Find Gambling Results – Online Casino Guide | Latest Gambling News

 

New Jersey Gambling Laws Might Change in November

Jun 18, 2015
Atlantic City may not be the sole gambling center in New Jersey

Atlantic City may not be the sole gambling center in New Jersey

New Jersey lawmakers are in a hurry to add a referendum to the November ballot that would permit operating more casinos in the state outside Atlantic City. On paper they have time until August 3, however, as a summer holiday is coming in legislation and the process is problematic, they have to achieve that in the following days. In the meantime the state Assembly approved a package of bills to help the declining Atlantic City and its casinos, while billionaire Carl Icahn was permitted to acquire Trump Taj Mahal Casino Resort. However he might shut down the facility eventually if he loses his battle against the casino workers’ union.

 

CBS New York: Clock Ticking On Putting NJ Casino Measure On November Ballot

 

In order to include it to the November ballot, New Jersey politicians have to push the bill that would legalize casinos in the state outside Atlantic City in the following days. According to blackjack news, the administration has time until August 3 to bring the topic in, however their time is cut short by the summer break and the process won’t be an easy one either.

There is an ongoing debate about how many casinos should be approved to operate by the gambling laws and where to put them in New Jersey. Assembly Speaker Vincent Pireto revealed he supports enabling up to three casinos, which doesn’t mean that all three will be built.

Mayor Ras Baraka and fellow local politicians want one in Newark. Baraka said, Casinos are coming to North Jersey and if Newark doesn’t get it, another city will and they will net the benefits.” Meadowlands and Jersey City reportedly might be other locations for possible gaming facilities.

 

The Sun Herald: Bills aim to help Atlantic City’s finances, casinos

 

The New Jersey state Assembly approved five laws to help the declining Atlantic City. Their eight casinos now can make payments instead of taxes for 15 years in order to let them know how much they owe precisely. An education aid had been also granted for the city, as well as improved insurance and retirement benefits for casino workers.

A couple of other bills will help Atlantic City to pay its debt and to develop further, gambling law news reported. “This bill and the entire package was introduced to stop the immediate bleeding in Atlantic City and the surrounding region,” explained Atlantic County Democrat member of the Assembly, Vincent Mazzeo.

He added, “Casino closings coupled with large refunds due to casinos by the city have created dire challenges for the city.” Four casinos in Atlantic City were closed last year and New Jersey locals might vote in November about approving casinos to be built outside America’s Favorite Playground.

 

Daily Record: NJ casino regulators approve Icahn to own Trump Taj Mahal

 

While lawmakers are working on how to save New Jersey’s gaming industry, billionaire businessman Carl Icahn was granted to purchase the Atlantic City Trump Taj Mahal Casino Resort from bankruptcy court by the Casino Control Commission. Icahn also holds another gaming facility in the city already, the Tropicana Casino and Resort.

Taj Mahal’s debts toward him are exceeding USD 290 million and he only has to trade that in exchange for getting control of the company. He also plans to invest USD 100 million according to online mobile news, though he might decide to close the casino down if he loses the battle against the number one casino workers’ union in Atlantic City.

Icahn clashed with the union after he abolished health insurance and pension plans made in last October by the casino’s parent company with the permission of a bankruptcy judge. However if the final decision goes against him, forcing him to restore the benefits, he might just shut Taj Mahal down for good.

RECOMMENDED ONLINE GAMBLING SITE
Gamble online with Bodog!Experience Bodog Casino

Visit Bodog

  • Sportsbook / Casino / Poker Room
  • One account for all gambling
  • Robust casino software
  • Variety of progressive jackpots
  • Large poker network
  • Many sports betting options
TOP GAMBLING BONUS
bet365 - most popular gambling siteGet 100% Bonus with bet365

Get 100% Bonus @ bet365

  • Play Sports / Casino / Bingo / Poker
  • 100% Sports Bonus
  • 100% Casino Bonus
  • 200% Poker Bonus
  • 200% Bingo Bonus

Categories: casino
 
 

Taj Mahal Casino’s Fate to Be Decided Soon

Oct 15, 2014
Taj Mahal Casino Court Decission

Decisive moments for Taj Mahal Casino

The jobs of thousands of casino employees depend on a bankruptcy court ruling, expected to be issued by the end of this week.

