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Showing posts with label Taj Mahal. Show all posts
Showing posts with label Taj Mahal. Show all posts

Thursday, January 5, 2017

Icahn to surrender Trump Taj Mahal License - Not for Sale




ATLANTIC CITY — Casino gaming might not be returning to the shuttered ... Icahn told the Associated Press that the casino is not for sale right now.



Carl Icahn was not bluffing when he said the Taj would close unless industrial action was halted. The casino was shuttered in the early hours of ...



Billionaire investor Carl Icahn plans to surrender the casino license for his shuttered Trump Taj Mahalcasino and wants to make sure that anyone who ...


ATLANTIC CITY -- Atlantic City's mayor is calling on billionaire investor Carl Icahn to sell the shuttered Trump Taj Mahal casino, saying his struggling ...


New Jersey gambling regulators revealed Tuesday that the casino petitioned the state Division ofGaming Enforcement on Dec. 22 for permission to ...




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Monday, January 2, 2017

MOST VEGAS CASINOS IN DEBT, BIG TIME



Magnificent gaudy structures erected for the ultimate 1% SCAM to empty your wallet, your 401K, your employer's funds, rack up credit card debt....




All built on a House Of Cards created by banks that will collapse, leaving taxpayers to pick up the tab.....





MOST VEGAS CASINOS IN DEBT, BIG TIME

 | January 1, 2017




Las Vegas Welcome sign
House always wins? While operating a Vegas casino seems like an obvious money maker, the cost of these massive buildings has most of these jackpot makers in the red long-term.
For the last few years, we’ve been reading about casino empires crumbling before our eyes.  In 2012, an article ran in USA Today that the economic downturn had created huge, unpayable debts in Vegas gambling properties.  These debts were incurred in brighter economic times but fell victim to the Great Recession.

One of the conglomerates mentioned in the USA Today article, Caesar’s Entertainment, was able to stall bankruptcy for three more years but finally filed for bankruptcy protection in 2015.
Las Vegas Fountain
Donald Trump learned the hard way how ephemeral big projects can be.  He took over the Taj Mahal Casino in Atlantic City and offered 14% interest on bonds to finance construction.  His company defaulted on its commitments soon after.  In short, a big building project may signify much smoke but little fire.
MGM Resorts International is trying to expand in both the US and Asia.  Although gambling is on the rise in the US, it is not at all certain that Vegas casinos will feel the enough of said growth to forestall bankruptcy.
The Fontainebleau Resort was going to cost 2.7 billion dollars but the Bank of America pulled out in 2014 and left a shell of a building in its wake.
Vegas Casino





It isn’t just the economic downturn that has threatened so many Vegas gambling properties.  Many other jurisdictions have legalized casinos in recent years.  This and online casinos make it difficult for Vegas casinos to bring in the customers they need to realize the profits that will pay off their massive debts.  Competition certainly reigns supreme even in the world of Vegas gambling!


https://www.gamingpost.ca/canadian-casino-news/vegas-casinos-debt-big-time/


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Sunday, August 21, 2016

Christie, New Jersey, Expanded Gambling, Trump





A deputy New Jersey attorney general wrote in 2007 that Donald J. Trump's flagship casino, the Taj Mahal, had reported that it paid $2.2 million in ...


New Jersey governor Chris Christie said he plans to cast his ballot in favor of expanding casinos outside of Atlantic City and into parts of northern New ...


TRENTON, N.J. (CBSNewYork/AP) — New Jersey Gov. Chris Christie said Tuesday that he plans to cast his ballot in favor of expanding casinos to the ...


In 2010, New Jersey auditors had been working for years to collect overdue taxes—totaling nearly $30 million—owed by Trump's casinos in the state.


Questionable Tax Deal Between Trump Casinos Under Gov Christie
There are questions about whether Governor Christie gave Donald Trump a tax break on his bankrupt Atlantic City casinos. Donald Trump's casinos ...

christie: i'm good with north jersey casinos
Governor Christie says he wants casinos to come to North Jersey. Christie told reporters on Tuesday that he will vote in favor of a ballot question that ...


