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

March 2nd, 2020 · by mdudley · 888 Casino



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, yet still faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although his name will remain as part of the deal.

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And in the week that is very New Jersey Governor Chris Christie, having bowed out from the presidential race 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 the thing that was left for the Trump Entertainment casino empire he integrated the eighties and nineties up to a group of hedge funds and business bond holders.

He has received nothing at all to do with the management of the Taj, or its now defunct sister property, the Trump Plaza, from the time. Nonetheless, the arch negotiator managed to retain 888 casino pokies a 10 percent stake in Trump Entertainment, in return for enabling 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 removed from the casino. But after Icahn’s intervention, he relented, and the true title will remain.

Trump Ties Severed

That ten percent stake is now gone, severing Trump’s last ties with the city. And while his name may be emblazoned in still lights across the front associated with building, this really is 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 in ’09.

‘The Taj is certainly one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City and the Taj experienced several tough years, today marks the turnaround,’ he added.

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

State associated with the Union

One group that will not be applauding, however, is the hotel’s casino workers’ union Unite 54, which has yet to achieve a contract agreement with Icahn.

The casino almost closed times that are several 2014. Icahn, who had bought the majority of the Taj’s $286 million debt, said that he was prepared to take it over and invest, provided he had been granted several concessions by the city. Those types of was the best to scrap health pension and insurance benefits for his casino workers.

As such, union demonstrations have become 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 in opposition to North Jersey gambling enterprises at a hearing that is legislative Trenton on Monday. (Image: dailykos.com)

Opposition to North Jersey casino expansion collected in Trenton on to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in the state monday.

Atlantic City companies and concerned residents joined up with politicians such as 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 real fear that the proposal could destroy the resort town, which includes currently 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 will attract hordes of gamblers from the newest York metropolitan area, which in turn would bolster the state’s faltering casino industry.

Tax Worries

Since this would need an amendment towards the state constitution, the matter would go to a public ballot probably be voted on in November. However the bill will have to be approved by three-fifths of both chambers in order for this to take place.

Should the bill become law, Atlantic City’s current casino licensees would be offered the opportunity to bid for the North Jersey licenses first. If they prove to be uninterested, the field would then be opened to operators from outside the state.

Politicians have stated Atlantic City will receive up to $200 million in compensation from fees in the new casinos, but taxation amounts have actually yet become decided, which alarms numerous in the resort town.

Joe Kelly, president of Greater Atlantic City Chamber, said that he failed to know 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 whom it will be returned to or how it will work,’ he complained.

He also stated he believed the proposal would result in two more casino closures in the town, and the potential loss of 14,000 more jobs.

Saturated Fat

Senator Whelan warned that the continuing state was using fire by expanding into the north and that the area will not be immune from the issue of saturation.

‘We’re perhaps not going to [see] casinos in north Jersey have actually a 20-25 monopoly,’ he said year. ‘It are a matter of years before nyc 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 in both homes.

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, but the handle different parties, including the Seminole Tribe and pari-mutuel interests, has a good way to go before being finalized 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 towards the chamber’s floor.

Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul the state’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 achieve new terms aided by 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 bill that is 122-page anything but a certain thing for passage.

Against All Odds

The issue that is predominant their state of Florida is how to approach 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 exclusive rights to provide craps and roulette in exchange for a guaranteed $3 billion for the Sunshine State’s coffers on the next seven years.

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

‘It’s very hard to negotiate a deal whenever every part threatens should you choosen’t let them have just what they desire,’ a frustrated Diaz said Monday.

Diaz says their House that is new bill need the Seminoles to sign off in the conditions, and time is of the essence. March 11 could be the final day of the Florida Legislature’s 2016 Regular Session.

The Seminole compact with Florida expired in 2015, but casinos on reservation land continue to offer gambling and continue to send checks to the local government.

Reaching a deal now would be advantageous to both edges, as a new pact would save your self 3,500 jobs, and based on Seminole Chairman James Billie, create thousands more and generate upwards of $10 billion for hawaii by 2036.

In what’s perhaps an olive branch to those opposed to expanded gambling, Diaz’s legislation would require a voter referendum moving forward for almost any future gambling expansion.

Georgia Gambling Not on Its Mind

With Florida’s neighbor towards the north, Georgia wants to take the direct approach that is opposite gambling than the Sunshine State. The a great deal more conservative Peach State, Georgia has voted for the Republican presidential nominee all but four times since 1964.

Georgia currently has a continuing state lottery, but is free of any tribal, commercial, or racetrack video gaming.

And State home Speaker David Ralston (R) wants to keep it that way. Ralston has got the advantage that is distinct Georgia of deciding just what does and just what doesn’t go before your house floor for consideration.

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

In line with the Atlanta Journal-Constitution, Ralston encouraged his colleagues to visit church this weekend that is past reconsider any plans to vote in support of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 finding a vote is something he ‘wouldn’t bet on. week’

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