Carl Icahn Awarded Trump Taj Mahal as Battle with Union Continues

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Carl Icahn desires to revitalize the Taj Mahal in Atlantic City and save your self thousands of jobs in the process, but it is said by him can not be done unless local union workers are prepared to compromise. Unhappy union employees, shown here at an early on 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 shall invest another $100 million to revitalize the resort and also to keep the Atlantic City landmark solvent.

‘We believe whenever you pull into the Taj Mahal, it is dirty, it’s dated, and it needs to be freshened up,’ Trump Entertainment CEO Robert Griffin said for the settlement. ‘I feel extremely highly that the Taj Mahal will do well.’

That are going to be no simple task, nevertheless, because the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for the very first quarter of 2015. The hotel’s 2,010 spaces were less than 50 per cent full during the first three months associated with year, a drastically lower rate than that of the other seven casino hotels that averaged occupancy levels of around 70 to 85 percent.

Icahn’t Stand Unions

Icahn is optimistic that he can restore the Taj to its former days of glory. But one condition that is key mogul insists on is that neighborhood 54 as well as the UNITE HERE unions stop their pursuit of experiencing a court mandate Icahn to reinstate benefits for employees which were terminated by Trump Entertainment during bankruptcy proceedings.

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 Local 54 seems fixated at all costs on damaging the Taj, and risking its closure and the lack of almost 3,000 jobs, I have always been optimistic,’ Icahn said.

Icahn also released a letter to neighborhood 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 cost that is detrimental its people.

‘It is an fact that is undisputable your union leadership refused to negotiate with the Taj as its losses were mounting and it was pushed into bankruptcy. Your union leadership declined 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 had written.

Icahnoclast

The once bustling gambling mecca of the coast that is east now home to simply eight total casinos, and Icahn now has control of two, or 25 per cent of the town’s gaming venues. That means along side Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a monopoly that is small the town where the game of Monopoly is situated.

Thought it is understandable union workers want and need their wellness insurance coverage and pension benefits reinstated, their tactics might be going about this into the way that is wrong. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan office having a list of its demands, along side an apple pie, a dig in response to Icahn saying ‘apple pie and roses isn’t what sort of globe works’ earlier this year.

Jeb Bush Latest GOP Candidate to Enter 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 rather famous family name. Type of. (Image: Erik Schelzig/AP)

Jeb Bush joined the ever-expanding crowd of Republican candidates in the 2016 election that is presidential Monday, with an statement at Miami-Dade College in the afternoon. But unlike most of the greater than a dozen candidates in the GOP field, Bush will be hoping to operate from a position of strength, as he will be one associated with favorites for the celebration’s nomination into the early going of this campaign.

‘ In any language my message will likely be an optimistic one, because i’m certain that we are able to make the decades simply ahead in America the maximum time ever become alive these days,’ the newest Bush governmental dynasty candidate opined, using both English and Spanish to handle the live and undoubtedly massive TV market.

Columba Bush, a first-generation immigrant that is mexican married Jeb 41 years ago, could show critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)

Columba Bush, who has been married to the 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 problems on a just about every day basis.

In reality, the story goes that Mrs. Bush did not even speak English when 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 Florida that is former governor usually the best choice in national polls of Republican voters, though that advantage is incredibly narrow. In reality, it may become more accurate to look at Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders only at that early stage.

Strong Establishment Candidate

That stated, Bush has lots of advantages that will make his campaign a strong one. For one, he will have no trouble raising cash.

One super PAC that is backing him had hoped to increase $100 million by the conclusion of June, and 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 numerous endorsements from Republican establishment figures, as well as a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is trying not to drive on at the least the most obvious of coattails. After all, that famous last name is a double-edged sword, dependent on which voters you’re talking to.

While both his dad and brother have previously offered as president, Jeb Bush is attempting to avoid being seen simply whilst the next in line of succession, with a ‘royal’ aspect that numerous voters may perhaps 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 to avoid formally launching a campaign company until now. On the weekend, Bush told CNN that becoming a candidate that is official allow him to higher articulate his message to the American individuals.

‘I think this transition up to a candidacy will allow me to be more direct about my advocacy of the leadership skills required for the president that is next fix a few things,’ Bush said while in, of all places, Estonia on the weekend. ‘ And being a candidate, contrary to anyone who has been paying attention and learning along the way, I’ll supply alternatives to the trail we’re on as well, therefore i will be more specific on policy.’

Historically Opposed to Gambling

It’s uncertain whether we’ll get any details on Bush’s video gaming policies, but his previous stances on gambling problems while governor of Florida make it pretty clear as he strongly opposed gambling expansion in the state that he is no fan of casinos. His 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 with their counterparts that are land-based.

Perhaps moreover to their campaign, Bush may have to win over conservative voters that aren’t fundamentally on board together with stances on immigration and education, both areas where their wife could become an important campaign ally. He also recently struggled with questions over how he would have managed the war in Iraq, and fired their campaign manager week that is just last to squabbles inside his camp.

New Jersey Casinos See Online And Live Gains In May

The Golden Nugget has seen huge gains in its online gambling operations within the previous year. (Image: GoldenNugget.com)

New Jersey’s online gambling market continues to grow, assisting bolster the remaining eight casinos still running in Atlantic City.

But while the general numbers are positive, not all games and casinos are sharing equally within the good fortune.

Based on the New Jersey Department of Gaming Enforcement (DGE), online gambling profits were as much as $12.47 million in May.

That represents an increase of more than 19 per cent over last May, when the sites brought in simply $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 May, down from $2.27 million in identical month a year ago.

That figure marks the second-lowest monthly revenue for on-line poker in New Jersey, with only last November trailing the most month that is recent.

Once responsible for a quarter or even more of online gambling revenues in nj-new jersey, poker is now only about 15 % of the market.

On the poker side, the 888/World Series of Poker partnership felt a lot of the damage. The $831,799 they brought in through their Internet poker partnership was a low that is all-time while their only competitor in the state, Borgata/partypoker, held fairly steady.

Holding steady ended up being a theme for the Borgata, as its general Internet revenues were down by about one percent too.

It is still the market that is online, collecting about 32 percent of most revenues, but growth appears to have stalled: the company has yet to beat out its 2014 performance online in any month this season.

On the other hand, a few businesses have experienced their online offerings remove, none less compared to Golden Nugget.

The casino has taken full advantage of the fact that BetfairCasino.com is now operating through them considering that the closure of this Trump Plaza, and has ridden that new partnership to a clear second invest their state’s iGaming landscape.

Live Numbers Promising for Atlantic City

But while the online figures may show a combination 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 percent a lot more than those exact same eight casinos took in a year ago.

To be sure, the pie that is overall still smaller: in the event that you include three more casinos that were operating last might but have since closed, the revenues are down by about 9 %.

However with fewer casinos in the mix, the might planet 7 oz casino revenues still represent a result that is excellent the casinos that are nevertheless in operation.

‘That’s a strong showing for what our detractors say is a weak market,’ stated brand New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look during the outcomes for usually the one month or for the initial five months of the 12 months, total gaming income is up for the present operators. The dimensions of the marketplace might be smaller, but the wellness for the operators that are current getting stronger.’

The winner that is biggest ended up being Caesars, which saw its monthly revenues increase by 51 per cent over last May. That was largely as a result of particularly 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 still easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, that is along the way to be acquired by Carl Icahn.

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