The Trump Taj Mahal is about to end up being the fifth Atlantic City casino to shut its doorways once and for all in 3 years. Its closure will signal a final end to your Trump casino brand for good.
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 midst of industrial action by members of the Unite Here Local 54 Union, who've been picketing the Taj for weeks, investor Carl Icahn has abadndoned the stricken casino and will shutter it permanently on September 4.
That closure date strikes right in the exact middle of Labor Day, which might be a coincidence that is wild or it might be a deliberate and final insult to the union, which Icahn blames for derailing his last-ditch try to save your self the Taj.
Icahn stepped in to rescue the casino in 2014, when its owners that are previous Trump Entertainment, declared bankruptcy. The billionaire corporate raider owned the bulk of its $286 million financial obligation, which he was prepared to convert into equity.
Icahn also said he was ready to invest $100 million into the property, if, and just if, he had been granted certain concessions by the town. These included the short-term cessation of worker pension and healthcare advantages, which have end up being the focus of the squabble between Icahn Enterprises as well as the casino employees' union.
- 1 FBI Busts Major Mafia Crime Syndicate, Included Prohibited Gambling Ops
- 2 Summer Olympics Underway in Rio as City's Preparation Takes Center Stage
- 3 Hillary Clinton Campaigns Through Nevada, Condemning Donald Trump
Out $100 Million
According to neighborhood 54 leader Bob McDevitt, Icahn has https://rubetting.club plumped for to 'burn the Trump Taj Mahal down' in order to 'punish' strikers.
' For a few million bucks, he may have had labor peace and a work that is content,' McDevitt said in a statement. 'But alternatively he'd rather slam the entranceway shut on these workers that are long-term to discipline them and attempt to break their strike. In the end, he'll have to live with what he's done to people that are working Atlantic City.'
But according to Tony Rodio, chief executive of Icahn Enterprises' casino subsidiary Tropicana Entertainment, the workers' demands have made the continued operation of this casino impossible.
'Currently, the Taj is losing multimillions a month, and today with this specific attack, we see no way to profitability,' Rodio said. He included that Icahn Enterprises had lost around $100 million since it overran the Taj.
Bankrupt Eighth Wonder
The casino was declared to end up being the 'eighth wonder regarding the world' by the current Republican nominee that is presidential he opened it in 1990, at a price of $1 billion. In 1991, it became the first wonder of the globe to go under since the Colossus of Rhodes had been destroyed by an earthquake in 226 BC.
In 2009, Trump offered their Atlantic City casino interests to group of venture capitalists, who formed Trump Entertainment. While he has had absolutely nothing to do using the handling of the Taj since, he had been able to negotiate a deal whereby he retained a ten percent stake in the casino in substitution for the use of his famous brand.
Nonetheless, in 2014, incensed by exactly what he saw as Trump Entertainment's mismanagement regarding the Taj and its sis Atlantic City property the Plaza, he litigated to have his name removed from both casinos. He later relented following his friend that is old Icahn intervention. He also relinquished the stake when Trump Entertainment declared for bankruptcy security.
The Labor Day week-end closure regarding the Trump Taj Mahal will keep just seven gambling enterprises operating into the beachside resort, which includes been fighting problems that are financial years.
FBI Busts Major Mafia Crime Syndicate, Included Prohibited Gambling Ops
A Mafia that is massive arm engaged in illegal gambling, extortion, gun-running, and fraudulence, 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 employer regarding the Philadelphia Mafia, was one of 46 alleged mobsters arrested up and down the East Coast on Thursday, following a major fbi and nyoctf infiltration and bust. (Image: miamiherald.com)
Alleged users of the Genovese, Gambino, Lucchese, and Bonanno crime families, four of this new 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 into the past, but served jail 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 of the 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 empire that is criminal stretched from Massachusetts to Florida, said US Attorney for the Southern District of New York Preet Bharara.
Each of the defendants are alleged to be part of a group referred to as the East Coast LCN Enterprise, an 'organized unlawful enterprise,' according to the indictment, which was formed following a pact involving the four New that is targeted York while 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 even firearms trafficking, today's Mafia is fully diversified.
'As alleged, threatening to assault, maim, and kill people who block the way 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 time, operating away from scope of legality in the US.
The arrests follow a investigation that is joint the FBI and New York's Organized Crime Task Force (OCTF), which spanned several years and included infiltration by an undercover FBI agent into the ranks of the corporation.