The fate of the Taj Mahal Casino in Atlantic City will be decided later this week. The venue’s management claims the casino still has a chance to survive if the court allows the withdrawal of workers’ health care and pensions.

According to online gambling news, the Taj Mahal will close by November 13 if Trump Entertainment doesn’t get the union concessions. The Atlantic City gambling operator shut its other casino – the Trump Plaza – in September. Another three gambling venues closed this year, as Atlantic City has become less appealing to visitors over the past few years.

US Bankruptcy Judge Kevin Gross said he would rule on the issue by October 17, and added that the issue needs “a lot of analysis” and that it’s “going to take a while” until he makes a decision.

Bloomberg: Trump Casinos Fate, Union Fight to Be Decided This Week

Lawyers representing Trump Entertainment have argued that the union contract includes an unsustainable cost of about $20 million a year. Given its current financial situation, the company cannot afford to pay that, which is why it asked to cut employee benefits.

If the case succeeds, the casino operator has better chances of getting businessman Carl Icahn’s $100-million support, which could help save the casino from closure. The lenders also want to convert part of Trump Entertainment’s $292 million debt into equity.

In addition to cutting employee pensions and health care, investors also asked for $175 million in tax relief from New Jersey and Atlantic City. The program would be deferred over 5 years and the local administration might have to pass new gambling laws.

The management of the casino is seeking to transfer workers from a traditional pension plan to a 401(k) program, and to move them from to a new health care program under Affordable Care Act sponsorship. To help pay for coverage, workers would receive a $2,000 stipend.

According to lawyer Kathy L. Krieger, the law doesn’t allow a union accord to be rejected unless it is “essential” to a company’s survival.

ABC News: Icahn Aide: Taj Has to Close If Union Pact Remains

Allan Brilliant, a lawyer for business investor Carl Icahn, told US Bankruptcy Judge Kevin Gross that the casino company needs the financial relief in order to survive. Trump Entertainment has threatened to close the Taj Mahal by November 13 unless it can shed pension and health care obligations to its 3,000 employees.

“If you don’t grant the motion, it’s just not viable as a business,” Brilliant argued in front of the court. “Ultimately very quickly the casino will close. This is the window here; the window is open.”

Kris Hansen, who represented Trump Entertainment, added: “If you do grant it, we have a chance to stay alive. The cost structure of this casino doesn’t work, and it needs to be fixed. If we’re successful, employees get to keep their jobs, even though they made some concessions. Having a job is better than not having a job.”

In addition to union concessions, the company needs massive tax breaks from Atlantic City and New Jersey. Both administrations have already rejected the demand. The casino initially sought to have property taxes lowered by almost 80%. But Kathy Krieger, a lawyer for Local 54 of the Unite-HERE union, believes the investors are trying to profit on the backs of the low-wage casino employees.

“Let’s look at the poorest of the stakeholders here and make sure they give up everything permanently before we’re even willing to move. That’s absolute nonsense,” she said, adding that the businessman is “asking for major concessions that will give him a huge competitive advantage over every other casino in Atlantic City.”

After a negative response from Atlantic City Mayor Don Guardian and state Senate President Steve Sweeney, the company came forward with a different request, seeking $175 million in tax relief.

GamingZion: Union Members Make Strong Proposals to Keep Taj Mahal Open

Union members are also making efforts to stop the famous Atlantic City from closing and have proposed counteroffers to the company’s management.

While Trump Entertainment officials want to cut costs by getting rid of health care and pension plans, Local 54 of the Unite-HERE union has proposed an alternative solution: they said they would agree to smaller pension contributions, but they’re not willing to cancel pension funds altogether.

