Carl Icahn really wants to revitalize the Taj Mahal in Atlantic City and save yourself thousands of jobs in the process, but he says it can not be done unless local union workers are willing to compromise. Unhappy union employees, 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 newest Jersey Casino Control Commission this week.
Icahn says he will invest another $100 million to revitalize the resort also to keep the Atlantic City landmark solvent.
‘We believe whenever you pull into the Taj Mahal, it is dirty, it is dated, and it requires to be freshened up,’ Trump Entertainment CEO Robert Griffin stated of the settlement. ‘we feel really highly that the Taj Mahal will prosper.’
That are no task that is easy but, as the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for the very first quarter of 2015. The hotel’s 2,010 spaces had been less than 50 % full during the very first three months regarding 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 which he can restore the Taj to its former days of glory. But one condition that is key mogul insists on is that Local 54 and also the UNITE HERE unions stop their pursuit of having a court mandate Icahn to reinstate benefits for workers that were 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 neighborhood 54 seems fixated at all costs on damaging the Taj, and risking its closure and the loss of almost 3,000 jobs, we 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 up to a Ponzi scheme that uses dues to enrich the lives of its leadership at a harmful price to its people.
‘It can be an fact that is undisputable your union leadership refused to negotiate with the Taj as its losses were mounting also it was pushed into bankruptcy. Your union leadership refused to consider any concession that would have aided keep the Taj afloat, and that is because your jobs don’t matter to the union leadership,’ Icahn had written.
The once bustling gambling mecca regarding the coast that is east now home to simply eight total casinos, and Icahn now has control of two, or 25 per cent of the town’s gaming venues. That means along side Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a tiny monopoly on town where the overall game of Monopoly is based.
Thought it’s understandable union workers want and need their wellness insurance coverage and pension benefits reinstated, their tactics might be going about any of it within the incorrect way. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan workplace with a list of its demands, along side an apple pie, a dig in response to Icahn saying ‘apple pie and roses isn’t how a 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 cousin of two past US 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 in the 2016 election that is presidential Monday, by having an statement at Miami-Dade College in the afternoon. But unlike many of the greater than a dozen candidates in the GOP field, Bush will be hoping to perform from a position of strength, as he will be one associated with the favorites for the celebration’s nomination into the early going associated with campaign.
‘ In any language my message is a good one, because I am certain that we are able to make the decades simply ahead in the us the best time ever to be alive in this world,’ the newest Bush governmental dynasty candidate opined, using both English and Spanish to deal with 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 was hitched to the politician for 41 years and was originally from León, Guanajuato in Mexico, will certainly be an important force in planet oz 7 casino a country grappling with immigration and dual-language issues on a daily basis.
In fact, the tale goes that Mrs. Bush did not speak English when even she married Jeb back in 1974. Her mother ended up being reportedly a migrant worker and food server.
Bush may need the help. Although the Florida that is former governor often the best choice in national polls of Republican voters, though that advantage is very narrow. In reality, it may become more accurate to examine 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 plenty of advantages that will make their campaign a strong one. For one, he will have no trouble raising cash.
One super PAC that is supporting him had hoped to boost $100 million by the conclusion of June, and while 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’ll also provide endorsements that are numerous Republican establishment figures, in addition to a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is trying not to drive on at the very least the most obvious of coattails. After all, that famous last name is a double-edged sword, dependent on which voters you’re chatting to.
While both his brother and father have previously offered as president, Jeb Bush is wanting to avoid being seen simply once 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 to avoid formally launching a campaign organization until now. On 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 to a candidacy will allow me to be more direct about my advocacy regarding the leadership skills necessary for the president that is next fix a few things,’ Bush said while in, of all places, Estonia this weekend. ‘ And as a prospect, contrary to someone who has been listening and learning along the way, I’ll offer alternatives to the road we’re on aswell, therefore 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 previous stances on gambling problems whilst governor of Florida make it pretty clear which he is no fan of casinos, as he strongly opposed gambling expansion within the state. His stances on Internet gambling are less clear, though it’s difficult to imagine he could be any friendlier to online poker and casino games than he was with their counterparts that are land-based.
Perhaps moreover to his campaign, Bush might have to make an impression on conservative voters that aren’t always on board with his stances on immigration and training, both areas where his wife can become a campaign that is important. 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 his camp.
Nj-new Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations over the previous year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, assisting strengthen the remaining eight gambling enterprises still operating in Atlantic City.
But while the general figures are positive, maybe not all games and casinos are sharing equally within the good fortune.
In line with the New Jersey Department of Gaming Enforcement (DGE), online gambling revenues were as much as $12.47 million in May.
That represents a rise of more 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 contrast, 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 last year.
That figure marks the second-lowest monthly revenue for on-line poker in New Jersey, with only last November trailing the absolute most month that is recent.
Once responsible for a quarter or higher of on the web gambling revenues in nj, poker is now only about 15 per cent for the market.
The 888/World Series of Poker partnership felt most of the damage on the poker side of things. The $831,799 they introduced 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 was a theme for the Borgata, as its general Internet revenues were down by about one percent also.
It really is still the online market leader, collecting about 32 percent of all of the 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, a few organizations have seen their online offerings remove, none less compared to Golden Nugget.
The casino has taken full advantage of the fact that BetfairCasino.com is now operating through them since the closure of the Trump Plaza, and it has ridden that new partnership to a clear second place in the state’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the online numbers may show a mix 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 per cent more than those exact same eight casinos took in year that is last.
To be certain, the pie that is overall still smaller: if you consist of three more casinos which were operating last May but have since closed, the revenues are down by about 9 per cent.
But with fewer casinos in the mix, the May revenues still represent a exceptional result for the casinos that are still in operation.
‘That’s a strong showing for what our detractors say is a weak market,’ said brand New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look at the results for the main one month or for the initial five months of this year, total gaming revenue is up for the present operators. The size of the market might be smaller, but the health associated with the operators that are current getting stronger.’
The biggest champion was Caesars, which saw its month-to-month revenues enhance by 51 % over last might. 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, like the Borgata, which saw revenues fall by 4.7 % but nonetheless easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, that will be in the process to be acquired by Carl Icahn.