The Trump Taj Mahal could be the one Atlantic City casino that hasn’t benefitted from the consolidation of the town’s gambling industry. A union picket is threatened over the loss of health insurance and other advantages.
Atlantic City gaming may be losing, technically speaking, but the house is nevertheless winning general.
The newest Jersey beachside resort isn’t packing into the tourists in the same way it out that it once did, but the news isn’t all bad for those casinos that have decided to stick.
The eight remaining resorts in Atlantic City have seen their revenues and profits rise through the very first half of 2015, even as the general market for gambling in Atlantic City seems to be shrinking.
Based on the brand New Jersey Division of Gaming Enforcement, revenue for the casinos which can be still running was up 3.5 per cent within the first 6 months of the year compared to the period that is same 2014, regardless of the undeniable fact that overall revenues are down 11.8 percent.
The distinction arises from the fact that there were still 11 casinos open through the end of last June, making an apples-to-apples that are true of the two markets hard.
Fewer Casinos Dividing Smaller Market
Nevertheless, the overall trend seems to be clear. While the overall size associated with Atlantic City market has shrunk, the truth that four casinos closed in the city a year ago meant that the average revenue per casino went up, creating a very profitable situation for those properties able to survive the revolution of closures.
In reality, year-over-year gross operating profits rose a lot more than 27 per cent year-over-year, with the eight gambling enterprises making $213 million between them so far in 2015. Even after accounting for taxes as well as other obligations, the casinos are making additional money compared to 2014.
In fact, seven of the eight casinos have seen their profits increase this year. The biggest winner has been the Borgata Casino Hotel, which saw its net revenues pump up by nearly $25 million through June.
However the most impressive result may attended from the Golden Nugget. Over the last year, the Nugget was performing well in both its live and online operations, and managed a $7.7 million working profit in the first half of 2015, representing an astonishing 902 percent increase on the $776,000 it made during the same period last year.
Trump Taj Mahal Struggles with Bankruptcy, Union Relations
Nonetheless, one casino hasn’t enjoyed the windfall that the remainder populous city is experiencing. That difference is one of the Trump Taj Mahal, the beleaguered resort that is currently going through bankruptcy procedures and that nearly became the fifth casino to close year that is last.
Apparently, the name ‘Trump’ doesn’t always have the magical powers in a casino that its namesake presidential prospect has demonstrated in the GOP run off so far. Although things have not always been therefore.
In 2014, the Trump Taj Mahal was not exactly breaking the bank, nonetheless it was profitable. It took in $1.8 million in profits over the very first six months of the year. But the turmoil on the property seems to have taken a toll, due to the fact Taj Mahal destroyed more than $900,000 in the first half of 2015.
The Taj Mahal has more trouble brewing this week, because the union that represents many of its casino workers is threatening a attack against the resort. The union, Local 54 of Unite-HERE, has been fighting for the restoration of health insurance and pension benefits that the casino was able to eliminate from workers during bankruptcy procedures last October.
The casino is operated by Trump Entertainment Resorts, a firm that is in the process of being purchased by billionaire Carl Icahn. An appeals court is likely to rule on whether the union workers should have their benefits resorted, though Icahn has threatened to shut down the Taj Mahal if the court rules in the union’s favor.
Bwin.party Wishes Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is among those takeover that is weighing from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently a very desirable purchase, while the battle between GVC Holdings and 888 Holdings seems to see each potential buyer outdo the other on a basis that is regular.
The latest twist into the ongoing saga has seen GVC once again prepare to outbid 888 for the internet gambling business, with the bwin.party board now asking GVC to clarify a formal bid so they can regulate how to react to the latest offer.
Right now, all signs continue to be pointing towards 888 getting the top hand in the battle to obtain bwin.party.
On July 17, the bwin.party board unanimously recommended accepting a bid from 888 that will probably be worth 104.09 pence ($1.60) per share, and up to now, they will have made no suggestions that they are backing away from that provide.
GVC Bid Offers More Immediate Value
But there is no guarantee that things won’t change in the future that is near. GVC has made strides to make their bid as attractive as possible to bwin.party shareholders, very first putting in a bid 110 pence ($1.69) and then upping their off to 124 pence ($1.91) per share so as to entice bwin.party.
