The Trump Taj Mahal is all about to end up being the 5th Atlantic City casino to shut its doorways for good in 3 years. Its closure will signal end towards the Trump casino brand forever.
Union members protest outside the Trump Taj Mahal, which will close its doors on 4, 2016 september. Icahn Enterprises says it has lost $100 million on the venture.
In the middle of commercial action by members of the Unite Here Local 54 Union, who have been picketing the Taj for days, investor Carl Icahn has given up on the stricken casino and will shutter it permanently on September 4.
That closure date hits right in the center of Labor Day, which can be a wild coincidence, or it could be a deliberate and final insult to the union, which Icahn blames for derailing his last-ditch attempt to conserve the Taj.
Icahn stepped in to rescue the casino in 2014, when its previous owners, Trump Entertainment, declared bankruptcy. The billionaire raider that is corporate the majority of its $286 million debt, which he ended up being prepared to convert into equity.
Icahn additionally said he was prepared to invest $100 million in the property, if, and only if, he were granted certain concessions by the town. These included the cessation that is temporary of pension and healthcare benefits, that have become the focus of the squabble between Icahn Enterprises and the casino workers’ union.
Out $100 Million
According to neighborhood 54 frontrunner Bob McDevitt, Icahn has chosen to ‘burn the Trump Taj Mahal down’ in order to ‘punish’ strikers.
‘ For a few million bucks, he could have had labor peace and a work that is content,’ McDevitt said in a statement. ‘But alternatively he’d rather slam the doorway shut on these workers that are long-term to discipline them and attempt to break their strike. In the long run, he’ll have to live with what he’s done to working people in Atlantic City.’
But according to Tony Rodio, chief executive of Icahn Enterprises’ casino subsidiary Tropicana Entertainment, the workers’ demands have made the continued procedure associated with the casino impossible.
‘Currently, the Taj is multimillions that are losing month, and now using this attack, we see no road to profitability,’ Rodio stated. He added that Icahn Enterprises had lost around $100 million since it took over the Taj.
Bankrupt Eighth Wonder
The casino was announced to function as the ‘eighth wonder of this world’ by the current Republican nominee that is presidential he opened it in 1990, at a cost of $1 billion. In 1991, it became the first wonder of the globe to go under since the Colossus of Rhodes was destroyed by an earthquake in 226 BC.
In 2009, Trump offered his Atlantic City casino interests to team of venture capitalists, who formed Trump Entertainment. He was able to negotiate a deal whereby he retained a ten percent stake in the casino in return for the use of his famous brand name while he has had nothing to do with the management of the Taj since.
But, in 2014, incensed by exactly what he saw as Trump Entertainment’s mismanagement for the Taj and its sis Atlantic City property the Plaza, he litigated to have his name eliminated from both casinos. He later relented following their old buddy Icahn’s intervention. He also relinquished the stake when Trump Entertainment declared for bankruptcy protection.
The Labor Day week-end closure regarding the Trump Taj Mahal will leave just seven casinos running in the beachside resort, which includes been fighting problems that are financial years.
FBI Busts Major Mafia Crime Syndicate, Included Illegal Gambling Ops
A Mafia that is massive arm engaged in illegal gambling, extortion, gun-running, and fraud, among other crimes, was smashed by the FBI on Thursday. Bureau agents arrested 46 alleged mob associates, soldiers, capos, and one reputed boss, all in locations up and down the East Coast.
Joey Merlino, the reputed boss regarding the Philadelphia Mafia, was one of 46 alleged mobsters arrested down and up the East Coast on Thursday, after A fbi that is major and infiltration and bust. (Image: miamiherald.com)
Alleged members of the Genovese, Gambino, Lucchese, and Bonanno crime families, four of the newest York Mob’s top five families, were taken into custody. Key among those arrested ended up being Joseph ‘Skinny Joey’ Merlino, the alleged boss of the Philadelphia Mob. Merlino has beaten murder fees in the past, but served prison time for racketeering.
The listing of suspects reads like something out of ‘Casino’ or ‘Goodfellas,’ with nicknames like ‘Tony the Cripple,’ ‘Mustache Pat,’ ‘Muscles,’ ‘Tugboat,’ ‘Nicky the Wig,’ and ‘Big Vinny.’
Diversification associated with Mob
The scale that is sheer scope of the operations shows that the Mafia is still a force become reckoned with in present-day America. The vast criminal empire infiltrated stretched from Massachusetts to Florida, said US Attorney for the Southern District of brand New York Preet Bharara.
Every one of the defendants are alleged become part of a group known as the East Coast LCN Enterprise, an ‘organized criminal enterprise,’ according to the indictment, that was formed following a pact involving the four New that is targeted York plus the Philadelphia Mafia.
‘ The Mob remains a scourge on this populous city and around the country,’ said Bharara. ‘From loan-sharking and gambling that is illegal to credit card and health care fraud, and also firearms trafficking, today’s Mafia is fully diversified.
‘As alleged, threatening to assault, maim, and kill people who block off the road of these unlawful schemes remains the play that is go-to the Mob’s playbook.’
Bharara was notably the lead prosecutor in the Black Friday busts of major poker sites PokerStars and Full Tilt in 2011. The sites were, at that right time, operating beyond your range of legality in the US.
The arrests have a joint research between the FBI and New York’s Organized Crime Task Force (OCTF), which spanned several years and involved infiltration by an undercover FBI agent to the ranks of the business.
