Carl Icahn wants to revitalize the Taj Mahal in Atlantic City and save thousands of jobs along the way, but he says it cannot be done unless local union workers are willing to compromise. Unhappy union employees, shown only at an earlier 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 ended up being authorized by the latest 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 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 said associated with the settlement. ‘I feel really highly that the Taj Mahal will prosper.’
That is going to be no simple task, but, since the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for 1st quarter of 2015. The hotel’s 2,010 spaces were less than 50 % full throughout the very first three months for 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 key condition the mogul insists on is that Local 54 while the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for workers that 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 his ownership.
‘Although regional 54 seems fixated at all costs on damaging the Taj, and risking its closing and the loss in almost 3,000 jobs, we am optimistic,’ Icahn said.
Icahn also released a letter to regional 54 Taj employees this week that likens the national UNITE HERE organization to a Ponzi scheme that uses dues to enrich the lives of its leadership at a cost that is detrimental its members.
‘It is definitely an undisputable proven fact that your union leadership declined to negotiate with the Taj as its losses were mounting and it was pushed into bankruptcy. Your union leadership declined to take into account any concession that would have aided keep the Taj afloat, and that’s because your jobs usually do not matter to the union leadership,’ Icahn composed.
Icahnoclast
The once bustling gambling mecca associated with the east coast is now house to just eight total casinos, and Icahn now has control of two, or 25 % of the town’s video gaming venues. That means along with 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 is understandable union workers want and need their health insurance coverage and pension advantages reinstated, their tactics might be going about this into the way that is wrong. This week, Local 54 delivered a page to Icahn’s midtown Manhattan office with a list of its demands, along with an apple pie, a dig in response to Icahn saying ‘apple pie and flowers isn’t what sort of 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 bro of two past US presidents is hoping to separate your lives his campaign from their rather family name that is famous. Type of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates within the 2016 election that is presidential Monday, having an announcement at Miami-Dade College in the afternoon. But unlike lots of the more than a dozen applicants in the GOP field, Bush will be hoping to operate from a position of strength, as he will be one regarding the favorites for the celebration’s nomination into the early going associated with the campaign.
‘ In virtually any language my message are going to be a good one, because i’m certain that we are able to make the decades simply ahead in the usa the best time ever become alive these days,’ the most recent 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 back, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who happens to be married to the politician for 41 years and ended up being initially from León, Guanajuato in Mexico, will certainly be an important force in a country grappling with immigration and dual-language dilemmas on a basis that is almost daily.
In reality, the tale goes that Mrs. Bush did not even speak English when she married Jeb back in 1974. Her mother was reportedly a worker that is migrant food server.
Bush may need the assistance. Although the Florida that is former governor often the first choice in national polls of Republican voters, though that advantage is extremely narrow. In fact, it may be more accurate to examine Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders only at that early stage.
Strong Establishment Candidate
That stated, Bush has lots of advantages that casino-online-australia.net will make his campaign a strong one. For one, he will do not have difficulty money that is raising.
One PAC that is super that backing him had hoped to boost $100 million by the finish of June, even though they will almost certainly come up short of this objective, it’s clear there’ll be lots of funding for the Bush war chest.
He’ll likewise have 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 wanting never to drive on at the least the obvious of coattails. After all, that famous name that is last a double-edged sword, depending on which voters you are speaking to.
While both his dad and brother have previously offered as president, Jeb Bush is trying to avoid being seen just while the next in line of succession, with a ‘royal’ aspect that lots of voters may perhaps not be comfortable with.
Campaign Has Been Unofficial for Months
Of course, 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 organization until now. On the weekend, Bush told CNN that becoming a candidate that is official enable him to higher articulate their message to the US individuals.
‘we think this transition up to a candidacy enables me to be more direct about my advocacy of this leadership abilities necessary for the president that is next fix a few things,’ Bush said while in, of all places, Estonia this weekend. ‘ And as a candidate, contrary to someone who has been listening and learning along the real way, we’ll offer alternatives to the road we’re on aswell, so i will be more specific on policy.’
Historically Opposed to Gambling
It’s uncertain whether we’ll get any details on Bush’s video gaming policies, but his previous stances on gambling problems whilst governor of Florida make it pretty clear he isn’t any fan of casinos, as he strongly opposed gambling expansion in 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 moreover to their campaign, Bush may have to make an impression on conservative voters who’ren’t necessarily on board along with his stances on immigration and training, both areas where his wife can become an important campaign ally. He also recently struggled with questions over how he’d 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 on the year that is past. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, helping fortify the remaining eight gambling enterprises still running in Atlantic City.
But while the general numbers are positive, not all games and casinos are sharing equally into the good fortune.
According to the nj-new Jersey Department of Gaming Enforcement (DGE), on the web gambling revenues were up to $12.47 million in May.
That represents a rise 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 nearly entirely by online casinos. In contrast, online poker rooms are struggling. Internet poker brought in just under $1.93 million in May, down from $2.27 million in identical month year that is last.
That figure marks the second-lowest monthly revenue for on-line poker in New Jersey, with only last November trailing the absolute most recent month.
Once accountable for a quarter or more of on the web gambling revenues in New Jersey, poker is now only about 15 % of this market.
On the poker aspect, the 888/World group of Poker partnership felt the majority of the harm. The $831,799 they brought in through their Internet poker partnership had been a low that is all-time while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding steady ended up being a theme for the Borgata, as its general Internet revenues were down by about one percent too.
It’s still the online market leader, collecting about 32 percent of all revenues, but growth generally 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, several organizations have seen their online offerings remove, none less than the Golden Nugget.
The casino has taken full advantage of the fact that BetfairCasino.com is now operating through them because the closure for the Trump Plaza, and it has ridden that new partnership to a clear place that is second hawaii’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the figures that are online show a mixture 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 per cent more than those same eight casinos took in year that is last.
To be sure, the pie that is overall still smaller: if you include three more casinos that have been operating last May but have since closed, the revenues are down by about 9 percent.
But with fewer casinos in the mix, the May revenues still represent a exceptional result for the gambling enterprises that are nevertheless running a business.
‘That’s a strong showing for 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 main one thirty days or for initial five months of this 12 months, total gaming revenue is up for the existing operators. The size of industry can be smaller, but the wellness for the operators that are current getting stronger.’
The winner that is biggest had been Caesars, which saw its monthly revenues increase by 51 % over last might. That was largely due to a especially unlucky month in high-stakes table games last year for Caesars.
Just two casinos were down year-over-year, including the Borgata, which saw revenues fall by 4.7 per cent but nonetheless easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which will be along the way of being obtained by Carl Icahn.