Carl Icahn Awarded Trump Taj Mahal as Battle with Union Continuesdoga doga
Carl Icahn really wants to revitalize the Taj Mahal in Atlantic City and save yourself thousands of jobs along the way, but he says it can’t be done unless local union workers are ready to compromise. Unhappy union workers, shown here at an earlier protest, feel otherwise.
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 was authorized by this new Jersey Casino Control Commission this week.
Icahn says he will invest another $100 million to revitalize the resort also to keep the Atlantic City landmark solvent.
‘We think when you pull into the Taj Mahal, it is dirty, it is dated, and it takes to be freshened up,’ Trump Entertainment CEO Robert Griffin stated associated with the settlement. ‘we feel extremely strongly that the Taj Mahal will prosper.’
That are going to be no task that is easy however, as the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for 1st quarter of 2015. The hotel’s 2,010 spaces were less than 50 per cent full through the very first three months regarding the year, a drastically reduced price than that of the other seven casino hotels that averaged occupancy levels of around 70 to 85 %.
Icahn’t Stay 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 Local 54 while the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for workers that have been 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 loss in almost 3,000 jobs, we am positive,’ Icahn said.
Icahn also released a letter to regional 54 Taj employees this week that likens the national 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 can be an undisputable undeniable fact that your union leadership declined to negotiate with the Taj as its losses were mounting and it was pushed into bankruptcy. Your union leadership refused to think about any concession that would have helped keep the Taj afloat, and that’s because your jobs do not matter to the union leadership,’ Icahn had written.
The once bustling gambling mecca for the east coast is now house to just eight total casinos, and Icahn now has control of two, or 25 percent of the city’s video 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 town where the overall game of Monopoly is situated.
Thought it is understandable union workers want and need their wellness insurance coverage and retirement benefits reinstated, their tactics might be going about any of it 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 with an apple pie, a dig in reaction 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
Officially official: After many months of unofficial fundraising, Jeb Bush confirmed his bid for the 2016 GOP nomination today. The son and cousin of two past US presidents is hoping to separate his campaign from his rather famous family name. Type of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates into the 2016 presidential election on Monday, with an announcement at Miami-Dade College in the afternoon. But unlike lots of the more than a dozen candidates in the GOP field, Bush will be hoping to perform from a position of strength, as he will be one associated with the favorites for the celebration’s nomination into the early going associated with the campaign.
‘ In any language my message will be an optimistic 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 prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who has been hitched to the politician for 41 years and ended up being 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 story goes that Mrs. Bush did not speak English when even she married Jeb back in 1974. Her mother ended up being reportedly a migrant worker and food server.
Bush may need the help. Although the Florida that is former governor frequently the leader in national polls of Republican voters, though that advantage is extremely narrow. In reality, it may be much more accurate to have a look at Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders at this stage that is early.
Strong Establishment Candidate
That said, Bush has plenty of advantages that will make their campaign a strong one. For one, he will have no difficulty money that is raising.
One super PAC that is supporting him had hoped to improve $100 million by the conclusion of June, and even though they’ll almost certainly come up short of that objective, it’s clear there’ll be plenty of funding for the Bush war chest.
He will likewise have numerous endorsements from Republican establishment figures, in addition to a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is trying not to 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 are talking to.
While both his dad and brother have previously served as president, Jeb Bush is attempting to avoid being seen just because the next in line of succession, with a ‘royal’ aspect that many voters may perhaps not be comfortable with.
Campaign Happens To Be Unofficial for Months
Of course, by any reasonable standard, Bush’s campaign has been underway for months, but he has carefully skirted the line to prevent formally launching a campaign organization until now. Throughout the weekend, Bush told CNN that becoming a candidate that is official allow him to higher articulate their message to the US individuals.
‘I think this transition to a candidacy will allow me to be more direct about my advocacy associated with the leadership skills essential for the next president to 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, we’ll supply alternatives to the path we’re on aswell, 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 whilst 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 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 more importantly to their campaign, Bush might have to win over conservative voters who’ren’t always on board together with his stances on immigration and education, both areas where their wife could become a campaign that is important. He also recently struggled with questions over how he’d have handled the war in Iraq, and fired his 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 over the past year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping strengthen the remaining eight gambling enterprises still operating in Atlantic City.
But while the general numbers are positive, perhaps not all games and casinos are sharing equally within the fortune that is good.
Based on the nj-new Jersey Department of Gaming Enforcement (DGE), on line gambling profits were as much as $12.47 million in May.
That represents a rise of more than 19 % over last May, when the sites brought in simply $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled very nearly entirely by online casinos. In contrast, online poker rooms are struggling. Internet poker brought in only under $1.93 million in might, down from $2.27 million in the same month this past year.
That figure marks the second-lowest monthly revenue for on-line poker in New Jersey, with only last November trailing the absolute most recent month.
Once accountable for a quarter or higher of on line gambling revenues in nj-new jersey, poker is now just about 15 percent associated with the market.
The 888/World Series casino-online-australia.net of Poker partnership felt most of the damage on the poker side of things. The $831,799 they brought in through their Internet poker partnership had been a low that is all-time 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 also.
It is still the market that is online, collecting about 32 percent of all of the revenues, but growth appears to have stalled: the business has yet to beat out its 2014 performance online in any month this year.
On the other hand, a few businesses have seen their online offerings take off, none less compared to the Golden Nugget.
The casino has taken full advantage of the fact that BetfairCasino.com is now operating through them because the closure of this Trump Plaza, and has ridden that new partnership to a clear place that is second the state’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the figures that are online show a combination of ups and downs for Atlantic City’s casinos, the overall numbers for the industry were very encouraging in May. Overall, casinos won $208.6 million for the month, 5.3 per cent more than those same eight casinos took in year that is last.
To be sure, the pie that is overall still smaller: if you consist of three more gambling enterprises which were operating last might but have since closed, the revenues are down by about 9 per cent.
However with fewer casinos in the mix, the might revenues still represent a exceptional result for the gambling enterprises that are still running a business.
‘That’s a strong showing for what our detractors say is a weak market,’ said brand New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look during the outcomes for the one thirty days or for the first five months of this year, total video gaming revenue is up for the existing operators. The dimensions of the market are smaller, but the health of the operators that are current getting stronger.’
The biggest champion was Caesars, which saw its month-to-month revenues enhance by 51 percent over last May. That was largely because of month that is particularly unlucky 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 % yet still easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, that will be in the act to be acquired by Carl Icahn.