Investigators have amassed a large number of hours of testimony gathered through wiretaps and also the cooperation of a witness. The 32-page indictment, unsealed on Thursday, details incidents of assaults, threats, and arson.
Illegal gambling was a big way to obtain the organization’s income, in accordance with the indictment. It owned an establishment in ny that held poker tournaments and took wagers on horses, and also operated sports businesses that are betting in ny, Florida, nj-new Jersey, and Costa Rica.
All defendants plead not bad, and the majority had been released on $300,000 bond, while some were retained, without any bail having been set.
Summer Olympics Underway in Rio as City’s Preparation Takes Center Stage
Over 11,000 athletes have been in Rio de Janeiro to compete at the 2016 Summer Olympics, however the greatest victory should come by means of a safe and secure 16-day event. (Image: Jewel Samad/AFP)
The 2016 Summer Olympics officially kickoff this evening in Rio de Janeiro, and even though the athletes, fans, and news are ready for the competitions, itsn’t quite so clear that the city itself is.
Starting ceremonies begin at 8 pm local time in Rio.
The city that is brazilian 1 hour ahead of this United States’ coveted Eastern time zone. NBC will wait its protection by an full hour to air the event at 8 pm ET rather of 7 pm, much towards the dismay of numerous fans.
More than 11,000 athletes will compete in 39 sport procedures now through the closing ceremonies on August 21. But after years of planning and planning, or lack thereof on the part of Rio, plenty of serious issues linger as the globe’s sporting tournament that is greatest begins.
Uh-Oh de Janeiro
The controversy surrounding the 2016 Summer Olympics will likely have lasting impact on the games. Brazil is the first South American country to play host to an Olympics, and its own severe shortcomings in adequately preparing Rio is expected to push Olympic organizers right back to holding the occasion in more stable regions associated with the globe.
Africa has become the only continent to never host an Olympics. That likely will not change anytime soon.
The International Olympic Committee (IOC) and nations around the world are more concerned with the next 16 days in Rio while Rio’s mishandling will have long-term consequences.
- Zika: The most problem that is serious Rio is actually the smallest. Mosquitos infected with Zika, a virus that can cause severe birth defects, continues to be rampant.
- Water: Sewage-infested waters surrounding the city contain high degrees of bacteria. Open-water swimmers have been told not to submerge their heads while competing.
- Crime: Rio is definitely an city that is impoverished some locals have nothing to readily lose. And having a law that is local agency that pales compared to first-world countries, criminal activity is of utmost concern. a 22-year-old moroccan boxer was arrested just this early morning after wanting to rape two maids.
- Terrorism: The united states of america has over 1,000 spies in Rio monitoring terror threats and doing every thing they can to keep Team USA safe. Military forces are also on standby.
- Housing: Several countries have actually deemed the athletes’ town uninhabitable. Team USA basketball countered by renting a luxurious cruise liner effective at accommodating 296 guests due to their stay static in Rio.
Let the Betting Begin
In Nevada and nevada, the sportsbooks have it right more often it wrong than they get. Oddsmakers in Sin City are experts at setting lines on sports they know in and out, but this year’s Olympics presents a series of challenges for the bookies, and possibly a series of preferred chances for gamblers.
For the very first time since the 2000 Olympics, Nevada sportsbooks are providing odds regarding the games. The Nevada Gaming Commission opted to add certain contests that are amateur February of 2015.
While every book in the Silver State knows football, baseball, baseball, and ice hockey, many aren’t quite as familiar with gymnastics, curling, speed walking, javelin, and other Olympic disciplines.
If you’ve been a devout follower of canoe slalom or handball and think you understand significantly more than Vegas, now might function as the time and energy to place a wager.
For the rest of the country outside of Nevada edges, daily fantasy recreations operators are offering a smattering of competitions.
Hillary Clinton Campaigns Through Nevada, Condemning Donald Trump
Hillary Clinton doesn’t believe her GOP opponent Donald Trump is competent sufficient to assume the Oval Office. The Democratic presidential nominee made two stops this week within the all-important swing state of Nevada, where she invested a considerable amount of her time decrying Trump’s business record and general disposition.
Hillary Clinton invested a lot of time going after Donald Trump while campaigning in Nevada. Latest polls show her offensive attack, combined with a week that is devastating her opponent, is working. (Image: Andrew Harnik/AP)
Showing up before A las vegas audience on August 4, Clinton called Trump ‘temperamentally unfit’ to be president. She also attacked his corporate record both in Atlantic City and Las Vegas.
‘we went to Atlantic City and I also came across a number of small enterprises, aswell as workers, plumbers and painters, cup installers, marble installers, at one of is own resorts. They finished the work . . . and they presented their bill, plus the Trump people said, ‘No, we are not going to pay you,» Clinton advertised.
The property, and along with it the Trump casino brand, will shut down for good on Labor Day though Trump has been largely removed from the Trump Taj Mahal since 2009, when Trump Entertainment Resorts filed for bankruptcy.
Before criticizing Trump, Clinton praised Nevada Senator Harry Reid (D) who introduced the Democratic candidate at the event. Reid, who is offered in Congress representing Nevada since 1983, is pro-gambling, but has also expressed help for the Restoration of America’s Wire Act (RAWA), the anti-online gambling measure, an uncommon stance in the first state to legalize Internet poker in the usa.