The two parties will be discussing details in a meeting, and Trump Entertainment CEO Robert Griffin did not want to comment on the union’s counteroffer. However, he added that the company “will remain committed to negotiating in good faith”.

“We hope to make the most of the three hours we will be meeting for on Friday,” he told reporters.

TOP ONLINE CASINO BONUS
Play at Spin Palace!Claim your bonus @ Spin Palace!

Get 2000% Bonus @ Spin Palace

  • 100% Max. $150 on 1st Deposit
  • Over 400 Casino Games
  • Sunday specials
  • 100% Max. $105 Anniversary Bonus
  • $1,000 Jackpot Bonus
 
RECOMMENDED ONLINE CASINO
Play at Royal Panda Casino!Visit Royal Panda Casino!

Visit Royal Panda Casino

  • 100% Max. €/$100 Bonus
  • Loyal Panda Points
  • Free Spins
  • Reload Bonuses
  • Progressive Jackpots

Categories: casino | gambling
 
 

Trump Saves His Reputation, Gets to Remove Name from Atlantic City Casinos

Oct 08, 2014
Donald Trump saves his reputation

Donald Trump saves his reputation

Donald Trump got what he wanted: his name is being taken off the now-bankrupt Trump Plaza casino in Atlantic City.

This week began with good news for Donald Trump. The business magnate won his case against Trump Entertainment Resorts, where he asked to have his name taken off the Atlantic City casinos. In fact, Donald Trump and his daughter Ivanka asked that the name be stripped from the company altogether.

Workers started taking down the letters spelling out Trump’s name on Monday morning. They also removed slot machines from the old Trump Plaza, after the casino shut down on September 16. Meanwhile, the Taj Mahal is also struggling and could close in November.

Trump’s lawyers argued in front of the court that the businessman doesn’t want to have his name associated with a company that left two casinos fall into such disrepair. Trump Entertainment violated quality standards that both sides had agreed upon, they said.

AP News: APNEWSBREAK: Trump Name Coming off Closed Casino

While Trump Entertainment is trying to figure out a way to save what’s left of its business, the latest gambling news
is talking about Trump’s victory in court.

“This is a very important step for us,” Ivanka Trump told reporters at The Associated Press. “It was pretty cut and dry: when we gave them a license to use our name, it was contingent on quality control and performance. They did not meet the high standards of luxury in every other asset in the Trump brand.”

The company declined to comment on the case.

Trump Plaza closed at the middle of September, but the businessman’s name was still up there. The mogul is simultaneously seeking to have his name removed from the Taj Mahal, and from Trump Entertainment Resorts. At the same time, his daughter said he is considering buying the casino, to save it from bankruptcy.

The investor sent out a statement emphasizing that he has had nothing to do with the company – other than associating his name with it – since 2009.

“I am saddened to see that the current managers and owners of the Trump Plaza and Trump Taj Mahal were unable to operate these properties to the highest standards of luxury and success as required under the license agreement and consistent with my name and reputation.”

“Because of constant defaults of the standards stipulated in the license agreement, I had no choice but to terminate the license agreement and require TER to remove the Trump name from both buildings,” he explained.

CNN: The Donald wins. Trump name coming off casino
Donald Trump got his way and his name will be peeled off the façade of the Trump Plaza Casino. A spokesperson for the company said removing the letters from the building will take a few weeks. The magnate sued Trump Entertainment Resorts, the company that runs the venue, asking that his name be removed from both the Plaza and the Taj Mahal.

“We have a very high standard and they didn’t meet it,” the businessman explained in an interview with CNN Money. “We essentially won the suit.”

The Taj Mahal is expected to shut down on November 13, after several attempts of saving it from bankruptcy have failed. Trump Plaza closed in September, becoming the fourth Atlantic City casino to go out of business this year and causing 8,000 people to lose their jobs. At this point, it seems like not even gambling laws or tax exemptions can save these businesses from bankruptcy.

“Atlantic City needs a total remake,” Trump said.

