly to his campaign, Bush may need to make an impression on conservative voters that aren’t fundamentally on board together with his stances on immigration and training, both areas where their wife can become a campaign that is important. He also recently struggled with questions over how he’d have managed the war in Iraq, and fired their campaign manager just last week due to squabbles inside their camp.
Nj-new Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations on the past year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping bolster the remaining eight casinos still running in Atlantic City.
But while the entire figures are positive, maybe not all games and casinos are sharing equally in the good fortune.
According to the nj-new Jersey Department of Gaming Enforcement (DGE), on line gambling revenues were around $12.47 million in May.
That represents an increase greater than 19 per cent over last May, when the sites brought in just $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled almost entirely by online casinos. In contrast, online poker rooms are struggling. Internet poker brought in just under $1.93 million in might, down from $2.27 million in identical month year that is last.
That figure marks the second-lowest monthly revenue for internet poker in New Jersey, with only last November trailing the most recent month.
Once accountable for a quarter or higher of on the web gambling revenues in New Jersey, poker is now only about 15 percent regarding the market.
On the poker side of things, the 888/World Series of Poker partnership felt most of the damage. The $831,799 they introduced through their Internet poker partnership was an all-time low, while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding constant ended up being a theme for the Borgata, as its general Internet revenues were down by about one percent too.
It really is still the market that is online, collecting about 32 percent of all revenues, but growth appears to have stalled: the company has yet to beat out its 2014 performance online in any month this present year.
On the other hand, several organizations have experienced their online offerings lose, none less than the Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them considering that the closure associated with the Trump Plaza, and has now ridden that new partnership to a clear place that is second their state’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the figures that are online show a mixture of ups and downs for Atlantic City’s casinos, the overall numbers for the industry had been very encouraging in May. Overall, casinos won $208.6 million for the month, 5.3 per cent significantly more than those exact same eight casinos took in year that is last.
To be certain, the pie that is overall still smaller: in the event that you include three more gambling enterprises that have been operating last May but have since closed, the revenues are down by about 9 per cent.
But with fewer gambling enterprises in the mix, the May revenues still represent a excellent result for the gambling enterprises that are still in operation.
‘That’s a strong showing for what our detractors say is a weak market,’ stated New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look during the outcomes for the main one month or for the very first five months of this 12 months, total video gaming revenue is up for the existing operators. The size of the marketplace might be smaller, but the health associated with the operators that are current getting stronger.’
The biggest winner ended up being Caesars, which saw its monthly revenues enhance by 51 per cent over last May. That was largely as a result of especially unlucky month in high-stakes table games last year for Caesars.
Only two casinos were down year-over-year, like the Borgata, which saw revenues fall by 4.7 percent but nonetheless effortlessly led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which can be in the process of being acquired by Carl Icahn.