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

By March 3, 2020 No Comments

Trump T<span id="more-7259"></span>aj Mahal Back Out of Bankruptcy with Carl Icahn at the Helm

The Trump Taj Mahal is officially out of Chapter 11 bankruptcy and in the clutches of billionaire corporate raider Carl 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 their name will remain as part of the deal.

Plus in the week that is very New Jersey Governor Chris Christie, having bowed out of the presidential competition 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 video gaming history.

Trump got out of Atlantic City in 2009, selling the thing that was kept associated with the Trump Entertainment casino empire he integrated the eighties and nineties up to a group of hedge funds and bond that is corporate.

He has already established nothing to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. Nonetheless, the arch negotiator been able to retain a 10 percent stake in Trump Entertainment, in substitution for allowing the ongoing 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 eliminated from the casino. But following Icahn’s intervention, he relented, and the true title will remain.

Trump Ties Severed

That 10 % 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 regarding the building, this is certainly now really 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 last year.

‘The Taj is one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City therefore the Taj have had a few tough years, today marks the turnaround https://casinopokies777.com/casino-888/,’ he added.

‘Just a years that are few, Tropicana was at bankruptcy as well as its fate uncertain, but since emerging in 2010, we now have turned that property around and contains become one of Atlantic City’s few success stories. I will be confident we can and will perform some same for the Taj,’ said Icahn.

State of this Union

One group that will not be applauding, nevertheless, 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 all the Taj’s $286 million debt, said he was willing to take it over and invest, provided he was granted several concessions by the city. Some of those was the right to scrap health pension and insurance benefits for his casino workers.

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 casinos at a hearing that is legislative Trenton on Monday. (Image: dailykos.com)

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 companies 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 hearing that is public of Senate Budget and Appropriations Committee yesterday.

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

Legislators want to allow the creation of two licenses in northern New Jersey, hoping they’ll attract hordes of gamblers from the brand 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. But the bill will have to be authorized by three-fifths of both chambers to allow this to occur.

Should the bill become law, Atlantic City’s current casino licensees would be offered the opportunity 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 said Atlantic City will receive up to $200 million in compensation from taxes regarding the new casinos, but taxation levels have yet become determined, which alarms many in the resort city.

Joe Kelly, president of Greater Atlantic City Chamber, said he did not know how the bill could possibly move forward without these figures.

‘ We don’t know what kind of revenue will be returned to Atlantic City, we do not know whom it will 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 loss that is potential of more jobs.

Saturated Fat

Senator Whelan warned that the state was having fun with fire by expanding into the north and that the area will never be immune from the problem of saturation.

‘We’re maybe not going to [see] casinos in north Jersey have actually a 20-25 year monopoly,’ he said. ‘It will be a matter of years before New York City has gambling enterprises in Manhattan or within 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, Odds of Passage Remain Slim

Florida gambling expansion, perhaps: 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 long distance to go before being signed into law. (Image: floridapolitics.com)

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 moving the legislation towards the chamber’s floor.

Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul the state’s current law by expanding gambling through the state. It would also authorize pari-mutuels to offer casino games without continuing to host horse or racing that is greyhound legalize daily fantasy sports (DFS), and reach new terms with all the state’s Seminole Tribe.

However, with a handful of events all lobbying for their own self-interests, from lawmakers in Tallahassee to racetracks to the Indian tribe, the intricate 122-page bill is anything but a certain thing for passage.

Against All Odds

The issue that is predominant the State 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 rights that are exclusive offer craps and roulette as a swap for a guaranteed $3 billion for the Sunshine State’s coffers throughout the next seven years.

Competing interests from the racing contingent said not so fast, and now have successfully pressured lawmakers into holding up the Scott-Seminole deal.

‘It’s extremely tough to negotiate a deal when every part threatens them what they want,’ a frustrated Diaz said Monday if you don’t give.

Diaz says their House that is new bill require the Seminoles to sign off on the provisions, and time is of the essence. March 11 may be the last day’s the Florida Legislature’s 2016 session that is regular.

The Seminole lightweight with Florida expired in 2015, but casinos on reservation land carry on to offer gambling and continue to send checks to the state.

Reaching a deal now would be beneficial to both edges, as a pact that is new save yourself 3,500 jobs, and in accordance with Seminole Chairman James Billie, create thousands more and produce upwards of $10 billion for their state by 2036.

In what is perhaps an olive branch to those opposed to expanded gambling, Diaz’s legislation would require a voter referendum continue for just about 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 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 gets the advantage that is distinct Georgia of deciding exactly what does and what doesn’t go before the home floor for consideration.

On Friday, the House Rules Commmittee voted to move House Bill 677 to a floor. Authored by State Rep. Ron Stephens (R-District 164), the legislation would authorize the issuance of four gambling that is resort-style.

According to the Atlanta Journal-Constitution, Ralston encouraged his colleagues to attend church this weekend that is past rethink any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 getting a vote is one thing he ‘wouldn’t bet on. week’

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