The Trump Taj Mahal continues to bear that name, as Donald Trump came to an agreement with Carl Icahn over maintaining their family members name regarding the resort.
The Trump Taj Mahal will still be known by that name for the foreseeable future, closing an attempt by Donald Trump to simply take their name off of the resort that is beleaguered.
Trump and investor Carl Icahn reached an understanding which will see the Trump name remain on the casino, despite previous indications through the Trump household they desired nothing in connection with the resort or Atlantic City.
‘I am thrilled to have reached a cope with Carl, someone who I have great respect for both personally and professionally,’ Trump said in a declaration. ‘The Trump Taj Mahal, under the leadership that is right with the proposed significant reinvestment in the property, can be, as soon as again, a wonderful place for travel and entertainment.’
Trump Fought to Have Name Eliminated
The agreement comes after an ongoing battle that is legal perhaps the Trump family could sue to own their name removed through the resort. Last month, a federal judge agreed that they could move forward with their lawsuit; final week, the casino filed a benefit of that decision. Trump, along with his child Ivanka, was already effective in removing his title from the previous Trump Plaza, which is now closed.
Trump Entertainment Resorts, which operates the casino, argued in a court filing that the Trump name was too ‘iconic’ to lose, calling the name ‘an indispensable asset.’ Donald Trump no longer runs Trump Entertainment Resorts, though he does hold a 10 % stake in the company.
Since his removal from the procedure of this business, Trump has regularly managed to get clear which he is perhaps not associated with the casinos, and that he does not wish to be associated with Atlantic City.
The Trumps had argued that Trump Entertainment had allowed the 2 casinos which used the Trump title to fall into disrepair in the past few years. This, they said what casino has the titanic slot machine, damaged their personal brand, leading for their want to separate the family name from the casinos.
Like so numerous other aspects of the ongoing saga at the Trump Taj Mahal, the deal will have to be approved by a federal bankruptcy court judge. The Trump Taj Mahal can also be embroiled in a dispute with union employees, that are now headed to an appeals court. That legal battle hinges on the Trump Taj Mahal’s decision to split agreements with the United Here neighborhood 54 union, which a bankruptcy court authorized. The union says that the bankruptcy court lacked the jurisdiction to make that choice.
Trump Taj Mahal fined $10 Million for Violating Bank Secrecy Act
The contract comes just days after the Trump Taj Mahal was fined $10 million by the Financial Crimes Enforcement Network (FinCEN) for repeated violations of the Bank Secrecy Act (BSA). FinCEN had ordered the casino to make regular external audits to make sure money laundering statutes to its compliance, and the casino admitted to violating many of the needs of this BSA.
‘Trump Taj Mahal received many warnings about its deficiencies,’ FinCEN Director Jennifer Shasky Calvery stated. ‘Like all gambling enterprises in this country, Trump Taj Mahal possesses duty to simply help protect our financial system from being exploited by criminals, terrorists, and other bad actors. Far from meeting these expectations, poor compliance practices, over many years, left the casino and our monetary system unacceptably exposed.’
Foxwoods Makes Bid For Final Massachusetts Casino License
Foxwoods is hoping to snag the last Massachusetts casino license by partnering with KG Urban Enterprises. (Image: jcj.com)
Foxwoods includes a lot to be concerned about with regards to the Massachusetts casinos that are being constructed within the next years that are few.
After all, a lot of business for the Connecticut resort comes from Massachusetts, plus it’s likely that a lot of visitors will stay at home once MGM and Wynn build their complexes that are own Springfield and Everett, correspondingly.
And with no chance to cease those Massachusetts casinos from being built, Foxwoods is attempting one time that is last grab a piece of that pie for on their own.
Foxwoods Lovers with KG Urban
Foxwoods, owned by the Mashantucket Pequot Indian tribe, has officially entered into an agreement to work with KG Urban Enterprises on a proposition for the Massachusetts casino that is final license. A letter was signed by the operator of intent to work alongside KG Urban for a casino in New Bedford. Previously, Foxwoods had shown an interest that is potential building a casino in Fall River, another location into the southeastern Massachusetts area, the one area of the state that has yet to have its license awarded.
‘We couldn’t are finding a better option for an operator,’ KG Urban Managing Director Andrew M. Stern said in a statement. ‘No one knows the Massachusetts and New England local market better than the Mashantucket.’
This is not the first time Foxwoods has shown a pursuit in building in the state, however. Foxwoods was one of the contenders that are early the Boston area casino permit too, proposing a casino in Milford that has been eventually beaten by the town’s voters before it could even be viewed by state regulators.
