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Trump Taj Mahal Back Out of Bankruptcy with Carl Icahn during the Helm

03. März 2020 | Kieu Bui

Trump T<span id="more-2590"></span>aj Mahal Back Out of Bankruptcy with Carl Icahn during the Helm

The Trump Taj Mahal is officially out of Chapter 11 bankruptcy and in the clutches of billionaire corporate raider Carl Icahn, as a wholly owned subsidiary of Icahn Enterprises.

Billionaire Carl Icahn has rescued the Trump Taj Mahal from bankruptcy, yet still faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although his name shall remain as part of the deal.

And in the week that is very New Jersey Governor Chris Christie, having bowed out of the presidential race himself, pledged his support for Donald Trump for the GOP nomination, Icahn’s takeover represents the final chapter in Donald Trump’s Atlantic City and video gaming history.

Trump got out of Atlantic City in 2009, selling the thing that was left regarding the Trump Entertainment casino empire he built-in the eighties and nineties to a group of hedge funds and bond that is corporate.

He has had nothing in connection with the management of the Taj, or its now defunct sibling property, the Trump Plaza, from the time. Nonetheless, the arch negotiator managed to retain a 10 % stake in Trump Entertainment, in substitution for allowing the ongoing company to retain the Trump brand name.

In 2014, Trump was incensed by exactly what he saw as Trump Entertainment’s mismanagement of the brand and litigated to have their name eliminated from the casino. But after Icahn’s intervention, he relented, and the true name will remain.

Trump Ties Severed

That 10 percent stake is now gone, severing Trump’s last ties with the city. And while his name may be emblazoned in still lights throughout the front associated with building, this really is now really much the Carl Icahn show.

The Taj is the property that is second now owns in Atlantic City, having also rescued the Tropicana from bankruptcy during 2009.

‚The Taj is certainly one of Atlantic City’s signature properties,‘ Icahn told the Associated Press. ‚Although both Atlantic City therefore the Taj have had a couple of years that are tough today marks the turnaround,‘ he added.

‚Just a years that are few, Tropicana was at bankruptcy as well as its fate uncertain, but since emerging in 2010, we have turned that property around and it has become certainly one of Atlantic City’s few success stories. I’m confident we can and will perform some exact same for the Taj,‘ said Icahn.

State regarding the Union

One group that will not be applauding, nevertheless, is the hotel’s casino workers‘ union Unite 54, which has yet to reach a contract agreement with Icahn.

The casino almost closed many times in 2014. Icahn, who had bought a lot of the Taj’s $286 million debt, said which he was prepared to just take it over and invest, provided he was granted several concessions by the city. Some of those was the best to scrap health insurance and pension benefits for his casino employees.

As such, union demonstrations have become a sight that is familiar the home over the past 18 months.

North Jersey Casino Bill Not Sitting Well with Atlantic City Residents and Businesses

Just say no to North Jersey casino expansion: Senator Jim Whelan, who led the clamor of voices in opposition to North Jersey gambling enterprises at a legislative hearing in Trenton on Monday. (Image: dailykos.com)

Opposition to North Jersey casino expansion gathered in Trenton on Monday to denounce lawmakers‘ plans to tear up Atlantic City’s longstanding casino monopoly into the state.

Atlantic City business people and concerned residents joined up with politicians such as for instance State Senator Jim Whelan (D-Atlantic) in condemning the New Jersey bill at a hearing that is public of Senate Budget and Appropriations Committee yesterday.

Among the bill’s criticisms was an extremely fear that is real the proposal could destroy the resort town, that has currently lost a quarter of its casinos and with them some 8,000 jobs, on the past two years.

Legislators want to allow the creation of two licenses in northern New Jersey, hoping they are going to attract hordes of gamblers from the newest York area that is metropolitan which in turn would bolster the state’s faltering casino industry.

Tax Worries

Since this would need an amendment to the state constitution, the matter would visit a public ballot probably be voted on in November. However the bill will have to be approved by three-fifths of both chambers to enable this to take place.

Should the bill become law, Atlantic City’s current casino licensees would be offered the chance to bid for the North Jersey licenses first. If they show to be uninterested, the field would then be exposed to operators from outside the state.

Politicians have stated Atlantic City will receive up to $200 million in compensation from taxes regarding the new casinos, but taxation amounts have yet to be determined, which alarms numerous into the resort city.

