Carl Icahn would like 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 employees, shown here at a youthful protest, feel otherwise.
Billionaire Carl Icahn has acquired the Trump Taj Mahal, exchanging $292 million he’s owed for complete ownership of the casino in a deal that ended up being authorized by the brand new Jersey Casino Control Commission this week.
Icahn says he shall invest another $100 million to revitalize the resort and also to keep the Atlantic City landmark solvent.
‘We believe whenever you pull into the Taj Mahal, it’s dirty, it is dated, and it needs to be freshened up,’ Trump Entertainment CEO Robert Griffin said associated with settlement. ‘I feel very strongly that the Taj Mahal will do well.’
That will be no task that is easy nevertheless, since the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for the first quarter of 2015. The hotel’s 2,010 spaces were less than 50 per cent full throughout the first three months associated with the a drastically lower rate than that of the other seven casino hotels that averaged occupancy levels of around 70 to 85 percent year.
Icahn’t Stand Unions
Icahn is optimistic that he can restore the Taj to its former days of glory. But one key condition the mogul insists on is that regional 54 and also the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for workers that were 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 closure and the loss of almost 3,000 jobs, I have always been positive,’ Icahn said.
Icahn also released a letter to neighborhood 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 harmful cost to its people.
‘It is an undisputable proven fact that your union leadership refused to negotiate with the Taj as its losses were mounting also it was pushed into bankruptcy. Your union leadership declined to take into account any concession that would have assisted keep the Taj afloat, and that’s because your jobs do not matter to the union leadership,’ Icahn wrote.
The once bustling gambling mecca of the east coast is now house to simply eight total casinos, and Icahn now has control of two, or 25 % of the city’s video gaming venues. That means along side Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a little monopoly on the town where the game of Monopoly is situated.
Thought it is understandable union workers want and need their wellness insurance coverage and pension benefits reinstated, their tactics might be going about it in the incorrect way. This week, Local 54 delivered a page to Icahn’s midtown Manhattan workplace having a list of its demands, along side 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 brother of two past US presidents is hoping to split up his campaign from their instead famous family name. Kind of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates within the 2016 election that is presidential Monday, having an announcement at Miami-Dade College in the afternoon. But unlike lots of the over a dozen prospects within the GOP field, Bush will be hoping to run from a position of strength, as he will be one of the favorites for the celebration’s nomination within the early going regarding the campaign.
‘ In virtually any language my message will likely be a good one, because i’m certain that we can make the decades just ahead in America the best time ever become alive these days,’ the most recent 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 show critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who was hitched to the politician for 41 years and was initially from León, Guanajuato in Mexico, will certainly be a crucial force in a country grappling with immigration and dual-language dilemmas on a basis that is almost daily.
In fact, the tale goes that Mrs. Bush did not even speak English when she married Jeb back in 1974. Her mother was reportedly a worker that is migrant food server.
Bush may require the help. Although the Florida that is former governor usually the best choice in national polls of Republican voters, though that advantage is extremely narrow. In fact, it may be much more accurate to consider 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 lots of advantages that will make their campaign a strong one. For one, he will have no difficulty raising cash.
One super PAC that is backing him had hoped to improve $100 million by the finish of June, even though they’ll almost certainly come up short of that goal, it’s clear there will be plenty of funding for the Bush war chest.
He will likewise have endorsements that are numerous Republican establishment figures, in addition to a name that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is wanting not to ever ride on at the very least the 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 father and brother have previously offered as president, Jeb Bush is trying to avoid being seen simply since the next in line of succession, with a ‘royal’ aspect that lots of voters may not be comfortable with.
Campaign Has Been Unofficial for Months
Needless to say, by any standard that is reasonable Bush’s campaign has been underway for months, but he has carefully skirted the line in order to avoid officially launching a campaign company until now. Within the weekend, Bush told CNN that becoming a candidate that is official enable him to higher articulate his message to the US individuals.
‘we think this transition up to a candidacy will allow me to be more direct about my advocacy regarding the leadership abilities required for the next president to fix a few things,’ Bush said while in, of all places, Estonia on the weekend. ‘ And as being a candidate, contrary to anyone who has been paying attention and learning along the way, I’ll offer up 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 that he is not any fan of casinos, as he strongly opposed gambling expansion in the state. Their stances on Internet gambling are less clear, though it is difficult to imagine he will be any friendlier to online poker and casino games than he was to their land-based counterparts.
Perhaps more importantly to his campaign, Bush may have to make an impression on conservative voters that aren’t always on board with his stances on immigration and education, both areas where his wife can become an important campaign ally. He also recently struggled with questions over how he would 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
New Jersey’s online gambling market continues to grow, assisting fortify the remaining eight gambling enterprises still operating in Atlantic City.
But while the general figures are positive, perhaps not all games and casinos are sharing equally into the good fortune.
In line with the New Jersey Department of Gaming Enforcement (DGE), on the web gambling profits were up to $12.47 million in May.
That represents a rise greater than 19 percent over last May, when the sites brought in simply $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled almost entirely by online casinos. In comparison, online poker rooms are struggling. Internet poker brought in just under $1.93 million in might, down from $2.27 million in identical month year that is last.
That figure marks the second-lowest monthly revenue for online poker in New Jersey, with only last November trailing the most recent month.
Once in charge of a quarter or more of online gambling revenues in nj, poker is now no more than 15 % associated with 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 steady was a theme for the Borgata, as its general Internet revenues were down by about one percent too.
It really is still the market that is online, collecting about 32 percent of most revenues, but growth seems to have stalled: the company has yet to beat out its 2014 performance online in any thirty days this present year.
On the other hand, several organizations have experienced their online offerings lose, none less compared to the Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them considering that the closure of this Trump Plaza, and has ridden that new partnership to a clear place that is second hawaii’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the figures that are online show a mix of ups and downs for Atlantic City’s casinos, the overall numbers for the industry had been very encouraging in May. Overall, casinos won $208.6 million for the month, 5.3 percent significantly more than those exact same eight casinos took in year that is last.
To be sure, the pie that is overall still smaller: in the event that you consist of three more gambling enterprises which were operating last May but have since closed, the revenues are down by about 9 %.
However with fewer gambling enterprises in the mix, the might revenues still represent a result that is excellent the casinos that are still in operation.
‘That’s a showing that is strong what our detractors say is a weak market,’ stated brand New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look at the outcomes for the main one month or for initial five months of the year, total gaming income is up for the existing operators. The size of the market could be smaller, but the health of this current operators is getting stronger.’
The winner that is biggest was Caesars, which saw its monthly revenues increase by 51 % over last might. That was largely due to a specially unlucky month in high-stakes table games last year for Caesars.
Only two casinos were down year-over-year, such as the Borgata, which saw revenues fall by 4.7 percent but 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.