Trump built and owned both casinos in the beginning, but he decided to sell them seven years ago. Since then, he has been licensing his name and image to the new owners. The lawsuit was filed in August, when the investor accused Trump Entertainment Resorts of neglecting the venues and letting them “fall into an utter state of disrepair”.

The license agreement stipulated the brand’s “superior reputation” should be used in a “dignified manner”, offering the “highest quality”. But the business magnate said these standards weren’t met.

The Guardian: Atlantic City casino to be stripped of Trump name

Trump Entertainment has gone out of business and is in bankruptcy court in Delaware, where it is trying to get permission to terminate pension plans for the Taj Mahal’s 2,800 employees. Last week, the judge refused to allow it for now, but scheduled more hearings on the casino’s proposal to cut costs.

The company’s plans for financial recovery include the elimination of employee pensions and healthcare benefits, supported by a $100 million investment from billionaire Carl Icahn. Trump Entertainment said that it would not be able to survive without these two vital measures, and added that it would have to close either on or before November 13.

While holding most of the company’s debt, Icahn said he would be willing to consider buying the Taj Mahal by converting the debt into ownership rights. But the offer doesn’t stand if the local government doesn’t make a few serious concessions. The investor has requested that Atlantic City drastically reduce property taxes on the casino.

Donald Trump still owns a 9% stake in Trump Entertainment, but the company is virtually worthless now. He and his daughter believe having their names associated with the two bankrupt casinos bring harm to their personal and professional reputation.

RECOMMENDED ONLINE CASINO
Play at Royal Panda Casino!Visit Royal Panda Casino!

Visit Royal Panda Casino

  • 100% Max. €/$100 Bonus
  • Loyal Panda Points
  • Free Spins
  • Reload Bonuses
  • Progressive Jackpots
 
TOP ONLINE CASINO BONUS
Play at Spin Palace!Claim your bonus @ Spin Palace!

Get 2000% Bonus @ Spin Palace

  • 100% Max. $150 on 1st Deposit
  • Over 400 Casino Games
  • Sunday specials
  • 100% Max. $105 Anniversary Bonus
  • $1,000 Jackpot Bonus

Categories: casino | gambling | casino
 
 

Taj Mahal Casino to Continue Paying Pensions to Union Members

Oct 07, 2014
Trump Taj Mahal casino's managers were denied court approval to end pension payments

Trump Taj Mahal casino’s managers were denied court approval to end pension payments

The management of Trump Taj Mahal sought approval to end payments to the casino union pension fund.

US Bankruptcy Judge Kevin Gross in Wilmington, Delaware, said he didn’t have the authority to allow the gambling company to reject part of its collective bargain agreement, but added that he would consider a request to reject the agreement as a whole. The judge is expected to make a decision on a hearing scheduled for October 14.

Obtaining approval to end pension payments was a key requirement of businessman Carl Icahn, offered to spend $100 million to rescue the now-bankrupt casino. However, the deal comes with considerable strings attached, as the businessman expects tax breaks, $25 million in funds from a state agency, as well as givebacks from the workers’ union. Experts believe it is unlikely that his proposal will be accepted, considering New Jersey’s current taxation policy and gambling laws.

Unless a buyer is found, the Trump Taj Mahal Casino and Resort will become the fifth casino to close this year in Atlantic City. Trump Entertainment has threatened to shut it down at the middle of November.

Bloomberg: Trump Casinos Loss on Pension Threatens Bankruptcy Plan

According to the latest gambling news, the owner of Atlantic City’s Taj Mahal Casino was denied court approval to stop contributing to the union pension plan. The request was a key point in the company’s restructuring strategy, as Trump Entertainment is struggling to recover from bankruptcy.

Judge Kevin Gross ruled that eliminating just the pension from the collective-bargaining agreement is not an option. The measure would violate bankruptcy code, which states that a contract has to be considered as a whole.

“The court does not have authority to reject a portion of a CBA,” Gross ruled. However, Trump Entertainment’s efforts to scrap the entire union deal – which includes pensions, too – will be reconsidered at another hearing, on October 14.