Investigators have amassed several thousand hours of testimony collected through wiretaps while the cooperation of a witness. The 32-page indictment, unsealed on Thursday, details incidents of assaults, threats, and arson.
Prohibited gambling had been a big way to obtain the organization's revenue, based on the indictment. It owned an establishment in nyc that held poker tournaments and took bets on horses, and additionally operated sports businesses that are betting in nyc, Florida, New Jersey, and Costa Rica.
All defendants plead not bad, and the majority were released on $300,000 bond, while some were retained, with no bail having been set.
Summer Olympics Underway in Rio as City's Preparation Takes Center Stage
Over 11,000 athletes come in Rio de Janeiro to compete at the 2016 Summer Olympics, nevertheless the greatest victory can come by means of a safe and secure 16-day event. (Image: Jewel Samad/AFP)
The 2016 Summer Olympics officially kickoff this in Rio de Janeiro, and while the athletes, fans, and media are ready for the competitions, it isn't quite so clear that the city itself is evening.
Opening ceremonies begin at 8 pm time that is local Rio.
The Brazilian town is one hour ahead of the United States' coveted Eastern time zone. NBC will delay its protection by the full hour to air the event at 8 pm ET instead of 7 pm, much to your dismay of numerous fans.
More than 11,000 athletes will compete in 39 sport disciplines now through the closing ceremonies on 21 august. But after years of planning and preparation, or lack thereof on the part of Rio, plenty of serious concerns linger as the globe's sporting tournament that is greatest begins.
Uh-Oh de Janeiro
The controversy surrounding the 2016 Summer Olympics will probably have lasting impact on the games. Brazil is the first South country that is american play host to an Olympics, and its own severe shortcomings in adequately preparing Rio is expected to push Olympic organizers back to holding the event in more stable regions regarding the world.
Africa is currently the continent that is only never host an Olympics. That likely won't alter anytime quickly.
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 physically the tiniest. 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 quantities of bacteria. Open-water swimmers have been told to not submerge their heads while competing.
- Crime: Rio is an city that is impoverished some locals have actually nothing to lose. And by having a local police agency that pales compared to first-world countries, criminal activity is of utmost concern. a 22-year-old moroccan boxer ended up being arrested just this early morning after wanting to rape two maids.
- Terrorism: The United States has over 1,000 spies in Rio monitoring terror threats and doing everything they can to keep Team USA safe. Army forces are also on standby.
- Housing: Several countries have actually deemed the athletes' village uninhabitable. Team USA basketball countered by renting a cruise that is luxurious effective at accommodating 296 guests with regards to their stay in Rio.
Let the Betting Begin
In Nevada and Las Vegas, the sportsbooks get it right more often it wrong than they get. Oddsmakers in las vegas 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 selling odds on the games. The Nevada Gaming Commission opted to add specific contests that are amateur February of 2015.
While every book in the Silver State knows football, baseball, baseball, and ice hockey, numerous 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 know more than Vegas, now might end up being the time and energy to place a wager.
For the remainder country outside of Nevada boundaries, day-to-day fantasy sports operators are selling a smattering of contests.
Hillary Clinton Campaigns Through Nevada, Condemning Donald Trump
Hillary Clinton doesn't believe her GOP opponent Donald Trump is competent enough to assume the Oval Office. The Democratic presidential nominee made two stops this week within the all-important swing state of Nevada, where she spent a considerable quantity of her time decrying Trump's business record and disposition that is general.
Hillary Clinton spent a lot of time going after Donald Trump while campaigning in Nevada. Latest polls show her offensive attack, coupled with a devastating week for her opponent, is working. (Image: Andrew Harnik/AP)
Showing up before A las vegas, nevada crowd on August 4, Clinton called Trump 'temperamentally unfit' to be president. She also attacked their business record in both Atlantic City and vegas.
'i went to Atlantic City and I met a true number of small enterprises, aswell as workers, plumbing technicians and painters, glass installers, marble installers, at one of his true resorts. They finished the work . . . and they submitted their bill, while the Trump individuals said, 'No, we're perhaps not going to pay you,'' Clinton stated.
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 candidate that is democratic the event. Reid, who's served in Congress representing Nevada since 1983, is pro-gambling, but has also expressed support for the Restoration of America's Wire Act (RAWA), the gambling that is anti-online, an unusual stance in the 1st state to legalize Internet poker in the us.