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

Carl Ic<span id="more-9037"></span>ahn Brings $100 Million Ultimatum on North Jersey Casino Bill

Tycoon Carl Icahn has guaranteed 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 shall bail on Atlantic City if hawaii’s proposal to license casino gaming in North Jersey goes ahead.

Simply days after he finished a deal to take over the stricken Trump Taj Mahal, rescuing it from Chapter 11 bankruptcy, the billionaire investor has opted to play his own trump card into 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 financial obligation, wanted to transfer that financial obligation into ownership.

He also promised to get up to $100 million in the property, 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 outcome, public demonstrations outside the Taj and the Tropicana, also owned by Icahn, have become a sight that is familiar days gone by 18 months.

If Casinos Go North, Icahn Goes South

But now that people concessions have been granted, as well as the Taj has become a complete subsidiary of Icahn Enterprises, the billionaire says he may go full stop if the present way of casino expansion in their state doesn’t come up 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 regarding the state, so as to lure customers across the Hudson from ny 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 Will Because Icahn

The bill proposes that Atlantic City receive up to $200 million from taxes on this new gambling enterprises, however it still lacks any firm proposition of a taxation rate, meaning the resort city is within the dark about the level of settlement it would get for ceding its monopoly.

While expansion possesses body that is reasonable of in the state legislature, you will find also many dissenting voices. Many of those are in Atlantic City itself, where some are involved that the bill will kill off a casino industry that has recently seen a quarter of its gaming properties close within the last couple of years.

Icahn may not be a figure that is popular the casino unions, but cash talks, as well as the addition of his voice to your clamor of opposition, associated with their threat to pull numerous an incredible number 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 guilty’ to three felony fees relating to a unlawful pittsburgh slot machine operation. (Image:

Pennsylvania State Representative Marc Gergely (D- 35th Dist) appeared in court today, accused of being an user of an illegal Pittsburgh slots gambling ring led by way of a guy called ‘Porky’ Melocchi.

Gergely, certainly one of over a dozen charged in the full case, is dealing with three felony counts, including working in the profits of illegal task, plus three misdemeanors. He pled not guilty.

It is alleged that Ronald ‘Porky’ Melocchi, whom ended up being sentenced to 10 years’ probation this past year, used their connections in the world of neighborhood politics to persuade business owners to install their machines 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. that he should accept Melocchi’s slots’

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

Bogus Letter Sting

‘The allegations show what I would look at the insidious nature of planned crime,’ said Mark Serge, who is senior deputy at the Pennsylvania Attorney General’s office. ‘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 included. ‘It could include other individuals that are participating in the political system and had any type of relationships with Mr. Melocchi and their 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 fake letter, fundamentally from the wife of a gambling addict whose husband had blown their life cost 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 i ought to phone the FBI or State Police.’

Wiretap Evidence

Sufficiently spooked by the communication, Gergely called their business partner to simply tell him that he required to learn who the gambler ended up being and put end to his gambling spree, as authorities listened in via a wiretap.

‘I simply wish to be mindful of you,’ Gergely told Melocchi, in accordance with court documents. ‘ She obviously doesn’t have idea that we now have a link. You know what I mean?’

The legislator that is seven-term lost their position as the ranking Democrat on the state House work and Industry Committee because of the charges, but he has maybe not resigned through the legislature.

He claims that Melocchi had been a friend that is longtime of father 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 profile, as CNBC is set to premiere ‘Billion Dollar Buyer’ later this thirty days. (Image:

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

Riding regarding the bandwagon of venture 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 business owners everywhere.

‘In each episode that is hour-long Fertitta will spend some 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 conclusion, he’ll decide whether to place a transformative purchase order with one of the firms, both, or neither.’

A cousin to two other billionaires, Ultimate Fighting Championship and facility 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.

‘I started out as a young entrepreneur, and I also have always been really eager to connect with an entire new generation of young and promising startups,’ the 58-year-old Texas native told the Houston Chronicle in January. ‘we look forward to sharing the lessons I have learned from building a business through the ground up as a worldwide business.’

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

Another Shark in the Tank

Originally launched due to the fact customer News and Business Channel, CNBC rebranded its primetime development in 2013 to concentrate on reality television featuring a small business angle. The system debuted The revenue with investor Marcus Lemonis and acquired the exclusive cable rights to ABC’s insanely popular Shark Tank.

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

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

It is not too unique of the concept behind the entrepreneurs that are up-and-coming Shark Tank who pitch their ideas to the sharks, but there’s only one investor which may bite on Billion Dollar Buyer.

Who’s Tilman Fertitta?

These are sharks, CNBC’s reality TV star that is newest got his come from seafood.

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

Over the next twenty years, Fertitta acquired other hospitality brands aswell. In 2005, he joined the gambling industry by purchasing the Golden Nugget casinos for $140 million and assuming the gambling enterprises’ $155 million debt.

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 match that is seemingly perfect.

‘First and foremost, i’m a businessman, and when approached by CNBC, a top-rated business network, it seemed like a perfect fit,’ Fertitta said.

Six episodes have been shot to date, and if the show rate well, additional episodes are produced this summer.

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