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

Trump T<span id="more-3056"></span>aj Mahal Back Out of Bankruptcy with Carl Icahn during the Helm

The Trump 888 casino games 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 shall remain included in the deal.

As well as in the really week that New Jersey Governor Chris Christie, having bowed out of the presidential battle 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 gaming history.

Trump got out of Atlantic City in 2009, selling what was kept associated with the Trump Entertainment casino empire he built in the eighties and nineties to a group of hedge funds and corporate relationship holders.

He has had nothing to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, ever since. However, the arch negotiator managed to retain a 10 % stake in Trump Entertainment, in substitution 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 his name removed from the casino. But following Icahn’s intervention, he relented, and the 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 be emblazoned in still lights over the front associated with building, this will be 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 as well as the Taj experienced a few years that are tough today marks the turnaround,’ he added.

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

State associated with Union

One group that’ll not be applauding, but, 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 most of the Taj’s $286 million debt, said which he was willing to just take it over and invest, provided he was granted several concessions by the city. One of those was the proper 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 gathered in Trenton on Monday to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly into the state.

Atlantic City business people and concerned residents joined politicians such as for instance 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 very real fear that the proposal could kill the resort town, which includes currently lost a quarter of its casinos and with them some 8,000 jobs, on the past two years.

Legislators want to allow the creation of two licenses in northern nj-new jersey, hoping they are going to 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

Since this would require an amendment to your state constitution, the matter would head to a public ballot probably be voted on in November. Nevertheless the bill will have to be approved by three-fifths of both chambers to ensure that this to take place.

Should the bill become law, Atlantic City’s current casino licensees would be offered the chance 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 stated Atlantic City will receive up to $200 million in compensation from fees regarding the casinos that are new but taxation levels have actually yet to be decided, which alarms many in the resort town.

Joe Kelly, president of Greater Atlantic City Chamber, said he would not 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 whom 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 having fun with fire by expanding into the north and that the area will not be immune from the issue of saturation.

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

Florida gambling expansion, maybe: State Rep. Jose Diaz is leading the fight to open up Florida’s gaming venues, nevertheless the handle various parties, 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 House Finance and Tax Committee voted 12-5 in favor of moving the legislation to your chamber’s floor.

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

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

Against All Odds

The issue that is predominant their state of Florida is dealing 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 within the next seven years.

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

’It’s very difficult to negotiate a deal whenever every side threatens them what they want,’ a frustrated Diaz said Monday if you don’t give.

Diaz says his brand new House bill will need the Seminoles to sign down in the provisions, and time is of the essence. March 11 could be the last day’s the Florida Legislature’s 2016 session that is regular.

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.

Reaching a deal now would be beneficial to both sides, being a pact that is new save yourself 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 exactly is perhaps an olive branch to those opposed to expanded gambling, Diaz’s legislation would require a voter referendum moving forward for 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 much more conservative Peach State, Georgia has voted for the Republican nominee that is presidential but four times since 1964.

Georgia currently possesses continuing state lottery, but 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 distinct advantage in Georgia of deciding what does and just what does not go before your house flooring for consideration.

On Friday, the House Rules Commmittee voted to go House Bill 677 to the 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 go to church this past weekend and rethink any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the week by saying HB 677 getting a vote is something he ’wouldn’t bet on.’

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