Carl Icahn would like to revitalize the Taj Mahal in Atlantic City and save yourself thousands of jobs in the process, but he says it can not be done unless local union workers are prepared to compromise. Unhappy union workers, shown here at a youthful 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 had been authorized by the brand new Jersey Casino Control Commission this week.
Icahn says he will invest another $100 million to revitalize the resort and to keep the Atlantic City landmark solvent.
‘We think when you pull into the Taj Mahal, it’s dirty, it is dated, and it takes to be freshened up,’ Trump Entertainment CEO Robert Griffin stated regarding the settlement. ‘I feel really highly that the Taj Mahal will excel.’
That will be no easy task, nonetheless, as 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 rooms were less than 50 % full during 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 Stay 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 as well as the UNITE HERE unions stop their pursuit of having a court mandate Icahn to reinstate benefits for employees that were terminated by Trump Entertainment during bankruptcy procedures.
The other Atlantic City casino under his ownership on Wednesday, Icahn told reporters he sees the Taj being reestablished much like he did with the Tropicana.
‘Although Local 54 seems fixated at all costs on damaging the Taj, and risking its closing and the loss of almost 3,000 jobs, we have always been positive,’ 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 detrimental expense to its users.
‘It can be an fact that is undisputable your union leadership refused to negotiate with the Taj as the losses were mounting also it was pushed into bankruptcy. Your union leadership declined to take into account any concession that would have assisted keep the Taj afloat, and that is because your jobs don’t matter to the union leadership,’ Icahn published.
The once bustling gambling mecca associated with the coast that is east now house to simply eight total casinos, and Icahn now has control of two, or 25 per cent of the city’s gaming venues. That means along with Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a tiny monopoly on town where the overall game of Monopoly is situated.
Thought it is understandable union workers want and need their wellness insurance and retirement benefits reinstated, their tactics might be going about this into the incorrect way. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan office with a list of its demands, along side an apple pie, a dig in response to Icahn saying ‘apple pie and roses isn’t what sort of globe 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 United States presidents is hoping to separate his campaign from his rather famous family name. Kind of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates in the 2016 election that is presidential Monday, with an statement at Miami-Dade College in the afternoon. But unlike lots of the greater than a dozen candidates within the GOP field, Bush will be hoping to run from a position of strength, as he shall be one associated with the favorites for the party’s nomination in the early going associated with the campaign.
‘ In almost any language my message are an optimistic one, that we can make the decades just ahead in America the greatest time ever to be alive in this world,’ the latest Bush political dynasty candidate opined, using both English and Spanish to address the live and undoubtedly massive TV audience because I am certain.
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 your politician for 41 years and ended up being initially from León, Guanajuato in Mexico, will certainly be a crucial force in a country grappling with immigration and dual-language issues on a almost daily basis.
In reality, the story goes that Mrs. Bush did not also speak English whenever she married Jeb back in 1974. Her mother ended up being reportedly a worker that is migrant food server.
Bush may require the assistance. Although the Florida that is former governor frequently the first choice in national polls of Republican voters, though that advantage is extremely narrow. In reality, it may be more accurate to check Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders at this very early stage.
Strong Establishment Candidate
That said, Bush has lots of advantages that will make their campaign a strong one. For one, he will do not have difficulty raising cash.
One super PAC that is backing him had hoped to increase $100 million by the finish of June, and while they will almost certainly come up short of the objective, it’s clear there will be lots of funding for the Bush war chest.
He’ll have numerous endorsements from Republican establishment figures, in addition to a name that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is wanting not to drive on at the very least the obvious of coattails. After all, that famous last name is a double-edged sword, based on which voters you are speaking to.
While both his dad and brother have previously offered as president, Jeb Bush is attempting to avoid being seen just once the next in line of succession, with a ‘royal’ aspect that numerous voters may maybe not be comfortable with.
Campaign Was Unofficial for Months
Of course, by any standard that is reasonable Bush’s campaign has been underway for months, but he has carefully skirted the line to avoid officially launching a campaign company until now. Over the weekend, Bush told CNN that becoming an official candidate will enable him to better articulate their message to the American individuals.
‘I think this transition to a candidacy enables me to be more direct about my advocacy associated with 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, we’ll supply alternatives to the path we’re on too, 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 previous stances on gambling problems whilst governor of Florida make it pretty clear as he strongly opposed gambling expansion in the state that he is no fan of casinos. Their stances on Internet gambling are less clear, though it is hard to imagine he could 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 might have to win over conservative voters who’ren’t necessarily on board together with stances on immigration and training, both areas where his wife could become a campaign that is important. He also recently struggled with questions over how he’d have managed the war in Iraq, and fired his campaign manager just last week due to squabbles inside his camp.
New Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations throughout the past year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, assisting fortify the remaining eight gambling enterprises still operating in Atlantic City.
But while the entire figures are positive, not all games and casinos are sharing equally within the fortune that is good.
According to the nj-new Jersey Department of Gaming Enforcement (DGE), on the web gambling revenues were around $12.47 million in May.
That represents a rise of more than 19 % over last May, when the sites brought in just $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled almost 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 online poker in New Jersey, with only last November trailing the most month that is recent.
Once responsible for a quarter or higher of on the web gambling revenues in nj-new jersey, poker is now no more than 15 per cent for the market.
On the poker side of things, the 888/World Series of Poker partnership felt a lot of the harm. The $831,799 they introduced through their Internet poker partnership ended up being a low that is all-time 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 also.
Its still the market that is online casino-online-australia.net, collecting about 32 percent of all revenues, but growth appears to have stalled: the company has yet to beat out its 2014 performance online in any thirty days this year.
On the other hand, several companies have seen their online offerings lose, none less than the Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them because the closure associated with the Trump Plaza, and has ridden that new partnership to a clear place that is second the state’s iGaming landscape.
Real time 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 had been very encouraging in May. Overall, casinos won $208.6 million for the month, 5.3 percent a lot more than those same eight casinos took in year that is last.
To make sure, the pie that is overall still smaller: in the event that you include three more casinos that have been operating last might but have since closed, the revenues are down by about 9 per cent.
However with fewer gambling enterprises in the mix, the might revenues still represent a excellent result for the gambling enterprises that are nevertheless in operation.
‘That’s a strong showing for what our detractors say is a weak market,’ stated New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look at the results for the one month or for the very first five months with this year, total video gaming income is up for the existing operators. The dimensions of the marketplace can be smaller, but the health for the operators that are current getting stronger.’
The winner that is biggest was Caesars, which saw its month-to-month revenues enhance by 51 percent over last might. That was largely due to a particularly unlucky month in 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 % but still easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which is in the process of being obtained by Carl Icahn.