Carl Icahn really wants to revitalize the Taj Mahal in Atlantic City and save thousands of jobs in the process, but it is said by him can not be done unless local union workers are willing to compromise. Unhappy union workers, shown only 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 ended up being approved by this new Jersey Casino Control Commission this week.
Icahn says he will invest another $100 million to revitalize the resort and to keep the Atlantic City landmark solvent.
‘We believe whenever you pull into the Taj Mahal, it’s dirty, it is dated, and it requires to be freshened up,’ Trump Entertainment CEO Robert Griffin said of the settlement. ‘we feel extremely strongly that the Taj Mahal will do well.’
That are no effortless task, nevertheless, since the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for initial quarter of 2015. The hotel’s 2,010 spaces had been less than 50 % full throughout the first three months for the year, a drastically reduced price than that of one other seven casino hotels that averaged occupancy levels of around 70 to 85 percent.
Icahn’t Stand 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 regional 54 additionally the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for employees which were terminated by Trump Entertainment during bankruptcy procedures.
The other Atlantic City casino under his ownership on Wednesday, Icahn told reporters he sees the Taj being reestablished much like he did with the Tropicana.
‘Although Local 54 seems fixated at all costs on damaging the Taj, and risking its closure and the loss of almost 3,000 jobs, I am positive,’ Icahn said.
Icahn also released a letter to neighborhood 54 Taj employees this week that likens the nationwide UNITE HERE organization to a Ponzi scheme that uses dues to enrich the lives of its leadership at a cost that is detrimental its users.
‘It is an fact that is undisputable your union leadership declined to negotiate with the Taj as its losses were mounting plus it was pushed into bankruptcy. Your union leadership declined to take into account any concession that would have helped keep the Taj afloat, and that’s because your jobs don’t matter to the union leadership,’ Icahn had written.
The once bustling gambling mecca of this east coast is now house to simply eight total casinos, and Icahn now has control of two, or 25 per cent of the town’s 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 the town where the game of Monopoly is situated.
Thought it is understandable union workers want and need their health insurance and pension advantages reinstated, their tactics might be going about it within the wrong way. This week, Local 54 delivered a page to Icahn’s midtown Manhattan office by having a list of its demands, along with an apple pie, a dig in response to Icahn saying ‘apple pie and roses isn’t the way the globe works’ earlier this year.
Jeb Bush Latest GOP Candidate to Enter Republican Presidential Race
Today officially official: After many months of unofficial fundraising, Jeb Bush confirmed his bid for the 2016 GOP nomination. The son and cousin of two past United States presidents is hoping to separate his campaign from his instead family name that is famous. Kind of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates in the 2016 election that is presidential Monday, having an announcement at Miami-Dade College in the afternoon. But unlike most of the over a dozen applicants into the GOP field, Bush will be hoping to operate from a position of strength, as he will be one associated with the favorites for the celebration’s nomination in the early going associated with the campaign.
‘ In any language my message will likely be a good 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 ago, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who has been hitched towards the politician for 41 years and was originally from León, Guanajuato in Mexico, will certainly be an important force in a country grappling with immigration and dual-language issues on a basis that is almost daily.
In reality, the story goes that Mrs. Bush did not also speak English when she married Jeb back in 1974. Her mother ended up being reportedly a worker that is migrant food server.
Bush may need the assistance. Although the Florida that is former governor frequently the best choice in national polls of Republican voters, though that advantage is very narrow. In reality, it may become more accurate to have a look at Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders at this very early stage.
Strong Establishment Candidate
That stated, Bush has lots of advantages that will make his campaign a strong one. For one, he will have no trouble raising money.
One super PAC that is backing him had hoped to increase $100 million by the finish of June, and while they’ll almost certainly come up short of that goal, it’s clear there will be lots of funding for the Bush war chest.
He will also have endorsements that are numerous Republican establishment figures, in addition to a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is attempting not to drive on at the very least the most obvious of coattails. After all, that famous name that is last a double-edged sword, depending on which voters you are chatting to.
While both his brother and father have previously offered as president, Jeb Bush is wanting to avoid being seen merely because the next in line of succession, with a ‘royal’ aspect that lots of voters may not be comfortable with.
Campaign Was 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 avoid officially launching a campaign organization until now. Within the weekend, Bush told CNN that becoming a candidate that is official enable him to higher articulate their message to the American people.
‘I think this transition up to a candidacy will allow me to be more direct about my advocacy for the leadership abilities essential for the president that is next fix a few things,’ Bush said while in, of all places, Estonia on the weekend. ‘ And as a candidate, contrary to someone who has been listening and learning along the real way, I’ll offer alternatives to the path we’re on aswell, so I’ll be more specific on policy.’
Historically Opposed to Gambling
It’s uncertain whether we’ll get any information on Bush’s video gaming policies, but his previous stances on gambling problems while 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’s hard to imagine he will be any friendlier to online poker and casino games than he was for their land-based counterparts.
Perhaps moreover to their campaign, Bush might have to win over conservative voters who’ren’t fundamentally on board together with his stances on immigration and training, both areas where their wife could become an important campaign ally. He also recently struggled with questions over how he’d have managed the war in Iraq, and fired his campaign manager just last week due to squabbles inside his camp.
Nj-new Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations within the previous year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping fortify the remaining eight casinos still running in Atlantic City.
But while the overall numbers are positive, not all games and casinos are sharing equally into the fortune that is good.
According to the New Jersey Department of Gaming Enforcement (DGE), on the web gambling profits were as much as $12.47 million in May.
That represents a rise in excess of 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 May, down from $2.27 million in identical month a year ago.
That figure marks the second-lowest monthly revenue for online poker in New Jersey, with only last November trailing the absolute most recent month.
Once in charge of a quarter or maybe more of online gambling revenues in nj, poker is now just about 15 per cent of the market.
The 888/World Series of Poker partnership felt most of the damage on the poker side of things. The $831,799 they introduced through their Internet poker partnership ended up being an all-time low, while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding constant ended up being a theme for the Borgata, as its overall Internet revenues were down by about one percent also.
Its still the market that is online, collecting about 32 percent of most revenues, but growth appears to have stalled: the company has yet to beat out its 2014 performance online in any thirty days this season.
On the other hand, a few companies have observed their online offerings take off, none less compared to Golden Nugget.
The casino has taken full advantage of the fact that BetfairCasino.com is now operating through them since the closure associated with Trump Plaza, and has ridden that new partnership to a casino-online-australia.net clear second place in their state’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the online numbers may 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 percent significantly more than those same eight casinos took in a year ago.
To be certain, the overall pie is still smaller: in the event that you include three more gambling enterprises that have been operating last May but have since closed, the revenues are down by about 9 percent.
However with fewer gambling enterprises in the mix, the May revenues still represent a exemplary result for the gambling enterprises that are still in business.
‘That’s a showing that is strong what our detractors say is a weak market,’ said New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look during the results for the main one month or for the initial five months of this 12 months, total video gaming revenue is up for the present operators. The dimensions of industry are smaller, but the wellness regarding the operators that are current getting stronger.’
The winner that is biggest had been Caesars, which saw its monthly revenues enhance by 51 % over last might. That was largely due to a especially unlucky month in high-stakes table games last year for Caesars.
Just two casinos were down year-over-year, including the Borgata, which saw revenues fall by 4.7 per cent yet still effortlessly 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.