Carl Icahn wants to revitalize the Taj Mahal in Atlantic City and save yourself thousands of jobs in the act, but it is said by him cannot be done unless local union workers are willing to compromise. Unhappy union employees, shown here at an earlier 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 ended up being authorized by the newest Jersey Casino Control Commission this week.
Icahn says he will invest another $100 million to revitalize the resort and also to keep the Atlantic City landmark solvent.
‘We think when you pull into the Taj Mahal, it’s dirty, it’s dated, and it takes to be freshened up,’ Trump Entertainment CEO Robert Griffin said associated with the settlement. ‘we feel extremely highly that the Taj Mahal will do well.’
That are no task that is easy but, as the north end boardwalk gambling venue continues to operate at a loss, including being $8.7 million in the red for the first quarter of 2015. The hotel’s 2,010 spaces were less than 50 per cent full throughout the very first three months of the year, a drastically reduced rate than that of the other seven casino hotels that averaged occupancy levels of around 70 to 85 %.
Icahn’t Stand Unions
Icahn is optimistic he can restore the Taj to its former days of glory. But one key condition the mogul insists on is that Local 54 and also 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 in almost 3,000 jobs, we have always been positive,’ Icahn said.
Icahn also released a letter to neighborhood 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 an undisputable fact that your union leadership declined to negotiate with the Taj as its losses were mounting plus it was pushed into bankruptcy. Your union leadership refused to think about any concession that would have assisted keep the Taj afloat, and that is because your jobs usually do not matter to the union leadership,’ Icahn composed.
The once bustling gambling mecca associated with the coast that is east now home to simply eight total casinos, and Icahn now has control of two, or 25 % of the town’s gaming venues. That means along side Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn has a monopoly that is small town where the overall game of Monopoly is based.
Thought it’s understandable union workers want and need their wellness insurance coverage and pension advantages reinstated, their tactics might be going about it within the incorrect way. This week, Local 54 delivered a page to Icahn’s midtown Manhattan office with a list of its demands, along side an apple pie, a dig in reaction to Icahn saying ‘apple pie and roses isn’t how a world 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 bro of two past US presidents is hoping to split up his campaign from their instead famous family name. Type of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates within the 2016 presidential election on Monday, with an announcement at Miami-Dade College in the afternoon. But unlike most of the over a dozen applicants into the GOP field, Bush will be hoping to run from a position of strength, as he shall be one for the favorites for the party’s nomination into the early going for the campaign.
‘ In any language my message are going to be an optimistic one, because i will be certain that we can result in the decades just ahead in the us the maximum time ever to be alive these days,’ the latest Bush political dynasty candidate opined, using both English and Spanish to handle the live and truly massive TV market.
Columba Bush, a first-generation immigrant that is mexican married Jeb 41 years back, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)
Columba Bush, who was married towards the politician for 41 years and ended up being initially from León, Guanajuato in Mexico, will certainly be an essential force in a country grappling with immigration and dual-language dilemmas on a basis that is almost daily.
In reality, the story goes that Mrs. Bush did not also speak English whenever she married Jeb back in 1974. Her mother had been reportedly a worker that is migrant food server.
Bush may need the assistance. Although the Florida that is former governor usually the best choice in national polls of Republican voters, though that advantage is very narrow. In fact, it may be much more accurate to consider Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders at this stage that is early.
Strong Establishment Candidate
That said, Bush has plenty of advantages that will make his campaign a strong one. For one, he will do not have difficulty money that is raising.
One super PAC that is supporting him had hoped to increase $100 million by the finish of June, and while they will almost certainly come up short of that goal, it’s clear there will be lots of funding for the Bush war chest.
He will also have numerous endorsements from Republican establishment figures, in addition to a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is attempting to not ride on at the very least the obvious of coattails. After all, that famous name that is last a double-edged sword, dependent on which voters you’re talking to.
While both his father and brother have previously offered as president, Jeb Bush is trying to avoid being seen simply once the next in line of succession, with a ‘royal’ aspect that many voters may 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 formally launching a campaign organization until now. Over the weekend, Bush told CNN that becoming an official candidate will allow him to higher articulate his message to the American individuals.
‘we think this transition to a candidacy will allow me to be more direct about my advocacy of the leadership skills required for the next president to fix a few things,’ Bush said while in, of all places, Estonia on the weekend. ‘ And as a prospect, contrary to anyone who has been listening and learning along the way, we’ll offer alternatives to the path we’re on as well, so i will be more specific on policy.’
Historically Opposed to Gambling
It’s uncertain whether we’ll get any information on Bush’s gaming policies, but his previous stances on gambling problems whilst governor of Florida make it pretty clear that he isn’t any fan of casinos, as he strongly opposed gambling expansion within the state. Their stances on Internet gambling are less clear, though it is difficult to imagine he could be any friendlier to online poker and casino games than he was to their land-based counterparts.
Perhaps more importantly to his campaign, Bush may have to win over conservative voters that aren’t necessarily on board together with stances on immigration and training, both areas where his wife may become a campaign that is important. He also recently struggled with questions over how he would have managed the war in Iraq, and fired his campaign manager week that is just last 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 within the year that is past. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, assisting strengthen the remaining eight gambling enterprises still operating in Atlantic City.
But while the general figures are positive, not all games and casinos are sharing equally into the good fortune.
Based on the New Jersey Department of Gaming Enforcement (DGE), online gambling revenues were around $12.47 million in May.
That represents an increase 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 very 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 identical month this past year.
That figure marks the second-lowest monthly revenue for online poker in New Jersey, with only last November trailing the absolute most recent month.
Once accountable for a quarter or more of on line gambling revenues in New Jersey, poker is now only about 15 percent associated with the market.
The 888/World Series of Poker partnership felt most of the damage on the poker side of things. The $831,799 they brought in through their Internet poker partnership was 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 general Internet revenues were down by about one percent also.
Its still the online market leader, collecting about 32 percent of all of the revenues, but growth seems to have stalled: the company has yet to beat out its 2014 performance online in any month this present year.
On the other hand, a few businesses have experienced their online offerings take off, none less than the Golden Nugget.
The casino has taken full advantage to the fact that BetfairCasino.com is now operating through them considering that the closure associated with Trump Plaza, and 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 online numbers may show a mix of ups and downs for Atlantic City’s casinos, the overall numbers for the industry were 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 last year.
To make sure, the overall cake is still smaller: if you include three more casinos that were operating last might but have since closed, the revenues are down by about 9 %.
However with fewer casinos in the mix, the May revenues still represent a result that is excellent 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 initial five months of this 12 months, total gaming income is up for the current operators. The dimensions of industry might be smaller, but the wellness associated with operators that are current getting stronger.’
The winner that is biggest had been Caesars, which saw its month-to-month revenues enhance by 51 per cent over last May. That was largely due to a 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 but nonetheless easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which is in the process to be obtained by Carl Icahn.