Carl Icahn wants to revitalize the Taj Mahal in Atlantic City and save thousands of jobs in the process, but it is said by him can’t be done unless local union workers are willing to compromise. Unhappy union employees, 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 was approved by the latest 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 takes to be freshened up,’ Trump Entertainment CEO Robert Griffin said regarding the settlement. ‘we feel really highly that the Taj Mahal will do well.’
That are going to be no effortless task, but, while 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 % full during the very first three months regarding the a drastically lower rate than that of the planet 7 oz casino no deposit bonus codes other seven casino hotels that averaged occupancy levels of around 70 to 85 percent year.
Icahn’t Stand Unions
Icahn is optimistic which he can restore the Taj to its former days of glory. But one condition that is key mogul insists on is that neighborhood 54 additionally 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 neighborhood 54 seems fixated at all costs on damaging the Taj, and risking its closure and the loss of 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 to a Ponzi scheme that uses dues to enrich the lives of its leadership at a cost that is detrimental its members.
‘It is definitely an undisputable fact that your union leadership refused to negotiate with the Taj as the 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 is because your jobs usually do not matter to the union leadership,’ Icahn penned.
The once bustling gambling mecca for the coast that is east now house to simply eight total casinos, and Icahn now has control of two, or 25 percent of the city’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 town where the overall game of Monopoly is based.
Thought it is understandable union workers want and need their health insurance coverage and retirement advantages reinstated, their tactics might be going about this into the wrong way. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan workplace having a list of its demands, along side 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 sibling of two past United States presidents is hoping to separate your lives his campaign from his rather famous family name. Sort of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates into the 2016 election that is presidential Monday, by having an announcement at Miami-Dade College in the afternoon. But unlike most of the over a dozen applicants in the GOP field, Bush will be hoping to perform from a position of strength, as he shall be one of this favorites for the celebration’s nomination within the early going associated with campaign.
‘ In virtually any language my message is a good one, because i’m certain that we could make the decades just ahead in the us the greatest time ever to be alive in this world,’ the newest Bush governmental dynasty candidate opined, using both English and Spanish to address the live and certainly massive TV audience.
Columba Bush, a first-generation immigrant that is mexican married Jeb 41 years back, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who was married to your politician for 41 years and was initially from León, Guanajuato in Mexico, will certainly be an important force in a country grappling with immigration and dual-language issues on a just about every day basis.
In fact, the tale goes that Mrs. Bush did not also speak English whenever she married Jeb back in 1974. Her mother had been reportedly a worker that is migrant food server.
Bush may need the assistance. Although the former Florida governor is usually the leader in national polls of Republican voters, though that advantage is extremely narrow. In fact, it may be more accurate to check Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders as of this very early stage.
Strong Establishment Candidate
That stated, Bush has lots of advantages that will make their campaign a strong one. For one, he will don’t have any trouble raising cash.
One PAC that is super that backing him had hoped to improve $100 million by the conclusion of June, and even though they’ll almost certainly come up short of the goal, it’s clear there’ll be plenty of funding for the Bush war chest.
He’ll likewise have endorsements that are numerous Republican establishment figures, and a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is trying never to ride on at the very least the most obvious of coattails. After all, that famous name that is last a double-edged sword, based on which voters you’re chatting to.
While both his dad and brother have previously offered as president, Jeb Bush is wanting to avoid being seen just as the next in line of succession, with a ‘royal’ aspect that numerous voters may maybe 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’s got carefully skirted the line in order to avoid officially launching a campaign company until now. On the weekend, Bush told CNN that becoming a candidate that is official enable him to better articulate his message to the American individuals.
‘I think this transition to a candidacy allows me to be more direct about my advocacy of the leadership skills essential for the president that is next fix a few things,’ Bush said while in, of all places, Estonia this weekend. ‘ And as being a prospect, contrary to someone who has been paying attention and learning along the way, I’ll supply alternatives to the road we’re on as well, so i will be more specific on policy.’
Historically Opposed to Gambling
It is uncertain whether we’ll get any details on Bush’s gaming policies, but his past 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 could be any friendlier to online poker and casino games than he was with their land-based counterparts.
Perhaps moreover to their campaign, Bush may have to conquer conservative voters who’ren’t always on board together with his stances on immigration and training, both areas where his wife can become an important campaign ally. He also recently struggled with questions over how he’d have handled the war in Iraq, and fired their campaign manager just last week due 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 throughout the previous year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping fortify the remaining eight gambling enterprises still operating in Atlantic City.
But while the overall numbers are positive, perhaps not all games and casinos are sharing equally into the fortune that is good.
Based on the nj-new Jersey Department of Gaming Enforcement (DGE), online gambling revenues were up to $12.47 million in May.
That represents an increase of more than 19 percent over last May, when the sites brought in just $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled almost entirely by online casinos. In contrast, online poker rooms are struggling. Internet poker brought in just under $1.93 million in May, down from $2.27 million in the same 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 accountable for a quarter or higher of on line gambling revenues in nj-new jersey, poker is now only about 15 per cent associated with the market.
The 888/World Series 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 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 too.
It’s still the online market leader, collecting about 32 percent of all revenues, but growth seems to have stalled: the company has yet to beat out its 2014 performance online in any month in 2010.
On the other hand, a few organizations have observed 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 considering that the closure of the Trump Plaza, and has ridden that new partnership to a clear place that is second the state’s iGaming landscape.
Live 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 more than those exact same eight casinos took in year that is last.
To be sure, the pie that is overall still smaller: if you include three more casinos that have been operating last May but have since closed, the revenues are down by about 9 %.
However with fewer casinos in the mix, the May revenues still represent a result that is excellent the gambling enterprises that are nevertheless in business.
‘That’s a strong showing for what our detractors say is a weak market,’ said New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look at the results for the one thirty days or for initial five months of this 12 months, total video gaming income is up for the existing operators. The dimensions of industry might be smaller, but the health of this operators that are current getting stronger.’
The winner that is biggest had been Caesars, which saw its month-to-month revenues increase by 51 % over last might. 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 per cent yet still effortlessly led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which will be along the way of being acquired by Carl Icahn.