The company is trying to figure out how to solve its financial difficulties and save the Taj Mahal. Court filings have revealed that the union contract costs about $15 million a year in health, welfare and other benefits, and an additional $5 million in pension payments. But if the casino doesn’t find a buyer or a way to cut costs, closing will be inevitable.

Trump Entertainment claims obtaining concessions from the union is “absolutely critical” in the restructuring process.

NY Post: Carl Icahn might save Trump Taj Mahal under right conditions

Businessman Carl Icahn is ready to save the Trump Taj Mahal from bankruptcy, but only under certain circumstances. The investor said he was willing to invest $100 million in the Atlantic City casino, provided the unions and local authorities are prepared to make some big concessions.

Trump Entertainment Resorts, the owner of the ailing casino, was forced to file for bankruptcy on September 9, but has come up with a restructuring plan that needs Icahn’s money, the union’s cooperation and the collaboration of Atlantic City authorities to succeed. If all plans fail, the closure of the casino will result in the loss of more than 4,000 jobs.

Trump Entertainment Resorts owns two casinos in the gambling Mecca, and both of them have failed. The Trump Plaza was closed recently, and the situation of the Taj Mahal is not too optimistic either. The business is projected to lose $7 million every month, even with just one casino in operation, and that figure doesn’t include debt payments to Icahn or property taxes.

In order to get out of the financial mess, the company wants to stop paying roughly $10,000 a year for each union employee, and to stop pension contributions.

GamingZion: Brookfield is Topping Bidders for the Revel in Atlantic City

It seems like Atlantic City financial problems are the highlight of American news, as casinos shut down one after the other in the former gambling kingdom. The Showboat closed at the beginning of September and the Revel is still hoping to find a way out of the mess it got itself into.

The casino opened its doors to customers just two years ago, and it has already filed for bankruptcy twice. An expensive investment that cost $2.4 billion to build, the venue has never succeeded in becoming a profitable business.

While the gambling business has failed, there might still be hope for the building that housed all those gaming tables and poker rooms. The casino’s owners said they intended to sell it to a customer who would be able to keep the building in use.

An auction held last Wednesday awarded the property to Brookfield Asset Management, after the company trumped Florida real estate developer Glenn Straub’s $90 million bid. The businessman threatened to challenge the outcome of the auction in court.

RECOMMENDED ONLINE CASINO
Play at Royal Panda Casino!Visit Royal Panda Casino!

Visit Royal Panda Casino

  • 100% Max. €/$100 Bonus
  • Loyal Panda Points
  • Free Spins
  • Reload Bonuses
  • Progressive Jackpots
 
RECOMMENDED ONLINE CASINO
Play at Royal Panda Casino!Visit Royal Panda Casino!

Visit Royal Panda Casino

  • 100% Max. €/$100 Bonus
  • Loyal Panda Points
  • Free Spins
  • Reload Bonuses
  • Progressive Jackpots

Categories: casino | gambling | casino | casino
 
 

Another One Bites the Dust: Trump Taj Mahal Left with No Options

Oct 01, 2014
Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort

Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort

The situation of the Trump Taj Mahal seems hopeless after Atlantic City officials refused to reduce taxes in order to save the casino.

In May 1984, when Trump Plaza opened its doors to customers, it became Atlantic City’s 10th casino. The venue’s financial problems became evident this year, and by the middle of September owners were left with no other option but to close it.

The entire city is dealing with a huge budget deficit and several casinos have gone out of business this year, as the gambling Mecca is falling under the pressure of competition from neighboring states. In order to recover from the financial disaster, workers will be laid off and taxes on homes and businesses will be raised, as local authorities are planning to cut $40 million from the city’s budget over the next four years.

Out of the state’s 12 casinos, four have already closed. The Trump Taj Mahal Casino and Resort would be the fifth one, with Trump Entertainment threatening to shut it down mid-November. So far, all plans to save the venue have failed.