Interestingly, the casino that is final in Massachusetts will pit Foxwoods against one of its previous allies. When trying to build in Milford, Foxwoods partnered with Crossroads Massachusetts. That developer is currently part of a combined team trying to propose a casino in Somerset. There is also a 3rd strong bid from the Brockton Fairgrounds, where owner George Carney is working with Rush Street Gaming in order to bring a casino compared to that city.
Mayor’s Support for Casino Questioned
Foxwoods and KG Urban may face other hurdles as well. It appears that brand New Bedford Mayor Jon Mitchell is not happy with the proposal, needing concessions through the designers and asking for a redesign of the proposed casino.
‘ At this true point, we are not certain we may come to agreement with this mayor,’ said Andrew Paven, a spokesperson for KG Urban.
However, Mayor Mitchell’s own terms sounded a tad bit more welcoming towards the casino, if not extremely enthusiastic.
‘We come in talks with the developer about whether a casino is sensible at the proposed site,’ Mitchell stated in a statement. ‘The city would be willing to help a casino proposal as long as, on balance, it advances the city’s long-lasting financial interests.’
So far, Massachusetts regulators have approved three gambling venues into the state. In Western Massachusetts, MGM won the straight to build in Springfield without any significant opposition in the later stages of the procedure. Conversely, the higher Boston license featured a fierce battle between Wynn Resorts, which wanted to build in Everett, and Mohegan Sun, which partnered with Suffolk Downs in an effort to place a resort in Revere. Regulators ultimately picked the Everett project despite objections from the populous city of Boston. The state has also approved a slot parlor which will be placed in Plainville and operated by Penn National Gaming.
Connecticut Tribes Band Together In New Push For Expanded Gambling
Mohegan Sun and Foxwoods are teaming up in order to persuade Connecticut allowing for expanded gambling. (Image: MoheganSun.com)
Expanded gambling in Connecticut was likely to be dead an ago month. But the proposition seems more alive than ever before, as both Mohegan Sun and Foxwoods have now been lobbying difficult to get their state legislature to at the least give consideration to the measure as a way to combat the new gambling enterprises that are being integrated neighboring Massachusetts.
It’s unclear what the Mohegans and Mashantucket Pequots, the 2 tribes that operate the Native American gambling enterprises in Connecticut, would ask for or find a way to get from state lawmakers.
Maybe it’s something as extensive as a brand casino that is new northern the main suggest that would attempt to convince state residents perhaps not traveling to Massachusetts once casinos are built there, or it could be a far more modest proposal to add slots to off-track betting locations.
Officials, Lawmakers Speak Vaguely of Gambling Expansion
‘We’re speaing frankly about ways to preserve jobs,’ said Mashantucket Pequot chairman Rodney Butler, he or the tribe were planning though he did not specify exactly what. Butler and Mohegan Tribal Gaming Authority chairman Kevin Brown traveled Wednesday that is together last to with Democratic leaders in Connecticut’s Senate.
‘I view them as an important employer in our state,’ said Senate Majority Leader Bob Duff (D-Norwalk), who a month ago declared their efforts dead but admitted to meeting with the tribal leaders week that is last. Like others, Duff provided few information on exactly what anybody was proposing.
Regardless of the lack of concrete proposals being floated publically, there are signs that at least some officials plan to help the tribes battle against increasing competition in the region.
‘The gaming industry never goes away,’ said State Representative Stephen Dargan (D-West Haven), who states the Public Safety and Security Committee that he chairs is likely to approve some sort of gambling expansion bill by way of a March 19 deadline. ‘It’s always an interesting topic.’
The sudden escalation in chatter around the casino industry employs last Wednesday’s launch for the Northeastern Casino Gaming scientific study’s latest change. In line with the group’s most report that is recent Foxwoods and Mohegan Sun has seen both their revenues and their employment rolls shrink by more than 35 percent since 2006, as soon as the gambling enterprises had been at their peaks. The combined revenue for the two casinos was just $1.9 billion year that is last down from $3.2 billion in 2006.
Governor Acknowledges Problem, But Isn’t Taking Sides
Even Governor Dannel Malloy was willing to talk in regards to the possibility for expanded gambling in his state, though he was careful never to take a place on the matter.
‘This isn’t my proposal,’ Malloy thought to reporters while at the Mohegan Sun casino. ‘Other people are making it. I’m not saying no, I’m not saying yet.’
Malloy also acknowledged that the tribes will likely need to do one thing when the MGM Springfield casino opens, which will be anticipated to happen in 2017.
‘Whether it’s nuclear or not, clearly gaming is becoming ubiquitous,’ Malloy said. ‘And so when you yourself have a state on your border that is northern that likely to have at the least six establishments, that’s an issue. When Rhode Island improves their facilities, that’s a problem. I believe the tribal nations have stated, ‘Hey, we think this might be a way to handle that.”