Joe Kelly, president of Greater Atlantic City Chamber, said which he didn’t understand how the bill could move forward without possibly these figures.

‚ We don’t know what kind of revenue will be returned to Atlantic City, we don’t know who it’s going to be returned to or how it will work,‘ he complained.

He also stated he believed the proposal would result in two more casino closures into the city, and the potential loss of 14,000 more jobs.

Saturated Fat

Senator Whelan warned that the continuing state was using fire by expanding into the north and that the area will not be immune from the situation of saturation.

‚We’re not going to [see] casinos in north Jersey have actually a 20-25 year monopoly,‘ he said. ‚It will likely be a matter of years before nyc has gambling enterprises in Manhattan or into the Bronx. What Atlantic City is experiencing now, north Jersey will experience at that right time.‘

Another public hearing is due on March 7 in the Assembly, after which the bill will be voted on in both houses.

Florida Gambling Expansion Bill Passes House Committee, Chances of Passage Remain Slim

Florida gambling expansion, perhaps: State Rep. Jose Diaz is leading the fight to open up Florida’s gaming venues, nevertheless the handle various events, including the Seminole Tribe and pari-mutuel interests, has a way that is long go before being signed into law. (Image: floridapolitics.com)

Florida gambling expansion bill HB 7109 scored a much-needed victory on Monday, after the state’s home Finance and Tax Committee voted 12-5 in favor of moving the legislation towards the chamber’s floor.

Introduced by Jose Diaz (R-District 116), HB 7109 would overhaul their state’s current law by expanding gambling through the entire state. It would also authorize pari-mutuels to offer casino games without continuing to host horse or racing that is greyhound legalize daily fantasy sports (DFS), and reach new terms with all the state’s Seminole Tribe.

Nevertheless, with a handful of events all lobbying for their own self-interests, from lawmakers in Tallahassee to racetracks to the Indian tribe, the intricate bill that is 122-page certainly not a sure thing for passage.

Against All Odds

The issue that is predominant hawaii of Florida is dealing with the powerful Seminole Tribe and its five video gaming facilities. In December, Governor Rick Scott (R) reached a deal with tribal leaders, handing over the rights that are exclusive provide craps and roulette as a swap for a guaranteed $3 billion for the Sunshine State’s coffers throughout the next seven years.

Competing interests from the racing contingent said maybe not so fast, and also have successfully pressured lawmakers into supporting the deal that is scott-Seminole.

‚It’s extremely tough to negotiate a deal when every part threatens if you don’t give them exactly what they desire,‘ a frustrated Diaz said Monday.

Diaz says his House that is new bill need the Seminoles to sign down on the provisions, and time is of the essence. March 11 could be the last day of the Florida Legislature’s 2016 session that is regular.

The Seminole lightweight with Florida expired in 2015, but casinos on reservation land continue to offer gambling and continue to send checks to the state government.

Reaching a deal now would be good for both edges, as being a pact that is new save your self 3,500 jobs, and in accordance with Seminole Chairman James Billie, create thousands more and generate upwards of $10 billion for their state by 2036.

In what exactly is perhaps an olive branch to those opposed to expanded gambling, Diaz’s law would require a voter referendum moving forward for just about any gambling expansion that is future.

Georgia Gambling Not on Its Mind

With Florida’s neighbor to the north, Georgia wants to take the direct opposite approach to gambling than the Sunshine State. The much more conservative Peach State, Georgia has voted for the Republican presidential nominee all but four times since 1964.

Georgia currently features a continuing state lottery, but is free of any tribal, commercial, or racetrack gaming.

And State home Speaker David Ralston (R) wants to keep it that way. Ralston gets the advantage that is distinct Georgia of deciding what does and exactly what doesn’t go before the House flooring for consideration.

On Friday, the House Rules Commmittee voted to move House Bill 677 to the floor. Authored by State Rep. Ron Stephens (R-District 164), the legislation would authorize the issuance of four resort-style gambling licenses.

Based on the Atlanta Journal-Constitution, Ralston encouraged his colleagues to attend church this past weekend and rethink any plans to vote in favor of legalizing gambling in Georgia. Ralston concluded the by saying HB 677 getting a vote is one thing he ‚wouldn’t bet on. week‘

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