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

Carl Ic<span id="more-8085"></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 north casino expansion 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.

Just 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.

In late 2014, the Taj appeared to be going the way of its defunct sister home, the Plaza. But that was before Icahn, then the majority holder of the Taj’s $286 million financial obligation, agreed to transfer that debt into ownership.

He also promised to invest up to $100 million in the home, provided the Atlantic City would grant him concessions that are certain.

Those concessions included the right to scrap wellness insurance and pension benefits for employees, a demand 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 turn 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, as well as the Taj has turned into a complete subsidiary of Icahn Enterprises, the billionaire says he may go stop that is full the current 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 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 latest 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 amount of compensation it would get for ceding its monopoly.

While expansion has a reasonable body of support in the state legislature, you can find also numerous dissenting voices. Many of those are in Atlantic City itself, where some are worried that the bill will kill a casino industry off that has already seen a quarter of its video gaming properties near over the past couple of years.

Icahn might not be a figure that is popular the casino unions, but cash speaks, as well as the addition of his voice to your clamor of opposition, followed closely by his threat to pull numerous an incredible number of dollars in assets, 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 charges relating to A pittsburgh slot machine that is illegal procedure. (Image:

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 with a man named ‘Porky’ Melocchi.

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

It is alleged that Ronald ‘Porky’ Melocchi, who was sentenced to 10 years’ probation last year, used their connections in the world of local politics to persuade business owners to install their devices on their premises.

In one such case, Gergely allegedly told a local restaurateur that he should accept Melocchi’s slot machines because he the legislator had connections to regional law enforcement and may protect the business enterprise from ‘trouble.’

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

Bogus Letter Sting

‘The allegations show what I would look at the insidious nature of prepared 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 political system and individuals get caught up in that.

‘This is an ongoing investigation that is criminal we do anticipate more costs in this matter,’ Serge added. ‘It could involve other individuals that may take place in the system that is political had any type 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 from the wife of a gambling addict whose husband had blown their life savings on Melocchi’s machines.

‘Mr. Gergely, I believe you’re the only person we can trust,’ the letter said. ‘ I don’t know if i will call the FBI or State Police.’

Wiretap Evidence

Sufficiently spooked by the communication, Gergely called his company partner to make sure he understands he needed to learn who the gambler ended up being and put a final end to his gambling spree, as authorities listened in via a wiretap.

‘I just want to be mindful of you,’ Gergely told Melocchi, in accordance with court documents. ‘ She obviously has no basic idea that we’ve a link. You know what I mean?’

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

He claims that Melocchi had been a friend that is longtime of daddy 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 series to his Landry’s portfolio, as CNBC is set to premiere ‘Billion Dollar Buyer’ later this month. (Image:

CNBC’s Billion Dollar Buyer offers budding companies and businesspeople the opportunity to pitch billionaire hospitality mogul Tilman Fertitta to join their globally respected 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 entrepreneurs everywhere.

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

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

‘I started out as an entrepreneur that is young and I am 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. ‘I look ahead to sharing the classes we have learned from creating a business from the ground up into a global company.’

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

Another Shark into the Tank

Originally launched since the Consumer News and Business Channel, CNBC rebranded its primetime development in 2013 to concentrate on reality television featuring a small 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 appears to be somewhat of a mash-up between the 2 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 is considering successful but young companies for possible inclusion under the Landry’s umbrella.

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

Who’s Tilman Fertitta?

Talking about sharks, CNBC’s newest truth television star got his begin in seafood.

In 1980, Fertitta opened their first Landry’s Seafood restaurant in Katy, Texas. He would continue to open additional areas and fundamentally assume the brand name’s control in 1986, then later on named his organization after the franchise that got him his begin.

Within the next twenty years, Fertitta acquired other hospitality brands as well. In 2005, he entered the gambling industry by purchasing the Golden Nugget casinos for $140 million and presuming the casinos’ $155 million debt.

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 apparently perfect match.

‘First and foremost, i will be a businessman, and when approached by CNBC, a top-rated business network, it appeared like an ideal fit,’ Fertitta stated.

Six episodes have now been shot up to now, and should the show rate well, extra episodes will be produced come early july.

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