Trump Taj 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, yet still faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although their name shall remain as part of the deal.
Plus in the extremely week that 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 video gaming history.
Trump got out of Atlantic City in 2009, selling what was left regarding the 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 at all 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 return for enabling 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 true title will remain.
Trump Ties Severed
That 10 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 associated with building, this will be now really much the Carl Icahn show.
The Taj is the second home Icahn 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 therefore the Taj have experienced a few years that are tough today marks the turnaround,’ he added.
‘Just a few years ago, Tropicana was at bankruptcy as well as its fate uncertain, but since emerging in 2010, we now have turned that property around and has now become certainly one of Atlantic City’s few success tales. I will be confident we can and will do the exact same for the Taj,’ said Icahn.
State regarding the Union
One group that wont be applauding, however, is the hotel’s casino workers’ union Unite 54, which has yet to reach a contract agreement with Icahn.
The casino almost closed many times in 2014. Icahn, who had bought all 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 right to scrap health insurance and pension benefits for his casino employees.
As such, union demonstrations have turn 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 opposed to North Jersey gambling enterprises at a legislative hearing in Trenton on Monday. (Image: dailykos.com)
Opposition to North Jersey casino expansion gathered in Trenton on to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in the state monday.
Atlantic City business owners 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 public hearing of the Senate Budget and Appropriations Committee yesterday.
Among the bill’s criticisms was a really fear that is real the proposal could destroy the resort town, that has already 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 the 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 would need to be approved by three-fifths of both chambers to ensure that 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. Then be opened up to operators from outside the state if they prove to be uninterested, the field would.
Politicians have actually stated Atlantic City will receive as much as $200 million in compensation from taxes in the new casinos, but taxation amounts have actually yet become determined, which alarms many within the resort town.
Joe Kelly, president of Greater Atlantic City Chamber, said which he did not understand how the bill could move forward without possibly these figures.
‘ We don’t know what kind of revenue will be returned to Atlantic City, we don’t know who it’ll 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 city, and the potential loss of 14,000 more jobs.
Saturated Fat
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 issue of saturation.
‘We’re maybe not going to [see] casinos in north Jersey have a 20-25 monopoly,’ he said year. ‘It will likely 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 both in houses.
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 open Florida’s gaming venues, nevertheless the cope with different events, including the Seminole Tribe and pari-mutuel interests, has a way that is long go before being signed into law. (Image: floridapolitics.com)
Florida gambling expansion bill HB 7109 scored a victory that is much-needed Monday, following 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 hawaii’s current law by expanding gambling throughout the state. It would also authorize pari-mutuels to supply 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.
But, with a handful of parties all lobbying for their very own self-interests, from lawmakers in Tallahassee to racetracks towards the Indian tribe, the intricate bill that is 122-page certainly not a sure thing for passage.
Against All Odds
The predominant issue facing the State 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 offer craps and roulette in trade for a guaranteed $3 billion for the Sunshine State’s coffers within the next seven years.
Competing interests through the racing contingent 888 casino ad said maybe not so fast, and now have successfully pressured lawmakers into supporting the Scott-Seminole deal.
‘It’s extremely tough to negotiate a deal whenever every side threatens them what they want,’ a frustrated Diaz said Monday if you don’t give.
Diaz says his brand new House bill will need the Seminoles to sign down in the conditions, and time is of the essence. March 11 could be the last day’s the Florida Legislature’s 2016 Regular Session.
The Seminole lightweight with Florida expired in 2015, but casinos on reservation land continue to offer gambling and continue to send checks to the continuing state.
Reaching a deal now would be useful to both edges, as being a new pact would save yourself 3,500 jobs, and based on Seminole Chairman James Billie, create thousands more and generate upwards of $10 billion for the state by 2036.
In what exactly is 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 currently includes a continuing state lottery, it is free of any tribal, commercial, or racetrack video gaming.
And State House Speaker David Ralston (R) wants to keep it that way. Ralston has got the advantage that is distinct Georgia of determining exactly what does and what doesn’t get before the House floor for consideration.
On Friday, the House Rules Commmittee voted to go 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.
In line with the Atlanta Journal-Constitution, Ralston encouraged his colleagues to attend church this weekend that is past rethink 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.’