Select Page

Carl Ic<span id="more-8297"></span>ahn Brings $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 states he will bail on Atlantic City if the state’s proposal to license casino gaming in North Jersey goes ahead.

Simply days from chapter 11 bankruptcy, the billionaire investor has opted to play his own trump card in the New Jersey casino expansion debate after he completed a deal to take over the stricken Trump Taj Mahal, rescuing it.

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, wanted 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 concessions that are certain.

Those concessions included the right to scrap health insurance and pension advantages for employees, a request 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 past 18 months.

If Casinos Go North, Icahn Goes South

But now that people concessions have been granted, therefore the Taj has turned into a complete subsidiary of Icahn Enterprises, the billionaire says he may go full stop if the present way of casino expansion in the state doesn’t come to a halt.

‘as I made substantial investments at the Tropicana, obviously it would not be judicious to proceed with those investments while gaming in north Jersey is an open issue, and we will have to wait to see the outcome of those proposals,’ Icahn said although I had planned to invest up to $100 million in the Taj, just.

New Jersey wants to create two new casino licenses in the north associated with the state, so as to lure customers across the Hudson from ny City. Since the proposal would require an amendment to their state’s constitution, the matter would need to be decided by a public ballot, but that will just take place if it is first authorized by three-fifths of the legislature.

I shall Because Icahn

The bill proposes that Atlantic City receive up to $200 million from taxes on the brand new gambling enterprises, nonetheless it still lacks any proposal that is firm of taxation price, which means that the resort city is in the dark about the level of compensation it would get for ceding its monopoly.

While expansion includes a reasonable body of support in hawaii legislature, there are also many dissenting voices. A lot of those are in Atlantic City itself, where some are concerned that the bill will kill off a casino industry that has already seen a quarter of its video gaming properties near within the last two years.

Icahn may possibly not be a popular figure among the casino unions, but cash talks, plus the addition of his voice towards the clamor of opposition, followed by his threat to pull many an incredible number of dollars in investments, 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 costs relating to a unlawful pittsburgh video slot procedure. (Image: pahouse.com)

Pennsylvania State Representative Marc Gergely (D- 35th Dist) starred in court today, accused to be a member of an illegal Pittsburgh slots gambling ring led by way of a man named ‘Porky’ Melocchi.

Gergely, one of over a dozen charged in the case, is facing three felony counts, including dealing in the profits of illegal activity, plus three misdemeanors. He pled not guilty.

It is alleged that Ronald ‘Porky’ Melocchi, who ended up being sentenced to 10 years’ probation last year, used their connections in the wide 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 because he the legislator had connections to local law enforcement and could protect the business from ‘trouble. he should accept Melocchi’s slot machines’

Prosecutors additionally claim Gergely received a $2,000 campaign donation from Melocchi, the supply of that your lawmaker attempted to conceal with some accounting that is creative.

Bogus Letter Sting

‘The allegations show what I would think about 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 political system and individuals get caught up in that.

‘This is an ongoing investigation that is criminal we do anticipate more charges in this matter,’ Serge included. ‘It could include other individuals that are involved within the system that is political had any form 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 ostensibly 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 only person I can trust,’ the letter said. ‘ I don’t know if I should call the FBI or State Police.’

Wiretap Evidence

Sufficiently spooked by the correspondence, Gergely called his company partner to tell him that he required to find out who the gambler ended up being and place end to his gambling spree, as authorities listened in via a wiretap.

‘I simply wish to be mindful of you,’ Gergely told Melocchi, based on documents. ‘ She obviously has no indisputable fact that we’ve a connection. Do you know what I mean?’

The legislator that is 888 casino casinobonusca seven-term lost his place as the ranking Democrat regarding the state House work and Industry Committee because of the charges, but he has perhaps not resigned from 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 add a television show to his Landry’s portfolio, as CNBC is set to premiere ‘Billion Dollar Buyer’ later this month. (Image: cnbcmediasales.com)

CNBC’s Billion Dollar Buyer gives budding companies and businesspeople the chance to pitch billionaire hospitality mogul Tilman Fertitta to join his globally recognized Landry’s, Inc. empire.

Riding in the bandwagon of venture capital shows such as Shark Tank and Restaurant business, the brand new show hopes to capitalize ( see just what we did there) on the hopes and dreams of entrepreneurs every-where.

‘In each episode that is hour-long Fertitta will spend time with two small enterprises, 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 put a transformative purchase order with one of the companies, both, or neither.’

A cousin to two other billionaires, Ultimate Fighting Championship and Station Casinos owners Lorenzo and Frank Fertitta, Tilman is the single shareholder of Landry’s.

Among Landry’s laundry 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 few.

‘we started out as a young entrepreneur, and I also am really eager to connect with a complete new generation of young and promising startups,’ the 58-year-old Texas native told the Houston Chronicle in January. ‘I look ahead to sharing the classes I discovered from developing a business from the ground up into a worldwide company.’

Billion Dollar Buyer is placed to premiere on March 22 at 10PM ET/PT.

Another Shark into the Tank

Originally launched whilst the Consumer News and Business Channel, CNBC rebranded its primetime development in 2013 to concentrate on reality television featuring a business angle. The network debuted The revenue with investor Marcus Lemonis and acquired the cable that is exclusive to ABC’s insanely popular Shark Tank.

Billion Dollar Buyer seems to be somewhat of a mash-up between the two programs that are highly successful.

While on each episode of The Profit, Lemonis considers investing in a business, the distinction is the fact that companies at hand are struggling or failing enterprises. Fertitta is going to be considering successful but businesses that are young possible inclusion under the Landry’s umbrella.

It is not too diverse from the concept behind the entrepreneurs that are up-and-coming Shark Tank who pitch their suggestions to the sharks, but there’s only 1 investor that might bite on Billion Dollar Buyer.

Who is Tilman Fertitta?

Talking about sharks, CNBC’s reality TV star that is newest got his start in seafood.

In 1980, Fertitta opened their first Landry’s Seafood restaurant in Katy, Texas. He would go on to open locations that are additional sooner or later assume the brand’s control in 1986, then later named his organization after the franchise that got him his start.

On the next twenty years, Fertitta acquired other hospitality brands also. In 2005, he joined the gambling industry by buying the Golden Nugget casinos for $140 million and assuming the casinos’ $155 million financial obligation.

In yet more amusing irony, the Golden Nugget Las Vegas features a 200,000-gallon shark tank aquarium attraction.

CNBC and Fertitta are indeed the match that is seemingly perfect.

‘First and foremost, I am a businessman, and when approached by CNBC, a top-rated business network, it seemed like an ideal fit,’ Fertitta said.

Six episodes are shot thus far, and should the show rate well, extra episodes is produced this summer.