Carl Icahn desires to revitalize the Taj Mahal in Atlantic City and conserve thousands of jobs along the way, but he says it cannot be done unless local union workers are ready to compromise. Unhappy union workers, shown only at a youthful 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 the brand 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 think whenever you pull into the Taj Mahal, it’s dirty, it’s dated, and it needs to be freshened up,’ Trump Entertainment CEO Robert Griffin said associated with the settlement. ‘I feel very strongly that the Taj Mahal will excel.’
That are no simple task, however, as 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 per cent full during the very first three months of the year, a drastically lower rate than that of the other seven casino hotels that averaged occupancy levels of around 70 to 85 percent.
Icahn’t Stand Unions
Icahn is optimistic which he can restore the Taj to its former days of glory https://casino-online-australia.net/planet-7-oz-casino-review/. But one condition that is key mogul insists on is that Local 54 while 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.
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 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 users.
‘It is definitely an undisputable proven fact that your union leadership refused to negotiate with the Taj as the losses were mounting also it was pushed into bankruptcy. Your union leadership declined to consider any concession that would have aided keep the Taj afloat, and that is because your jobs usually do not matter to the union leadership,’ Icahn published.
The once bustling gambling mecca for the coast that is east now home to just eight total casinos, and Icahn now has control of two, or 25 percent of the city’s video 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 city 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 within the way that is wrong. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan office having a list of its demands, along with an apple pie, a dig in reaction to Icahn saying ‘apple pie and roses isn’t how a world 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 US presidents is hoping to separate his campaign from his instead family name that is famous. Sort of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates in the 2016 presidential election on Monday, with an announcement at Miami-Dade College in the afternoon. But unlike many of the higher than a dozen candidates into the GOP field, Bush will be hoping to perform from a position of strength, as he will be one for the favorites for the party’s nomination in the early going regarding the campaign.
‘ In almost any language my message will be a confident one, because i’m certain that we could result in the decades simply ahead in the usa the greatest time ever become alive these days,’ the most recent Bush governmental dynasty candidate opined, using both English and Spanish to deal with the live and undoubtedly massive TV market.
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 is married towards the politician for 41 years and ended up being originally from León, Guanajuato in Mexico, will certainly be a crucial force in a country grappling with immigration and dual-language issues on a almost daily basis.
In reality, the story goes that Mrs. Bush did not speak English when even 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 Florida that is former governor often the leader in national polls of Republican voters, though that advantage is very narrow. In reality, it may become more accurate to look at Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders only at that stage that is early.
Strong Establishment Candidate
That stated, Bush has plenty of advantages that will make his campaign a strong one. For one, he will do not have difficulty money that is raising.
One super PAC that is backing him had hoped to raise $100 million by the end of June, even though they will almost certainly come up short of the goal, it’s clear there will be plenty of funding for the Bush war chest.
He’ll also provide 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 attempting not to ever 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 are chatting to.
While both his brother and father have previously served as president, Jeb Bush is wanting to avoid being seen just as the next in line of succession, with a ‘royal’ aspect that many voters may maybe 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 to prevent officially launching a campaign organization until now. Within the weekend, Bush told CNN that becoming an official candidate will allow him to better articulate their message to the American individuals.
‘we think this transition up to a candidacy enables me to be more direct about my advocacy for the leadership skills required for the next president to fix a few things,’ Bush said while in, of all places, Estonia this weekend. ‘ And as a candidate, contrary to someone who has been listening and learning along the real way, we’ll offer alternatives to the road we’re on also, 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 issues 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 more importantly to their campaign, Bush may have to conquer conservative voters who’ren’t always on board along with his stances on immigration and education, both areas where his wife may become a campaign that is important. 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 their camp.
Nj-new Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations throughout the past year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping strengthen the remaining eight casinos still running in Atlantic City.
But while the general figures are positive, perhaps not all games and casinos are sharing equally within the fortune that is good.
Based on the nj-new Jersey Department of Gaming Enforcement (DGE), online 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 nearly 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 last year.
That figure marks the second-lowest monthly revenue for online poker in New Jersey, with only last November trailing the absolute most month that is recent.
Once accountable for a quarter or maybe more of on the web gambling revenues in New Jersey, poker is now only about 15 percent 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 was a low that is all-time while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding constant ended up being 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 appears to have stalled: the business has yet to beat out its 2014 performance online in any month this year.
On the other hand, several companies have seen their online offerings remove, none less compared to Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them since the closure of this Trump Plaza, and has now ridden that new partnership to a clear place that is second the state’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 per cent 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 consist of three more gambling enterprises that were operating last might 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,’ stated brand New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look at the outcomes for usually the one month or for the first five months of this year, total gaming revenue is up for the current operators. The dimensions of the marketplace may be smaller, but the health associated with the operators that are current getting stronger.’
The winner that is biggest was Caesars, which saw its monthly revenues increase by 51 percent over last May. That was largely due to a particularly unlucky month in high-stakes table games last year for Caesars.
Just two casinos were down year-over-year, like the Borgata, which saw revenues fall by 4.7 % but nevertheless easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, that will be in the act of being obtained by Carl Icahn.