ABC News: AP: Mayor Nixes Tax Break to Save Taj Mahal Casino

According to the latest gambling news, Atlantic City Mayor Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort. The city cannot afford to meet the owners’ demands for reduced taxes, the mayor explained in an interview with the Associated Press.

In the proposal, the venue’s owners asked local authorities to reduce the tax assessments of Trump Plaza from $248 million to $40 million. The hotel and casino complex closed at the middle of September. In addition, the company asked for another reduction – from $1 billion to $300 million – for the Taj Mahal.

“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told reporters. “We cannot afford those demands.”

With these plans being rejected, the city will most likely say “no” to another offer proposed by billionaire businessman Carl Icahn, leaving the struggling venue with no other options. The entrepreneur has promised to bail the casino out with a $100 million investment, but the project comes with strings attached.

Now it looks like Trump Entertainment could close the Taj Mahal at the middle of November.

CTV News: Billionaire may invest $100M save Trump’s Taj Mahal Casino

Billionaire businessman Carl Icahn is considering spending $100 million to save the now-bankrupt Trump Taj Mahal Casino Resort, but his offer comes with considerable strings attached. The investor said he will bail the venue out “if and only if” he gets givebacks from the workers’ union, $25 million in funds from an agency in New Jersey, and tax breaks regardless of the state’s current taxation and gambling laws.

At a recent appearance in bankruptcy court, Trump Entertainment Resorts presented a letter from the businessman’s lawyer, detailing his conditions for saving the casino and asking that the debt he owns in it be converted to equity that would give him ownership.

“Notwithstanding the fact that putting more money into the Taj is a questionable business decision, we share the company’s desire to see the Taj Mahal remain open and preserve the jobs of the company’s employees,” the attorney wrote, adding that failing to get the concessions “would make it impossible to operate a viable company at this time.”

The court filing paints a dismal picture of the casino’s current financial situation and argues there is no hope for survival without Icahn’s investment. Trump Entertainment said it was going to close the venue in November, leaving 2,041 full-time and 825 part-time employees without work.

Union president Bob McDevitt warned that the businessman is “seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years,” and added that his proposal aims to cut total compensation for workers.

Wall Street Journal: Trump Eyes Possible Return to Atlantic City

Billionaire Donald Trump is considering buying back two casinos in Atlantic City, both of them bearing his name, but still wants his name removed from the properties. The businessman hasn’t been involved in the management of either the Trump Taj Mahal, or the Trump Plaza for seven years now. Moreover, he told the Wall Street Journal that he disagrees with the way the venues are being run.

“We have a very high standard” in the licensing contract, he told reporters, “and they don’t operate it to our standards.”

“I’d fix them and bring them back to a very high standard,” Trump said. While acknowledging that Atlantic is in a “very difficult place”, he added: “I think a smaller Atlantic City maybe has a chance.”

Trump’s lawyers argued in court that the licensing contract requires operators to maintain “the highest levels of quality, luxury, prestige, and success,” which the plaintiff believes were not met. Inspectors of Trump AC have found a “serious deficiency in quality” and demanded that they be fixed. The casinos responded, claiming they had a plan to address the “deplorable conditions” at the Plaza, but further notices culminated in a lawsuit where Trump asked for his name to be removed from the business.

The casinos were originally developed by Trump and have come close to bankruptcy before. The real-estate mogul is no longer involved in the management of these casinos, but still owns 5% of Trump Entertainment.

RECOMMENDED ONLINE CASINO
Play at Royal Panda Casino!Visit Royal Panda Casino!

Visit Royal Panda Casino

  • 100% Max. €/$100 Bonus
  • Loyal Panda Points
  • Free Spins
  • Reload Bonuses
  • Progressive Jackpots
 
RECOMMENDED ONLINE GAMBLING SITE
Gamble online with Bodog!Experience Bodog Casino

Visit Bodog

  • Sportsbook / Casino / Poker Room
  • One account for all gambling
  • Robust casino software
  • Variety of progressive jackpots
  • Large poker network
  • Many sports betting options

Categories: casino | gambling | casino | casino | casino