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

Trump T<span id="more-15524"></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 their name will remain within the deal.

Plus in the week that is very New Jersey Governor Chris Christie, having bowed out of the presidential race himself, pledged his help 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 what 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 already established nothing to do with the management of the Taj, or its now sister that is defunct, the Trump Plaza, from the time. However, the arch negotiator been able to retain a ten percent 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 following Icahn’s intervention, he relented, and the title will remain.

Trump Ties Severed

That ten percent stake is now gone, severing Trump’s last ties with the city. And while his name may still be emblazoned in lights throughout the front side associated with the building, that 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 last year.

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

‘Just a few years ago, Tropicana was in bankruptcy and its fate uncertain, but since emerging in 2010, we’ve turned that property around and has now become one of Atlantic City’s few success tales. I am confident we can and will perform some same for the Taj,’ said Icahn.

State regarding the Union

One team that won’t be applauding, nonetheless, is the hotel’s casino workers’ union Unite 54, which has yet to achieve a contract agreement with Icahn.

The casino almost closed several times in 2014. Icahn, that has bought the majority of the Taj’s $286 million debt, said that he was ready to just take it over and invest, provided he had been granted several concessions by the city. One of those was the right to scrap health insurance and pension benefits for his casino workers.

As such, union demonstrations have become a familiar sight outside the property 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 legislative hearing in Trenton on Monday. (Image: dailykos.com)

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

Atlantic City business people and concerned residents joined up with politicians such as 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 a really fear that is real the proposal could kill the resort town, which includes already lost a quarter of its casinos and with them some 8 888 casino mobile review,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 latest York metropolitan area, which in turn would bolster the state’s faltering casino industry.

Tax Worries

Since this would need an amendment to your state constitution, the matter would go to a public ballot apt to be voted on in November. Nevertheless the bill would have to be authorized 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. If they turn out to be uninterested, the field would then be opened to operators from outside the state.

Politicians have stated Atlantic City will receive as much as $200 million in compensation from taxes on the casinos that are new but taxation amounts have yet to be decided, which alarms many in the resort town.

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

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

He also stated he believed the proposal would result in two more casino closures within the city, and the loss that is potential of more jobs.

Saturated Fat

Senator Whelan warned that the state was having fun with fire by expanding into the north and that the area won’t be immune from the problem of saturation.

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

Another hearing that is public 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, however the handle various events, including the Seminole Tribe and pari-mutuel interests, has a good way to go before being signed into law. (Image: floridapolitics.com)

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 to your chamber’s floor.

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

However, 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 anything but a sure thing for passage.

Against All Odds

The issue that is predominant hawaii of Florida is how to deal with the powerful Seminole Tribe and its five gaming facilities. In December, Governor Rick Scott (R) reached a deal with tribal leaders, handing over the exclusive legal rights to offer craps and roulette in exchange for a guaranteed $3 billion for the Sunshine State’s coffers within the next seven years.

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

‘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 his House that is new bill need the Seminoles to sign down regarding the conditions, and time is of the essence. March 11 is the final day’s the Florida Legislature’s 2016 Regular Session.

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

Reaching a deal now would be good for 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 their state by 2036.

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

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 more conservative Peach State, Georgia has voted for the Republican nominee that is presidential but four times since 1964.

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

And State House Speaker David Ralston (R) wants to keep it that way. Ralston has the advantage that is distinct Georgia of deciding what does and what does not go before your house flooring for consideration.

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

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