Carl Icahn Delivers $100 Million Ultimatum on North Jersey Casino Bill

Tycoon Carl Icahn has promised to bail on a $100 million investment in the Trump Taj Mahal in Atlantic City if New Jersey agrees to casino that is northern in the state.
Carl Icahn claims he will bail on Atlantic City if their state’s proposal to license casino gaming in North Jersey goes ahead.
Just days after he finished a deal to take within the stricken Trump Taj Mahal, rescuing it from Chapter 11 bankruptcy, the billionaire investor has opted to play his own trump card in the New Jersey casino expansion debate.
The Plaza in late 2014, the Taj appeared to be going the way of its defunct sister property. But which was before Icahn, then the majority holder of the Taj’s $286 million debt, offered to transfer that debt into ownership.
He also promised to invest up to $100 million in the home, supplied the Atlantic City would grant him specific concessions.
Those concessions included the right to scrap health insurance and pension advantages for employees, a demand that incurred the wrath of casino workers’ union Unite 54.
As an effect, public demonstrations outside the Taj and the Tropicana, also owned by Icahn, have develop into a sight that is familiar the last 18 months.
If Casinos Go North, Icahn Goes South
But now that those concessions have been granted, and the Taj has changed into a full subsidiary of Icahn Enterprises, the billionaire says he may get full stop if the current way of casino expansion in the state doesn’t come to a halt.
‘Although I had planned to get up to $100 million in the Taj, just when I made significant investments at the Tropicana, obviously it will never be judicious to continue with those assets while gaming in north Jersey is an available problem, and we will need certainly to wait to begin to see the outcome of those proposals,’ Icahn said.
New Jersey wants to create two casino that is new in the north associated with state, so as to lure customers across the Hudson from New York City. The matter would have to be decided by a public ballot, but that will only happen if it is first approved by three-fifths of the legislature since the proposal would require an amendment to the state’s constitution.
I shall Because Icahn
The bill proposes that Atlantic City receive up to $200 million from taxes on the newest casinos, nonetheless it still lacks any proposal that is firm of taxation rate, which means the resort city is within the dark about the amount of compensation it would get for ceding its monopoly.
While expansion features a reasonable body of help in hawaii legislature, you will find also many dissenting voices. Many of those are in Atlantic City itself, where some are worried that the bill will destroy a casino industry off that has recently seen a quarter of its video gaming properties near in the last couple of years.
Icahn may possibly not be a figure that is popular the casino unions, but money speaks, and also the addition of his voice to the clamor of opposition, followed closely by their threat to pull many millions of dollars in opportunities, could well signal the death of casino licenses for North Jersey.
Pennsylvania State Representative Marc Gergely Denies Membership in Illegal Gambling Racket
Pennsylvania State Representative Marc Gergely pleads ‘not accountable’ to three felony charges relating to A pittsburgh slot machine that is illegal procedure. (Image: pahouse.com)
Pennsylvania State Representative Marc Gergely (D- 35th Dist) appeared in court today, accused to be an user of an illegal Pittsburgh slots gambling ring led by way of a man named ‘Porky’ Melocchi.
Gergely, certainly one of over a dozen charged into the case, is dealing with three felony counts, including dealing in the profits of illegal task, plus three misdemeanors. He pled not guilty.
It is alleged that Ronald ‘Porky’ Melocchi, whom had been sentenced to a decade’ probation year that is last utilized their connections in the wonderful world of neighborhood politics to persuade business owners to install their devices on their premises.
In one such case, Gergely allegedly told a local restaurateur which he should accept Melocchi’s slot machines because he the legislator had connections to regional law enforcement and could protect business from ‘trouble.’
Prosecutors also claim Gergely received a $2,000 campaign donation from Melocchi, the supply of which the lawmaker attempted to conceal with some accounting that is creative.
Bogus Letter Sting
‘The allegations show what I would personally look at the insidious nature of planned crime,’ said Mark Serge, who is senior deputy at the Pennsylvania Attorney General’s workplace. ‘You have relationship and money that tends to infiltrate the system that is political people get caught up in that.
‘This is an ongoing criminal investigation, we do anticipate more charges in this matter,’ Serge added. ‘It could involve other individuals that are involved within the political system and had any kind of relationships with Mr. Melocchi and his organization.’
