Carl Icahn really wants to revitalize the Taj Mahal in Atlantic City and save thousands of jobs in the process, but he says it can not be done unless local union workers are prepared to compromise. Unhappy union employees, shown only at an earlier protest, feel otherwise.
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Billionaire Carl Icahn has obtained the Trump Taj Mahal, exchanging $292 million he’s owed for complete ownership of the casino in a deal that had been authorized by the newest Jersey Casino Control Commission this week.
Icahn says he shall invest another $100 million to revitalize the resort also to keep the Atlantic City landmark solvent.
‘We believe whenever you pull into the Taj Mahal, it’s dirty, it’s dated, and it needs to be freshened up,’ Trump Entertainment CEO Robert Griffin said of this settlement. ‘we feel extremely strongly that the Taj Mahal will excel.’
That are no task that is easy but, while 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 rooms had been less than 50 % full through the very first three months regarding the year, a drastically reduced rate than that of one other seven casino hotels that averaged occupancy levels of around 70 to 85 percent.
Icahn’t Stay Unions
Icahn is optimistic he can restore the Taj to its former days of glory. But one condition that is key mogul insists on is that regional 54 and the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for workers that 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 his ownership.
‘Although Local 54 seems fixated at all costs on damaging the Taj, and risking its closing and the lack of almost 3,000 jobs, I am positive,’ Icahn said.
Icahn also released a letter to Local 54 Taj employees this week that likens the nationwide UNITE HERE organization to a Ponzi scheme that uses dues to enrich the lives of its leadership at a detrimental cost to its users.
‘It can be an undisputable fact that your union leadership declined to negotiate with the Taj as the losses were mounting plus it was pushed into bankruptcy. Your union leadership refused to consider any concession that would have assisted keep the Taj afloat, and that is because your jobs usually do not matter to the union leadership,’ Icahn published.
Icahnoclast
The once bustling gambling mecca associated with the east coast is now house to simply eight total casinos, and Icahn now has control of two, or 25 % of the town’s gaming venues. That means along with 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 based.
Thought it is understandable union workers want and need their health insurance coverage and pension advantages reinstated, their tactics might be going about any of it within the wrong way. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan office with a list of its demands, along side an apple pie, a dig in reaction to Icahn saying ‘apple pie and flowers isn’t what sort of globe works’ previously 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 US presidents is hoping to split up his campaign from his instead family name that is famous. Type of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates into the 2016 election that is presidential Monday, by having an announcement at Miami-Dade College in the afternoon. But unlike lots of the more than a dozen prospects in the GOP field, Bush will be hoping to operate from a position of strength, as he will be one for the favorites for the celebration’s nomination within the early going of this campaign.
‘ In almost any language my message will be a confident one, that we can make the decades just ahead in America the greatest time ever to be alive in this world,’ the latest Bush political dynasty candidate opined, using both English and Spanish to address the live and undoubtedly massive TV audience because I am certain.
Columba Bush, a first-generation Mexican immigrant who married Jeb 41 years back, could show critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who has been hitched towards the politician for 41 years and was originally from León, Guanajuato in Mexico, will certainly be an essential force in a country grappling with immigration and dual-language problems on a basis that is almost daily.
In reality, the tale goes that Mrs. Bush did not even speak English when she married Jeb back in 1974. Her mother was reportedly a migrant worker and food server.
Bush may require the assistance. Although the former Florida governor is frequently the leader in national polls of Republican voters, though that advantage is incredibly narrow. In reality, it may be more accurate to examine Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders as of this very early stage.
Strong Establishment Candidate
That said, Bush has plenty of advantages that will make his campaign a strong one. For one, he will have no trouble raising cash.
One PAC that is super that backing him had hoped to boost $100 million by the finish of June, even though they will almost certainly come up short of the goal, it’s clear there will be plenty of funding for the Bush war chest.
He’ll also have numerous endorsements from Republican establishment figures, and a name that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is attempting to not drive on at least the most obvious of coattails. After all, that famous name that is last a double-edged sword, based on which voters you’re speaking to.
While both his father and brother have previously served as president, Jeb Bush is wanting to avoid being seen merely since the next in line of succession, with a ‘royal’ aspect that numerous voters may not be comfortable with.
Campaign Happens To Be Unofficial for Months
Needless to say, by any standard that is reasonable Bush’s campaign has been underway for months, but he’s got carefully skirted the line in order to avoid formally launching a campaign company until now. Within the weekend, Bush told CNN that becoming a candidate that is official enable him to higher articulate his message to the US people.
‘we think this transition to a candidacy allows me to be more direct about my advocacy associated with leadership skills necessary for the president that is next fix a few things,’ Bush said while in, of all places, Estonia on the weekend. ‘ And as being a prospect, contrary to anyone who has been listening and learning along the way, we’ll offer alternatives to the path we’re on also, therefore I’ll be more specific on policy.’
Historically Opposed to Gambling
It is uncertain whether we’ll get any details on Bush’s video gaming policies, but his past stances on gambling problems whilst governor of Florida make it pretty clear as he strongly opposed gambling expansion in the state that he is no fan of casinos. Their stances on Internet gambling are less clear, though it is difficult to imagine he would be any friendlier to online poker and casino games than he was with their counterparts that are land-based.
Perhaps moreover to his campaign, Bush may have to conquer conservative voters that aren’t always on board together with his stances on immigration and education, both areas where their wife can become a campaign that is important. He also recently struggled with questions over how he’d have handled the war in Iraq, and fired their campaign manager just last week due 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 throughout the year that is past. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping fortify the remaining eight gambling enterprises 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.
In line with the New Jersey Department of Gaming Enforcement (DGE), on line gambling revenues were as much as $12.47 million in May.
That represents an increase of more than 19 percent over last May, when the sites brought in simply $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled nearly entirely by online casinos. In comparison, online poker rooms are struggling. Internet poker brought in just under $1.93 million in May, down from $2.27 million in the same month a year ago.
That figure marks the second-lowest monthly revenue for internet poker in New Jersey, with only last November trailing the absolute most month that is recent.
Once in charge of a quarter or even more of on line gambling revenues in nj-new jersey, poker is now just about 15 % associated with the market.
On the poker aspect, the 888/World number of Poker partnership felt the majority of the damage. The $831,799 they introduced through their Internet poker partnership ended up being an all-time low, while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding constant was a theme for the Borgata, as its general Internet revenues were down by about one percent too.
It really is still the bonus codes planet 7 oz market that is online, collecting about 32 percent of all of the revenues, but growth appears to have stalled: the company has yet to beat out its 2014 performance online in any thirty days this season.
On the other hand, several companies have experienced their online offerings lose, none less compared to the Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them considering that the closure for the Trump Plaza, and it has ridden that new partnership to a clear second invest their state’s iGaming landscape.
Real time 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 per cent a lot more than those exact same eight casinos took in year that is last.
To make sure, the overall pie is still smaller: if you include three more casinos that have been operating last might but have since closed, the revenues are down by about 9 percent.
However with fewer casinos in the mix, the might revenues still represent a exceptional result for 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 at the outcomes for the main one thirty days or for the first five months of this 12 months, total gaming revenue is up for the existing operators. The dimensions of the marketplace might be smaller, but the health for the current operators is getting stronger.’
The winner that is biggest had been Caesars, which saw its month-to-month revenues increase by 51 per cent over last might. 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 yet still effortlessly led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which is along the way of being obtained by Carl Icahn.