Carl Icahn would like to revitalize the Taj Mahal in Atlantic City and conserve thousands of jobs in the act, but it is said by him cannot be done unless local union workers are ready to compromise. Unhappy union workers, shown here 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 had been approved by this new Jersey Casino Control Commission this week.
Icahn says he shall invest another $100 million to revitalize the resort also to keep the Atlantic City landmark solvent.
‘We think when you pull into the Taj Mahal, it is dirty, it’s dated, and it requires to be freshened up,’ Trump Entertainment CEO Robert Griffin stated associated with settlement. ‘I feel extremely highly that the Taj Mahal will do well.’
That are going to be no effortless task, nonetheless, 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 were less than 50 per cent full through the first three months of this year, a drastically reduced price than that of one other seven casino hotels that averaged occupancy levels of around 70 to 85 per cent.
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 Local 54 and the UNITE HERE unions stop their pursuit of experiencing a court mandate Icahn to reinstate benefits for employees which 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 their ownership.
‘Although regional 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 up 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 declined to negotiate with the Taj as the losses were mounting and it was pushed into bankruptcy. Your union leadership declined to take into account any concession that would have helped keep the Taj afloat, and that is because your jobs do not matter to the union leadership,’ Icahn penned.
The once bustling gambling mecca for the coast that is east 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 tiny monopoly on the town where the overall game of Monopoly is situated.
Thought it’s understandable union workers want and need their health insurance coverage and pension advantages reinstated, their tactics might be going about this in the way that is wrong. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan workplace by having a list of its demands, along side an apple pie, a dig in reaction to Icahn saying ‘apple pie and roses isn’t the way the world 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 cousin of two past US presidents is hoping to separate your lives his campaign from their rather family name that is famous. Sort of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates into the 2016 presidential election on Monday, having an statement at Miami-Dade College in the afternoon. But unlike many of the more than a dozen applicants into the GOP field, Bush will be hoping to operate from a position of strength, as he shall be one regarding the favorites for the celebration’s nomination into the early going of the campaign.
‘ In any language my message are going to be a confident one, because i’m certain that we could result in the decades simply ahead in America the greatest time ever to be alive these days,’ the newest Bush governmental dynasty candidate opined, using both English and Spanish to handle the live and certainly massive TV market.
Columba Bush, a first-generation Mexican immigrant who married Jeb 41 years ago, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who is married to the politician for 41 years and had been originally from León, Guanajuato in Mexico, will certainly be a crucial force in a country grappling with casino-online-australia.net immigration and dual-language problems on a almost daily basis.
In fact, 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 help. Although the former Florida governor is often the best choice in national polls of Republican voters, though that advantage is incredibly narrow. In reality, it may become more accurate to consider Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders only at that very early stage.
Strong Establishment Candidate
That said, Bush has lots of advantages that will make his campaign a strong one. For one, he will do not have trouble money that is raising.
One PAC that is super that backing him had hoped to improve $100 million by the end of June, even though they’ll almost certainly come up short of this goal, it’s clear there’ll be plenty of funding for the Bush war chest.
He’ll likewise have endorsements that are numerous Republican establishment figures, as well as a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is attempting to not drive on at the least the most obvious of coattails. After all, that famous final name is a double-edged sword, according to which voters you are chatting to.
While both his daddy and brother have previously offered as president, Jeb Bush is trying 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 Has Been Unofficial for Months
Needless to say, by any standard that is reasonable Bush’s campaign has been underway for months, but he’s got 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 allow him to higher articulate their message to the US individuals.
‘I think this transition up to a candidacy allows me to be more direct about my advocacy for 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 a candidate, contrary to someone who has been listening and learning along the real way, I’ll supply alternatives to the trail we’re on also, so I’ll be more specific on policy.’
Historically Opposed to Gambling
It is 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 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 is difficult to imagine he could be any friendlier to online poker and casino games than he was with their land-based counterparts.
Perhaps moreover to his campaign, Bush may need to conquer conservative voters who aren’t fundamentally on board along with his stances on immigration and education, both areas where their wife could become a campaign that is important. He also recently struggled with questions over how he would have managed the war in Iraq, and fired their campaign manager week that is just last 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 on the year that is past. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, assisting strengthen the remaining eight gambling enterprises still running in Atlantic City.
But while the general figures are positive, perhaps not all games and casinos are sharing equally into the fortune that is good.
According to the nj-new Jersey Department of Gaming Enforcement (DGE), online gambling profits were as much as $12.47 million in May.
That represents an increase 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 very nearly 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 identical month last year.
That figure marks the second-lowest monthly revenue for online poker in New Jersey, with only last November trailing the most recent month.
Once accountable for a quarter or even more of on the web gambling revenues in nj-new jersey, poker is now just about 15 percent 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 overall Internet revenues were down by about one percent too.
It is still the online market leader, 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 in 2010.
On the other hand, several companies have observed 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 for the Trump Plaza, and it has ridden that new partnership to a clear place that is second the state’s iGaming landscape.
Live Numbers Promising for Atlantic City
But while the online numbers may show a mixture 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 significantly more than those same eight casinos took in year that is last.
To be certain, the overall cake is still smaller: if you consist of three more casinos which were operating last might but have since closed, the revenues are down by about 9 per cent.
However with fewer casinos in the mix, the May revenues still represent a result that is excellent the gambling enterprises that are still in operation.
‘That’s a showing that is strong what our detractors say is a weak market,’ said New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look at the outcomes for the one month or for initial five months with this year, total video gaming income is up for the existing operators. The dimensions of the market are smaller, but the wellness of the operators that are current getting stronger.’
The biggest winner had been Caesars, which saw its monthly revenues enhance by 51 % over last May. That was largely due to a month that is particularly unlucky high-stakes table games last year for Caesars.
Only two casinos were down year-over-year, including 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 act of being obtained by Carl Icahn.