The court heard that in November 2012, having caught wind of Melocchi’s operations and his suspected links to Gergely, prosecutors sent the representative a letter that is fake basically through the wife of a gambling addict whose husband had blown their life savings on Melocchi’s devices.
‘Mr. Gergely, we believe you’re the person that is only can trust,’ the letter said. ‘ I don’t know if the FBI should be called by me or State Police.’
Wiretap Evidence
Sufficiently spooked by the correspondence, Gergely called his company partner to tell him he required to discover who the gambler was and put end to his gambling spree, as authorities listened in via a wiretap.
‘I simply desire to be mindful of you,’ Gergely told Melocchi, based on court papers. ‘ She obviously does not have any proven fact that we now have a connection. You know what I mean?’
The legislator that is seven-term lost his position as the ranking Democrat regarding the state House work and Industry Committee because of the charges, but he has not resigned through the legislature.
He claims that Melocchi was a friend that is longtime of dad and that their relationship extended no further than that.
CNBC’s ‘Billion Dollar Buyer’ Features Golden Nugget Owner Tilman Fertitta
Billionaire Tilman Fertitta can now put in a television show to his Landry’s portfolio, as CNBC is set to premiere ‘Billion Dollar Buyer’ later this thirty days. (Image: cnbcmediasales.com)
CNBC’s Billion Dollar Buyer offers companies that are budding businesspeople the opportunity to pitch billionaire hospitality mogul Tilman Fertitta to join their globally respected Landry’s, Inc. empire.
Riding in the bandwagon of endeavor capital shows such as Shark Tank and Restaurant business, the show that is new to capitalize ( see just what we did there) on the hopes and dreams of entrepreneurs every-where.
‘In each hour-long episode, Fertitta will spending some time with two smaller businesses, sample their goods, get to know their owners, and assess their compatibility with Landry’s,’ the CNBC website explains. ‘In the finish, he’ll decide whether to spot a purchase that is transformative with one of the businesses, both, or neither.’
A relative to two other billionaires, Ultimate Fighting Championship and Station Casinos owners Lorenzo and Frank Fertitta, Tilman is the shareholder that is sole of’s.
Among Landry’s washing list of assets are the Golden Nugget’s five casino resorts, Bubba Gump Shrimp Company, McCormick & Schmick’s and Morton’s steakhouses, and Rainforest Café, to name a couple of.
‘I started out as an entrepreneur that is young and I am really eager to connect with a whole new generation of young and promising startups,’ the 58-year-old Texas native told the Houston Chronicle in January. ‘we look ahead to sharing the classes I have learned from creating a company through the ground up as a global business.’
Billion Dollar Buyer is defined to premiere on March 22 at 10PM ET/PT.
Another Shark in the Tank
Originally launched due 888 casino no deposit bonus codes to the fact customer News and company Channel, CNBC rebranded its primetime programming in 2013 to concentrate on reality television featuring a business angle. The network debuted The revenue with investor Marcus Lemonis and acquired the exclusive cable rights to ABC’s insanely popular Shark Tank.
Billion Dollar Buyer generally seems to be somewhat of a mash-up between the 2 highly successful programs.
While for each episode of The Profit, Lemonis considers buying a business, the distinction is that the companies at hand are struggling or failing enterprises. Fertitta will likely be contemplating successful but young businesses for possible inclusion under the Landry’s umbrella.
It’s perhaps not too unique of the concept behind the up-and-coming entrepreneurs on Shark Tank who pitch their ideas to the sharks, but there’s only one investor that may bite on Billion Dollar Buyer.
Who’s Tilman Fertitta?
Speaking of sharks, CNBC’s newest truth television star got his start in seafood.
In 1980, Fertitta opened his first Landry’s Seafood restaurant in Katy, Texas. He would continue to start extra places and fundamentally assume the brand’s control in 1986, then later named their corporation after the franchise that got him his begin.
Over the next 20 years, Fertitta acquired other hospitality brands as well. In 2005, he entered the gambling industry by buying the Golden Nugget casinos for $140 million and presuming the casinos’ $155 million financial obligation.
The Golden Nugget Las Vegas features a 200,000-gallon shark tank aquarium attraction in yet more amusing irony.
CNBC and Fertitta are indeed the seemingly perfect match.
‘First and foremost, I am a businessman, and whenever approached by CNBC, a top-rated business community, it appeared like a perfect fit,’ Fertitta said.
Six episodes were shot so far, and should the show rate well, additional episodes are going to be produced come july 1st.