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Monday, August 8, 2016

Trump's Presidential Campaign Has Stifled Traffic to His Hotels and Casinos & Trump Taj Mahal Closing







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Sunday, August 7, 2016

Massachusetts: Are ya watching? How the Trump Taj Mahal closure could sway casino expansion vote


In order to 'SELL' casino gambling in Massachusetts, UNION WORKERS were transported from Atlantic City to testify on Beacon Hill about the GREAT JOBS OFFERED, GREAT PAY, GREAT BENEFITS, GREAT RETIREMENT, GREAT HEALTH CARE...... 



 Massachusetts Unions bused and paid union members to full auditoriums and hold signs of support. 

 Don't count on it!   


The impending closure of Atlantic City's Trump Taj Mahal casino may help bolster the arguments of both sides in a referendum over putting casinos in ...


After managing to remain open as multiple casinos closed up shop along the once iconic Atlantic City boardwalk, Trump Taj Mahal Casino Resort will ...





Atlantic City, once the U.S. East Coast's only casino gambling site, is struggling to pay its bills and has until November to devise a fiscal recovery plan ...



Since he began his run for the White House last summer, the number of people visiting the array of Trump hotels, casinos, and golf courses has been ...



How the Trump Taj Mahal closure could sway casino expansion vote





Posted: Friday, August 5, 2016 1:00 pm

Associated Press |



ATLANTIC CITY, N.J. (AP) — The impending closure of Atlantic City's Trump Taj Mahal casino may help bolster the arguments of both sides in a referendum over putting casinos in northern New Jersey.

Proponents say the state is already losing business to casinos in nearby states and needs new ones closer to these customers.
Opponents argue that Atlantic City's casinos are already so fragile that three or more may close when faced with new in-state competition.
Billionaire owner Carl Icahn says he will shut the Trump Taj Mahal down after Labor Day, because it is losing millions of dollars a month. Atlantic City's main casino workers' union has been on strike against the casino since July 1. The closure would leave Atlantic City with seven casinos.
Voters in November will decide whether to add two new casinos near New York City.
"The news of the Taj Mahal closing is tragic, and it just magnifies the importance of defeating this referendum," said Debra DiLorenzo, chairwoman of the No North Jersey Casinos Coalition, which includes Atlantic City-area business and casino interests.
Her group released a study in the spring predicting that three to five Atlantic City casinos could shut down when faced with new in-state competition. That would be on top of the four others that closed in 2014. The group also predicted the loss of 23,000 to 30,000 direct and indirect jobs from these new closings.
Jeff Gural, who operates the Meadowlands Racetrack just outside New York City and wants to build a casino there with Hard Rock International, said the Taj Mahal closing proves the main point of north Jersey casino proponents: That Atlantic City's casino market is crumbling and its former customers are spending their money in other states.
He also cited the $200 million a year that north Jersey casinos would send to Atlantic City to help revitalize it.
"It's so illogical it's just ridiculous, letting all this revenue leave the state," he said. "Not only are we going to help seniors and the state as a whole, which is not doing that great, but we are going to help rebuild Atlantic City."
Sen. Paul Sarlo, who represents the Meadowlands district a few miles from Manhattan, said Atlantic City-area politicians need to "get their heads out of the sand" and stop fighting the prospect of new casinos in New Jersey.
"The pending closure of the Trump Taj Mahal should serve as a wake-up call for Atlantic City officials to take advantage of the benefits of casino expansion," he said. "Expanding New Jersey's gaming sector to North Jersey will provide financial resources so that Atlantic City can invest in economic expansion. The city has the opportunity and the ability to become a destination resort that doesn't rely on casinos alone."
Moody's Investors Service says casinos near the Taj Mahal, including the Tropicana, Bally's and Caesars, could benefit from its closure. But the agency predicted any such gains would be short-lived, citing the expansion of the Sugarhouse Casino 60 miles away in Philadelphia, the expected opening of a second Philadelphia casino by 2018 and the prospect of two new north Jersey casinos.
Donald Trump once owned three Atlantic City casinos, but cut most ties with the city by 2009. The Republican presidential nominee's final stake in Trump Entertainment Resorts was wiped out in bankruptcy court when Icahn took over in March.



Since he began his run for the White House last summer, the number of people visiting the array of Trump hotels, casinos, and golf courses has been ...

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