Carl Icahn wants to revitalize the Taj Mahal in Atlantic City and save your self thousands of jobs along the way, but he says it can not be done unless local union workers are willing to compromise. Unhappy union employees, shown here at a youthful 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 shall invest another $100 million to revitalize the resort and to keep the Atlantic City landmark solvent.
‚We think whenever you pull into the Taj Mahal, it’s dirty, it’s dated, and it requires to be freshened up,‘ Trump Entertainment CEO Robert Griffin said of the settlement. ‚we feel really strongly that the Taj Mahal will prosper.‘
That are no task that is easy nonetheless, 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 rooms were less than 50 percent full throughout the very first three months associated with the year, a drastically lower price 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 condition that is key mogul insists on is that neighborhood 54 and also the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for employees which were terminated by Trump Entertainment during bankruptcy procedures.
On Wednesday, Icahn told reporters he sees the Taj being reestablished much like he did with the Tropicana, the other Atlantic City casino under their ownership.
‚Although regional 54 seems fixated at all costs on damaging the Taj, and risking its closure and the loss of almost 3,000 jobs, I have always been optimistic,‘ Icahn said.
Icahn also released a letter to neighborhood 54 Taj employees this week that likens the national UNITE HERE organization up to a Ponzi scheme that uses dues to enrich the lives of its leadership at a detrimental expense to its members.
‚It is an fact that is undisputable your union leadership declined to negotiate with the Taj as its losses were mounting and it was pushed into bankruptcy. Your union leadership declined to consider any concession that would have helped keep the Taj afloat, and that’s because your jobs don’t matter to the union leadership,‘ Icahn published.
Icahnoclast
The once bustling gambling mecca associated with the coast that is east now home to just 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 monopoly that is small the town where the 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 it within the way that is wrong. This week, Local 54 delivered a page to Icahn’s midtown Manhattan workplace by having a list of its demands, along with an apple pie, a dig in response to Icahn saying ‚apple pie and flowers isn’t the way the 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 United States presidents is hoping to separate his campaign from his rather family name that is famous. Sort of. (Image: Erik Schelzig/AP)
Jeb Bush joined the ever-expanding crowd of Republican candidates into the 2016 presidential election on Monday, having an statement at Miami-Dade College in the afternoon. But unlike most of the over a dozen applicants in the GOP field, Bush will be hoping to run from a position of strength, as he will be one associated with the favorites for the party’s nomination into the early going associated with campaign.
‚ In any language my message will likely be an optimistic one, because I am certain that we could make the decades simply ahead in the us the maximum time ever to be alive in this world,‘ the newest Bush political dynasty candidate opined, using both English and Spanish to address the live and undoubtedly 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 is married to the politician for 41 years and had been originally from León, Guanajuato in Mexico, will certainly be an important force in a country grappling with immigration and dual-language issues on a daily basis.
In fact, the story goes that Mrs. Bush did not also speak English whenever she married Jeb back in 1974. Her mother had been reportedly a migrant worker and food server.
Bush may require the help. Although the former Florida governor is frequently the first choice in national polls of Republican voters, though that advantage is incredibly narrow. In fact, it may become more accurate to examine Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders only at that early stage.
Strong Establishment Candidate
That said, Bush has plenty of advantages that will make their campaign a strong one. For one, he will don’t have any difficulty raising cash.
One super PAC that is backing him had hoped to boost $100 million by the end of June, even though they’ll almost certainly come up short of this objective, it’s clear there will be lots of funding for the Bush war chest.
He’ll also have endorsements that are numerous Republican establishment figures, and a title that voters are familiar with, although his Jeb! 2016 slogan seems to indicate he is wanting not to drive on at least the most obvious of coattails. After all, that famous name that is last a double-edged sword, dependent on which voters you are speaking to.
While both his daddy 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 Happens To Be 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 a candidate that is official enable him to better articulate his message to the American individuals.
‚we think this transition to a candidacy enables me to be more direct about my advocacy associated with the leadership skills essential for the president that is next fix a few things,‘ Bush said while in, of all places, Estonia on the planet 7 oz app weekend. ‚ And as a candidate, contrary to someone who has been listening and learning along the real way, I’ll offer alternatives to the path we’re on also, so i will be more specific on policy.‘
Historically Opposed to Gambling
It’s uncertain whether we’ll get any information on Bush’s video gaming policies, but his past stances on gambling issues while governor of Florida make it pretty clear which he is not any fan of casinos, as he strongly opposed gambling expansion within the state. 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 to their land-based counterparts.
Perhaps more importantly to his campaign, Bush may need to win over conservative voters that aren’t always on board with his stances on immigration and training, both areas where his wife may become an important campaign ally. He also recently struggled with questions over how he’d have handled the war in Iraq, and fired his campaign manager week that is just last to squabbles inside their camp.
New Jersey Casinos See Online And Live Gains In May
The Golden Nugget has seen huge gains in its online gambling operations over the previous year. (Image: GoldenNugget.com)
New Jersey’s online gambling market continues to grow, assisting strengthen the remaining eight casinos still running in Atlantic City.
But while the general numbers are positive, perhaps not all games and casinos are sharing equally within the good fortune.
In line with the nj-new Jersey Department of Gaming Enforcement (DGE), on the web gambling revenues were up to $12.47 million in May.
That represents a rise of more than 19 per cent over last May, when the sites brought in simply $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled nearly 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 absolute most month that is recent.
Once accountable for a quarter or higher of on the web gambling revenues in New Jersey, poker is now just about 15 % associated with the market.
On the poker aspect, 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 steady was a theme for the Borgata, as its general Internet revenues were down by about one percent as well.
Its still the market that is online, collecting about 32 percent of most revenues, but growth seems to have stalled: the business has yet to beat out its 2014 performance online in any thirty days in 2010.
On the other hand, several 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 considering that the closure associated with Trump Plaza, and has ridden that new partnership to a clear second place in their state’s iGaming landscape.
Real time Numbers Promising for Atlantic City
But while the figures that are online 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 more than those same eight casinos took in last year.
To be sure, the pie that is overall still smaller: if you consist of three more gambling enterprises that were operating last May but have since closed, the revenues are down by about 9 %.
However with fewer gambling enterprises in the mix, the May revenues still represent a result that is excellent the gambling enterprises that are still in business.
‚That’s a showing that is strong what our detractors say is a weak market,‘ said brand New Jersey Casino Control Commission Chairman Matt Levinson. ‚Whether you look at the results for the one thirty days or for initial five months of the year, total video gaming income is up for the current operators. The dimensions of the market could be smaller, but the wellness for the operators that are current getting stronger.‘
The winner that is biggest ended up being Caesars, which saw its monthly revenues enhance by 51 percent over last might. That was largely as a result of specially unlucky month in high-stakes table games last year for Caesars.
Only two casinos were down year-over-year, like the Borgata, which saw revenues fall by 4.7 % but nevertheless effortlessly 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.
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