The latest bid would see GVC offer bwin.party stockholders £0.25 ($0.39) in cash because well as 0.231 stocks for every share that is bwin purchase. That means the offering that is mixed continue to improve value as time goes on, according to movement in GVC’s stock.
The question that is big be that provide proposes more growth for those stockholders as time goes by.
While GVC might be offering more to bwin.party’s owners straight away, you will find no doubts that 888 can fully integrate with the gaming that is online, while the bwin.party board may be less certain about a future with GVC.
However, if GVC can gain the confidence of the bwin.party board, the value that is extra their takeover bid could make the difference.
‘If GVC’s administration can persuade Bwin’s board and advisors that these synergies are real and deliverable, 888 will need certainly to sweeten its offer that is own to victorious,’ stated Peel Hunt analyst Nick Batram.
Update Expected By 1 september
Bwin.party has said which they expect you’ll provide an update in the takeover battle by September 1, which may mean that GVC will have to clarify their bid before the end of the month. a bwin declaration issues on Thursday stated that they are still waiting for certainty on the best possible terms GVC is willing to offer.
‘Bwin.party has expected GVC to clarify, with respect to its proposal, the best terms on which GVC is willing to produce a offer that is formal acquire all of the issued and also to be issued shares in bwin.party,’ the statement read.
According to reports, 888 has been made aware for the prospect of bwin.party to reconsider a bid from GVC. Bwin.party also says they will give notice that is due 888 should the board consider recommending a new GVC offer.
The forward and backward battle to obtain bwin.party comes at a time when mergers and consolidation are getting to be prevalent in the gambling industry. Many have attributed this to increasing regulation and taxation of this industry, particularly in the UK and other European countries, which has caused companies to seek methods by which they could increase scale while cutting costs.
Just this week, a merger contract between Betfair and Paddy energy was announced by the two businesses. The combination of those two companies would result in the team among the largest gambling entities in the world.
Phil Ivey Suggests Borgata Used Booze and Boobs to Target Him
Ivey claims free drink and curvaceous women were a ploy by the Borgata to make him lose cash. (Image: PA)
Phil Ivey’s protracted battle with Atlantic City’s Borgata Casino took another turn this after the poker star claimed the casino tried to manipulate him and cloud his judgment week.
The $9.6 million session, which took place straight back last year, has since entered into poker folklore, but for Ivey the battle to receive some compensation is still really real.
That he used edge sorting techniques to gain the upper hand, he has argued against the Borgata’s claim that his tactics were a form of cheating although he has never denied.
That it Ivey shouldn’t be given his $9.6 million winnings), he has since filed a countersuit while he initially contested the Borgata’s legal case (a case which argued.
Ivey Files a Countersuit
Within his countersuit, Ivey claims that the cards used throughout the game were destroyed deliberately to harm his defense.
Moreover, Ivey’s suit claims that the Borgata employee acknowledged ‘cutting tolerances’ in playing cards and that Ivey never touched the cards himself.
With this suit in movement, Ivey’s legal team has since given testimony that is further behalf of the poker player. Carrying out https://myfreepokies.com/more-chilli-slot-review/ a suggestion from the Borgata that it absolutely was the target in the event, Ivey has spoken out and explained that it ended up being really him who was targeted by the casino.
Asserting that he is a professional gambler and, therefore, understands the practices gambling enterprises use to gain a plus over players, Ivey explained that he wasn’t immune to the tactics of manipulation used by the Borgata.
‘As a gambler that is professional Defendant Ivey is well conscious of Borgata’s methodology in attempting to distract and impair its patrons’ judgment with alcohol and scantily-clad cocktail waitresses,’ read Ivey’s appropriate document.
Boobs and Booze a Familiar Tactic
Instances of models being recruited as waitresses and appearing under the banner associated with the Borgata Babes have for ages been the discussion of various gambling and travel discussion boards. Ivey believes he saw such tactics in operation during his high stakes session.
‘The Borgata was plying him with free alcohol served by just the most curvaceous and voluptuous females in the industry,’ stated Ivey’s legal documents.
In addition to this argument, Ivey’s defense team argues that the Borgata has formerly admitted that side sorting is only ’50 percent effective’; which implies that Ivey could have still have needed luck and skill to win almost $10 million.
A resolution that is speedy the scenario seems very not likely at this point; however, exactly what is clear is that Ivey is not prepared to fold his hand and provide up on the $9.6 million pot as of this time.