
The Trump Taj Mahal may 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 increased loss of health and other advantages.
Atlantic City gaming may be losing, technically speaking, but the house is nevertheless winning general.
The brand new Jersey beachside resort isn’t packing in the tourists in the same manner that it once did, however the news is not all harmful to those gambling enterprises which have decided to stick it down.
The eight remaining resorts in Atlantic City have seen their revenues and profits rise through the initial half of 2015, even as the market that is overall gambling in Atlantic City seems to be shrinking.
Based on the brand New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises being still operating was up 3.5 percent within the very first 6 months of the year when compared with the exact same period in 2014, inspite of the fact that overall revenues are down 11.8 percent.
The huge difference comes from the fact that there have been still 11 casinos open through the end of final June, making an apples-to-apples that are true regarding the two markets difficult.
Less Casinos Dividing Smaller Market
Nevertheless, the overall trend seems become clear. While the general size regarding the Atlantic City market has shrunk, the fact that four casinos closed in the city a year ago meant that the average revenue per casino went up, producing a really profitable situation for those properties able to survive the wave of closures.
In fact, year-over-year gross operating profits rose more than 27 per cent year-over-year, with the eight casinos making $213 million between them so far in 2015. Even with accounting for taxes along with other obligations, the gambling enterprises are making more money compared to 2014.
In fact, seven of the eight casinos have seen their profits increase this year. The biggest champion has been the Borgata Casino Hotel, which saw its net revenues power up by nearly $25 million through June.
But the most result that is impressive attended from the Golden Nugget. Over days gone by year, the Nugget has been performing well in both its live and online operations, and managed a $7.7 million running revenue in the first half of 2015, representing a whopping 902 percent enhance over the $776,000 it made during the exact same period last year.
Trump Taj Mahal Struggles with Bankruptcy, Union Relations
However, one casino has not enjoyed the windfall that the rest of the populous town is experiencing. That difference belongs to the Trump Taj Mahal, the beleaguered resort that is currently going right through bankruptcy proceedings 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 candidate that is presidential demonstrated in the GOP run off so far. Although things have not always been therefore.
In 2014, the Trump Taj Mahal wasn’t exactly breaking the bank, but it was profitable. It took in $1.8 million in profits throughout the very first six months of the year. But the turmoil over the property seemingly have taken a toll, while the Taj Mahal lost more than $900,000 in the half that is first of.
The Taj Mahal has more trouble brewing this week, once the union that represents most of its casino workers is threatening a hit against the resort. October the union, Local 54 of Unite-HERE, has been fighting for the restoration of health and pension benefits that the casino was able to take away from workers during bankruptcy proceedings last.
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 expected to rule on or perhaps a union employees should have their benefits resorted, though Icahn has threatened to shut the Taj Mahal down in the event that court rules in the union’s favor.
Bwin.party Desires Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is among those weighing takeover offers from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently a tremendously desirable acquisition, due to the fact 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 company, with the bwin.party board now asking GVC to clarify an official bid so that they can determine how to answer the latest offer.
Right now, all signs continue to be pointing towards 888 more chilli slot machine play free online having the top hand in the battle to get bwin.party.
On July 17, the bwin.party board unanimously recommended accepting a bid from 888 that is worth 104.09 pence ($1.60) per share, and to date, they will have made no suggestions that they have been backing away from that offer.
GVC Bid Offers More Immediate Value
But there is no guarantee that things won’t change in the near future. GVC has made strides to produce their bid as attractive that you can 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 that they can entice bwin.party.
The bid that is latest would see GVC offer bwin.party stockholders £0.25 ($0.39) in cash as well as 0.231 shares for every share that is bwin purchase. That means the offering that is mixed continue to alter value in the future, considering movement in GVC’s stock.
The question that is big be that offer proposes more growth for the people stockholders later on.
While GVC can be providing more to bwin.party’s owners right from the start, you will find no doubts that 888 can fully integrate with the online gaming operator, while the bwin.party board may be less certain about the next 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 to sweeten its offer that is own to victorious,’ stated Peel Hunt analyst Nick Batram.
Update Expected By 1 september
Bwin.party has stated that they expect you’ll provide an update regarding the takeover battle by September 1, which may mean that GVC will need to clarify their bid before the end of the month. a statement that is bwin on Thursday stated that they are still waiting for certainty on the best possible terms GVC is prepared to provide.
‘Bwin.party has now expected GVC to clarify, with respect to its proposal, the best terms on which GVC is prepared to create a formal offer to obtain all the issued also to be issued shares in bwin.party,’ the statement read.
Based on reports, 888 has been made aware of this prospect of bwin.party to reconsider a bid from GVC. Bwin.party also says they gives due notice to 888 should the board consider suggesting a new GVC offer.
The back and forth battle to get bwin.party comes at a time when mergers and consolidation have become commonplace in the gambling industry. Numerous have attributed this to regulation that is increasing taxation of this industry, particularly in the united kingdom and other European countries, which has caused companies to seek means by which they could increase scale while cutting costs.
Just this a merger agreement between Betfair and Paddy Power was announced by the two companies week. The mix of those two companies would make the group among the largest gambling entities in the globe.
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 change 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 right back last year, has since entered into poker folklore, but for Ivey the battle to receive some compensation is still extremely 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.
While he initially contested the Borgata’s legal situation (an instance which argued that it Ivey shouldn’t be given his $9.6 million winnings), he has since filed a countersuit.
Ivey Files a Countersuit
Within his countersuit, Ivey claims that the cards utilized during the game were damaged intentionally to harm their defense.
Moreover, Ivey’s suit claims that a Borgata employee acknowledged ‘cutting tolerances’ in playing cards and that Ivey never touched the cards himself.
With this suit in motion, Ivey’s appropriate team has since offered testimony that is further behalf regarding the poker player. Carrying out a suggestion from the Borgata that it had been actually him who was targeted by the casino that it was the victim in the case, Ivey has spoken out and explained.
Asserting that he is a professional gambler and, therefore, understands the practices gambling enterprises use to gain a bonus over players, Ivey explained that he wasn’t immune to the tactics of manipulation used by the Borgata.
‘As a expert gambler, Defendant Ivey is well alert to 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
Circumstances of models being recruited as waitresses and appearing under the banner associated with Borgata Babes have always been the conversation of varied gambling and travel discussion boards. Ivey believes he saw tactics that are such operation during his high stakes session.
‘The Borgata had been plying him with free alcohol offered by only the most curvaceous and voluptuous females in the industry,’ claimed Ivey’s legal documents.
Along with this argument, Ivey’s defense team argues that the Borgata has previously admitted that side sorting is ’50 percent effective’; which implies that Ivey could have still have needed luck and skill to win almost ten dollars million.
A resolution that is speedy the truth seems highly not likely at this point; however, just what is clear is the fact that Ivey is not willing to fold his hand and present through to the $9.6 million pot just yet.
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