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

Trump T<span id="more-5798"></span>aj 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 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 his name shall remain within the deal.

Plus in the week that is very New Jersey Governor Chris Christie, having bowed from 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 Trump Entertainment casino empire he built in the eighties and nineties up to a group of hedge funds and business relationship holders.

He has had nothing at all to do with the management of the Taj, or its now defunct sibling home, the Trump Plaza, ever since. Nevertheless, the arch negotiator managed to retain a ten 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 removed 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 side associated with building, this really is now very 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 during 2009.

‚The Taj is one of Atlantic City’s signature properties,‘ Icahn told the Associated Press. ‚Although both Atlantic City and the Taj have had a few tough years, today marks the turnaround,‘ he added.

‚Just a years that are few, Tropicana was at bankruptcy and its fate uncertain, but since emerging in 2010, we’ve turned that property around and has now become certainly one of Atlantic City’s few success tales. I’m confident we can and will do the same for the Taj,‘ stated Icahn.

State for the Union

One team that wont be applauding, nevertheless, is the resort’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, that has bought the majority 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. One of those was the proper to scrap health insurance and pension benefits for his casino employees.

As such, union demonstrations have turn into a familiar sight outside the property 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:

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

Atlantic City business people and concerned residents joined politicians such as for example State Senator Jim Whelan (D-Atlantic) in condemning the nj-new Jersey bill at a public hearing of the Senate Budget and Appropriations Committee yesterday.

Among the bill’s criticisms was a tremendously real fear that the proposal could kill the resort town, that has already lost a quarter of its casinos and with them some 8,000 jobs, within the past couple of years.

Legislators want to allow the creation of two licenses in northern nj-new jersey, hoping they’ll attract hordes of gamblers from this new York area that is metropolitan 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 approved 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 as much as $200 million in compensation from taxes in the casinos that are new but taxation levels have actually yet to be decided, which alarms many within the resort city.

Joe Kelly, president of Greater Atlantic City Chamber, said which he didn’t know how the bill could move forward without possibly these numbers.

‚ We don’t know what kind of revenue will be returned to Atlantic City, we do not know who it’s going to be returned to or how it will work,‘ he complained.

He also said he believed the proposal would result in two more casino closures in the town, and the loss that is potential of more jobs.

Saturated Fat

Senator Whelan warned that the state was playing with fire by expanding into the north and that the area won’t be immune from the problem of saturation.

‚We’re perhaps not going to [see] casinos in north Jersey have a 20-25 year monopoly,‘ he said. ‚It is going to be a matter of years before nyc has casinos in Manhattan or into 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, nevertheless the deal with different events, including the Seminole Tribe and pari-mutuel interests, has a long way to get before being signed into law. (Image:

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 going the legislation to the chamber’s floor.

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

But, with a handful of parties 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 prevalent issue facing their state of Florida is how to deal with the powerful Seminole Tribe and its five 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 on the next seven years.

Competing interests through the racing contingent said not so fast, and also 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 down on the conditions, and time is of the essence. March 11 may 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 state government.

Reaching a deal now would be advantageous to both edges, as being a pact that is new conserve 3,500 jobs, and based on Seminole Chairman James Billie, create thousands more and create 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 continue for any gambling expansion that is future.

Georgia Gambling Not on Its Mind

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

Georgia presently features a continuing state lottery, but is free of any tribal, commercial, or racetrack gaming.

And State House Speaker David Ralston (R) wants to keep it that way. Ralston has the advantage that is distinct Georgia of determining exactly what does and what doesn’t go before the House floor for consideration.

On Friday, the House Rules Commmittee voted to move 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 visit church this past weekend and reconsider any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 finding a vote is one thing he ‚wouldn’t bet on. week‘

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