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

Trump T<span id="more-7204"></span>aj Mahal Back Out of Bankruptcy with Carl Icahn at the Helm

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

Billionaire Carl Icahn has rescued the Trump Taj Mahal from bankruptcy, but nonetheless faces opposition from the unions. The deal severs Donald Trump’s final tie with the AC casino industry, although his name shall remain included in the deal.

Plus in the extremely week that New Jersey Governor Chris Christie, having bowed from the presidential competition 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 that which was left of the Trump Entertainment casino empire he built-in the eighties and nineties up to a group of hedge funds and bond that is corporate.

He has had nothing at all to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. Nevertheless, the arch negotiator was able to retain a 10 percent stake in Trump Entertainment, in return for enabling the company to retain the Trump brand name.

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

Trump Ties Severed

That 10 % 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 for the building, this really is now very much the Carl Icahn show.

The Taj is the second home Icahn now owns in Atlantic City, having also rescued the Tropicana from bankruptcy in ’09.

‘The Taj is certainly one of Atlantic City’s signature properties,’ Icahn told the Associated Press. ‘Although both Atlantic City plus the Taj have experienced several tough years, today marks the turnaround,’ he added.

‘Just a years that are few, Tropicana was in bankruptcy and its fate uncertain, but since emerging in 2010, we’ve turned that property around and contains become one of Atlantic City’s few success stories. I’m confident we can and will do the exact same for the Taj,’ said Icahn.

State associated with the Union

One group that wont be applauding, nonetheless, is the hotel’s casino workers’ union Unite 54, which has yet to reach a contract agreement with Icahn.

The casino almost closed times that are several 2014. Icahn, that has bought most of the Taj’s $286 million debt, said over and invest, provided he was granted several concessions by the city that he was willing to take it. Among those was the best to scrap health pension and insurance benefits for his casino workers.

As such, union demonstrations have turn into 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 casinos at a hearing that is legislative Trenton on Monday. (Image:

Opposition to North Jersey casino expansion collected in Trenton on Monday to denounce lawmakers’ plans to tear up Atlantic City’s longstanding casino monopoly in 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 public hearing of the Senate Budget and Appropriations Committee yesterday.

Among the bill’s criticisms was a very fear that is real the proposal could destroy the resort town, that has already lost one fourth 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 nj-new jersey, hoping they’ll attract hordes of gamblers from the New York area that is metropolitan which in turn would bolster the state’s faltering casino industry.

Tax Worries

The matter would go to a public ballot likely to be voted on in November since this would require an amendment to the state constitution. However the bill would have to be approved by three-fifths of both chambers in order for this to happen.

Should the bill become law, Atlantic City’s current casino licensees would be offered the opportunity to bid for the North Jersey licenses first. Then be opened up to operators from outside the state if they prove to be uninterested, the field would.

Politicians have said Atlantic City will receive as much as $200 million in compensation from fees on the casinos that are new but taxation amounts have actually yet to be decided, which alarms numerous in the resort city.

Joe Kelly, president of Greater Atlantic City Chamber, said which he failed to know how the bill could possibly move forward without these numbers.

‘ We don’t know what kind of revenue will be returned to Atlantic City, we have no idea whom it will be returned to or how it will work,’ he complained.

He also said he believed the proposal would result in two more casino closures within the town, 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 a 20-25 monopoly,’ he said year. ‘It are a matter of years before new york has casinos in Manhattan or in 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 both in homes.

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

Florida gambling expansion, maybe: State Rep. Jose Diaz is leading the fight to open Florida’s gaming venues, but the cope with different events, including the Seminole Tribe and pari-mutuel interests, has a way that is long get before being signed into law. (Image:

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

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

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

Against All Odds

The prevalent issue facing 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 exclusive rights to offer craps and roulette in exchange for a guaranteed $3 billion for the Sunshine State’s coffers over the next seven years.

Competing interests through the racing contingent said perhaps not so fast, and also have successfully pressured lawmakers into supporting the Scott-Seminole deal.

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

Diaz says their House that is new bill require the Seminoles to sign down on the provisions, and time is of the essence. March 11 may be the last day of the Florida Legislature’s 2016 Regular Session.

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

Reaching a deal now would be advantageous to both edges, as a pact that is new save yourself 3,500 jobs, and in accordance with Seminole Chairman James Billie, create thousands more and produce upwards of $10 billion for hawaii by 2036.

In what is perhaps an olive branch to those opposed to expanded gambling, Diaz’s legislation would require a voter referendum continue for any gambling expansion that is future.

Georgia Gambling Not on Its Mind

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

Georgia presently has 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 has the distinct advantage in Georgia of determining exactly what does and what doesn’t go before the home flooring for consideration.

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

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

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