Carl Icahn desires to revitalize the Taj Mahal in Atlantic City and save your self thousands of jobs along the way, but it is said by him cannot be done unless local union workers are willing 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 had been approved by the New Jersey Casino Control Commission this week.
Icahn says he will 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’s dated, and it requires to be freshened up,’ Trump Entertainment CEO Robert Griffin said associated with the settlement. ‘we feel very highly that the Taj Mahal will excel.’
That will be no task that is easy however, as the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for the initial quarter of 2015. The hotel’s 2,010 rooms had been less than 50 % full throughout the very first three months of the year, a drastically lower price than that of one other seven casino hotels that averaged occupancy levels of around 70 to 85 %.
Icahn’t Stand Unions
Icahn is optimistic which he can restore the Taj to its former days of glory. But one key condition the 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 employees that were terminated by Trump Entertainment during bankruptcy procedures.
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 lack of almost 3,000 jobs, we am optimistic,’ Icahn said.
Icahn also released a letter to regional 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 harmful expense to its users.
‘It is an fact that is undisputable your union leadership refused to negotiate with the Taj as its losses were mounting and it was pushed into bankruptcy. Your union leadership declined to think about any concession that would have assisted keep the Taj afloat, and that is because your jobs do not matter to the union leadership,’ Icahn published.
The once bustling gambling mecca of the east coast is now home to simply eight total casinos, and Icahn now has control of two, or 25 percent 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 town where the game of Monopoly is based.
Thought it’s understandable union workers want and need their health insurance coverage and retirement benefits 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 workplace having a list of its demands, along with an apple pie, a dig in reaction to Icahn saying ‘apple pie and flowers isn’t how a globe works’ previously 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 famous family name. Type 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 prospects in the GOP field, Bush will be hoping to operate from a position of strength, as he shall be one of the favorites for the celebration’s nomination within the early going associated with campaign.
‘ In almost any language my message are going to be an optimistic one, because i will be certain that we can make the decades simply ahead in America the best time ever become alive in this world,’ the latest Bush governmental dynasty candidate opined, using both English and Spanish to handle the live and undoubtedly 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 is hitched to the politician for 41 years and ended up being initially from León, Guanajuato in Mexico, will certainly be a crucial force in a country grappling with immigration and dual-language problems on a almost daily basis.
In reality, the story goes that Mrs. Bush did not also speak English when she married Jeb back in 1974. Her mother had been reportedly a worker that is migrant food server.
Bush may require the help. Although the former Florida governor is often the best choice in national polls of Republican voters, though that advantage is incredibly narrow. In fact, it may be much more accurate to check Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders only at that very early stage.
Strong Establishment Candidate
That stated, Bush has plenty of advantages that will make their campaign a strong one. For one, he will have no difficulty raising cash.
One PAC that is super that backing him had hoped to improve $100 million by the end of June, and even though they’ll almost certainly come up short of this objective, it’s clear there’ll be plenty of funding for the Bush war chest.
He’ll also 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 trying not to ever ride on at the least the most obvious of coattails. After all, that famous name that is last a double-edged sword, according to which voters you are talking to.
While both his daddy and brother have previously served as president, Jeb Bush is trying to avoid being seen simply while the next in line of succession, with a ‘royal’ aspect that many voters may perhaps 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 has carefully skirted the line to avoid formally launching a campaign company until now. Over the weekend, Bush told CNN that becoming an official candidate will enable him to better articulate his message to the American individuals.
‘I think this transition up to a candidacy will allow me to be more direct about my advocacy of the leadership abilities essential for the next president to fix a few things,’ Bush said while in, of all places, Estonia on the weekend. ‘ And as being a prospect, contrary to someone who has been paying attention and learning along the way, I’ll planet 7 oz no deposit bonus 2017 offer alternatives to the road we’re on also, 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 past stances on gambling problems whilst governor of Florida make it pretty clear which he is not any fan of casinos, as he strongly opposed gambling expansion within the state. His stances on Internet gambling are less clear, though it’s hard to imagine he would be any friendlier to online poker and casino games than he was with their counterparts that are land-based.
Perhaps more importantly to their campaign, Bush may need to win over conservative voters who’ren’t always on board together 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 handled the war in Iraq, and fired their campaign manager week that is just last to squabbles inside their camp.
New Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations over the year that is past. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping strengthen the remaining eight casinos still operating in Atlantic City.
But while the overall figures are positive, perhaps not all games and casinos are sharing equally in the fortune that is good.
Based on the New Jersey Department of Gaming Enforcement (DGE), on line gambling profits were as much as $12.47 million in May.
That represents a rise greater than 19 % 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 comparison, online poker rooms are struggling. Internet poker brought in just under $1.93 million in might, down from $2.27 million in the same month year that is last.
That figure marks the second-lowest monthly revenue for internet poker in New Jersey, with only last November trailing the absolute most recent month.
Once accountable for a quarter or maybe more of online gambling revenues in New Jersey, poker is now only about 15 % associated with the market.
On the poker aspect, the 888/World Series of Poker partnership felt the majority of the harm. The $831,799 they brought in through their Internet poker partnership was an all-time low, while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding constant was a theme for the Borgata, as its overall Internet revenues were down by about one percent too.
Its still the market that is online, collecting about 32 percent of all of the revenues, but growth generally seems to have stalled: the business has yet to beat out its 2014 performance online in any thirty days this year.
On the other hand, a few businesses have observed their online offerings lose, 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 for the Trump Plaza, and it has ridden that new partnership to a clear second invest 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 percent significantly more than those same eight casinos took in year that is last.
To be certain, the pie that is overall still smaller: if you include three more gambling enterprises which were operating last might 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 excellent result for the gambling enterprises 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 during the outcomes for the one thirty days or for 1st five months of the year, total video gaming revenue is up for the present operators. The dimensions of the marketplace might be smaller, but the wellness of the current operators is getting stronger.’
The biggest winner had been Caesars, which saw its month-to-month revenues enhance by 51 % over last May. That was largely because of month that is particularly unlucky high-stakes table games last year for Caesars.
Just two casinos were down year-over-year, such as the Borgata, which saw revenues fall by 4.7 percent but nonetheless easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which is in the process to be acquired by Carl Icahn.