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

Carl Ic<span id="more-21326"></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 claims he will bail on Atlantic City if the state’s proposal to license casino gaming in North Jersey goes ahead.

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

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

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

Those concessions included the right to scrap health pension and insurance advantages for employees, a demand that incurred the wrath of casino workers' union Unite 54.

As a result, public demonstrations outside the Taj and the Tropicana, also owned by Icahn, have develop into a familiar sight over the past 18 months.

If Casinos Go North, Icahn Goes South

But now that people concessions have been granted, and also the Taj has become a complete subsidiary of Icahn Enterprises, the billionaire says he may go stop that is full the current way of casino expansion in their state doesn’t come up to a halt.

’Although I’d prepared to invest up to $100 million in the Taj, just when I made substantial investments at the Tropicana, obviously it will never be judicious to proceed with those investments while video gaming in north Jersey is an open problem, and we will have to wait to understand outcome of those proposals,' Icahn said.

New Jersey wants to create two casino that is new in the north of this state, so that they can attract customers across the Hudson from New York City. Since the proposal would require an amendment to hawaii’s constitution, the matter would need to be decided by a public ballot, but that may just take place if it is first approved by three-fifths of the legislature.

I Will Because Icahn

The bill proposes that Atlantic City receive up to $200 million from taxes on the new casinos, but it still lacks any firm proposition of a taxation rate, which means the resort city is within the dark about the amount of payment it would receive for ceding its monopoly.

While expansion features a body that is reasonable of in hawaii legislature, you can find also numerous dissenting voices. A lot of those are in Atlantic City itself, where some are concerned that the bill will kill a casino industry off that has already seen a quarter of its video gaming properties close in the last two years.

Icahn may not be a popular figure among the casino unions, but money speaks, and the addition of his voice to the clamor of opposition, followed closely by their threat to pull many 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 accountable' to three felony charges relating to A pittsburgh slot machine that is illegal procedure. (Image:

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

Gergely, certainly one of over a dozen charged within the full case, is dealing with 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 was sentenced to 10 years' probation last year, utilized his connections in the 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 which he should accept Melocchi’s slot machines because he the legislator had connections to local law enforcement and may protect the business from 'trouble.'

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

Bogus Letter Sting

’The allegations show what I would look at the insidious nature of organized criminal activity,' 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 included. 'It could involve other individuals that may take place in the political system and had any type of relationships with Mr. Melocchi and his company.'

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, basically 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 will call the FBI or State Police.'

Wiretap Proof

Sufficiently spooked by the correspondence, Gergely called his company partner to simply tell him he required to discover who the gambler was and place end to his gambling spree, as authorities listened in via a wiretap.

’I just wish to be careful of you,' Gergely told Melocchi, based on documents. ' She obviously does not have any indisputable fact that we’ve an association. Guess what happens I mean?'

The seven-term legislator has lost his position as the ranking Democrat in the state House Labor and Industry Committee because of the charges, but he has not resigned from the legislature.

He claims that Melocchi was a longtime friend of their 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 their Landry’s profile, as CNBC is set to premiere 'Billion Dollar Buyer' later this thirty days. (Image:

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

Riding in the bandwagon of venture capital shows such as Shark Tank and Restaurant Startup, the show that is new to capitalize ( see 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 end, he’ll decide whether to spot a purchase that is transformative with one of the firms, both, or neither.'

A relative 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 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 also am really eager to connect with a whole 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 classes I have discovered from creating a company through the ground up into a worldwide business.'

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

Another Shark into the Tank

Originally launched due to the fact customer News and company Channel, CNBC rebranded its primetime programming in 2013 to concentrate on reality television featuring a small 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 generally seems to be somewhat of a mash-up between the two very successful programs.

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 going to be contemplating successful but businesses that are young 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 just one investor that might bite on Billion Dollar Buyer.

That is Tilman Fertitta?

These are sharks, CNBC’s latest reality TV star got his start in seafood.

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

Within the next two decades, Fertitta acquired other hospitality brands aswell. In 2005, he entered the gambling industry by purchasing 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’m a businessman, and whenever approached by CNBC, a top-rated business system, it seemed like a great fit,' Fertitta stated.

Six episodes have now been shot thus far, and should the show price well, extra episodes are going to be produced this summer.