Carl Icahn wants to revitalize the Taj Mahal in Atlantic City and conserve thousands of jobs in the process, but he says it can not be done unless local union workers are willing to compromise. Unhappy union workers, shown only at an early on protest, feel otherwise.
Billionaire Carl Icahn has obtained the Trump Taj Mahal, exchanging $292 million he’s owed for complete ownership of the casino in a deal that was approved by this new Jersey Casino Control Commission this week.
Icahn says he shall 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 takes to be freshened up,’ Trump Entertainment CEO Robert Griffin stated of this settlement. ‘I feel extremely highly that the Taj Mahal will prosper.’
That is going to be no task that is easy nonetheless, because the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for initial quarter of 2015. The hotel’s 2,010 rooms were less than 50 per cent full throughout the very first three months of the year, a drastically reduced rate than that of one other seven casino hotels that averaged occupancy levels of around 70 to 85 percent.
Icahn’t Stand Unions
Icahn is optimistic that he can restore the Taj to its former days of glory. But one key condition the mogul insists on is that neighborhood 54 additionally the UNITE HERE unions stop their pursuit of experiencing a court mandate Icahn to reinstate benefits for workers which 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 neighborhood 54 seems fixated at all costs on damaging the Taj, and risking its closing and the loss of almost 3,000 jobs, I am optimistic,’ Icahn said.
Icahn also released a letter to regional 54 Taj employees this week that likens the nationwide UNITE HERE organization to a Ponzi scheme that uses dues to enrich the lives of its leadership at a harmful price to its members.
‘It can be an fact that is undisputable your union leadership refused 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 is because your jobs usually do not matter to the union leadership,’ Icahn penned.
The once bustling gambling mecca of this east coast is now house to simply eight total casinos, and Icahn now has control of two, or 25 percent of the city’s video gaming venues. That means along side Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a monopoly that is planet 7 oz mobile casino small town where the game of Monopoly relies.
Thought it is understandable union workers want and need their wellness insurance coverage and pension advantages reinstated, their tactics might be going about this into the incorrect way. This week, Local 54 delivered a page to Icahn’s midtown Manhattan workplace having a list of its demands, along with an apple pie, a dig in response to Icahn saying ‘apple pie and flowers isn’t how a globe works’ previously this year.
Jeb Bush Latest GOP Candidate to Enter Republican Presidential Race
Officially official: After many months of unofficial fundraising, Jeb Bush confirmed his bid for the 2016 GOP nomination today. The son and sibling of two past United States presidents is hoping to separate your lives his campaign from their rather family name that is famous. Kind of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates within the 2016 election that is presidential Monday, by having an statement at Miami-Dade College in the afternoon. But unlike many of the over a dozen candidates into the GOP field, Bush will be hoping to operate from a position of strength, as he will be one of this favorites for the celebration’s nomination into the early going regarding the campaign.
‘ In virtually any language my message is a confident 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 back, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who happens to be married to your politician for 41 years and was originally from León, Guanajuato in Mexico, will certainly be a crucial force in a country grappling with immigration and dual-language issues on a basis that is almost daily.
In reality, the story goes that Mrs. Bush did not even 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 help. Although the former Florida governor is often the best choice in national polls of Republican voters, though that advantage is very narrow. In fact, it may be more accurate to view Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders at this stage that is early.
Strong Establishment Candidate
That stated, Bush has lots of advantages that will make his campaign a strong one. For one, he will have no trouble raising cash.
One PAC that is super that supporting him had hoped to raise $100 million by the end of June, even though they’ll almost certainly come up short of the goal, it’s clear there will be plenty of funding for the Bush war chest.
He’ll also have numerous endorsements from Republican establishment figures, as well as a name that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is trying never to drive on at least the obvious of coattails. After all, that famous name that is last a double-edged sword, depending on which voters you are talking to.
While both his brother and father have previously served as president, Jeb Bush is wanting to avoid being seen merely whilst the next in line of succession, with a ‘royal’ aspect that numerous voters may perhaps not be comfortable with.
Campaign Was Unofficial for Months
Needless to say, by any reasonable standard, Bush’s campaign has been underway for months, but he’s got carefully skirted the line to avoid officially launching a campaign organization until now. Throughout 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 up to a candidacy enables me to be more direct about my advocacy associated with the leadership skills necessary for the president that is next 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 offer alternatives to the road we’re on aswell, so i will be more specific on policy.’
Historically Opposed to Gambling
It is uncertain whether we’ll get any information on Bush’s gaming policies, but his past stances on gambling problems while governor of Florida make it pretty clear as he strongly opposed gambling expansion in the state that he is no fan of casinos. His stances on Internet gambling are less clear, though it’s hard to imagine he could be any friendlier to online poker and casino games than he was to their counterparts that are land-based.
Perhaps more importantly to their campaign, Bush may have to conquer conservative voters that aren’t fundamentally on board together with his stances on immigration and training, both areas where their wife could become an important campaign ally. He also recently struggled with questions over how he would have handled 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 bolster the remaining eight gambling enterprises still operating in Atlantic City.
But while the entire figures are positive, maybe not all games and casinos are sharing equally in the good fortune.
In line with the New Jersey Department of Gaming Enforcement (DGE), online gambling profits were around $12.47 million in May.
That represents a rise greater than 19 per cent over last May, when the sites brought in just $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled nearly entirely by online casinos. In comparison, online poker rooms are struggling. Internet poker brought in just under $1.93 million in May, down from $2.27 million in the same month this past year.
That figure marks the second-lowest monthly revenue for on-line poker in New Jersey, with only last November trailing the most month that is recent.
Once accountable for a quarter or higher of online gambling revenues in New Jersey, poker is now no more than 15 % of the market.
On the poker aspect, the 888/World Series of Poker partnership felt all the damage. The $831,799 they introduced through their Internet poker partnership ended up being an all-time low, while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding steady was a theme for the Borgata, as its overall Internet revenues were down by about one percent too.
It’s still the market that is online, collecting about 32 percent of most revenues, but growth generally seems to have stalled: the business has yet to beat out its 2014 performance online in any month in 2010.
On the other hand, a few organizations have observed their online offerings take off, none less compared to the Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them since the closure regarding the Trump Plaza, and it 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 figures that are online show a combination 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 significantly 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 were operating last might but have since closed, the revenues are down by about 9 %.
But with fewer gambling enterprises in the mix, the might revenues still represent a exemplary result for the casinos that are nevertheless in business.
‘That’s a showing that is strong what our detractors say is a weak market,’ said New Jersey Casino Control Commission Chairman Matt Levinson. ‘Whether you look during the outcomes for usually the one month or for initial five months with this 12 months, total gaming income is up for the current operators. The size of the market are smaller, but the health regarding the operators that are current getting stronger.’
The biggest winner ended up being Caesars, which saw its monthly revenues enhance by 51 per cent over last might. That was largely as a result of month that is particularly unlucky 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 yet still effortlessly led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, that will be along the way to be obtained by Carl Icahn.