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

Carl Ic<span id="more-587516"></span>ahn Delivers $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 states he shall bail on Atlantic City if their state’s proposal to license casino gaming in North Jersey goes ahead.

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

In late 2014, the Taj seemed to be going just how of its defunct sister home, the Plaza. But that has been before Icahn, then the majority holder of the Taj’s $286 million financial obligation, offered to transfer that financial obligation into ownership.

He also promised to invest up to $100 million in the property, supplied the Atlantic City would grant him specific concessions.

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 an outcome, public demonstrations outside the Taj and the Tropicana, also owned by Icahn, have become a familiar sight over yesteryear 18 months.

If Casinos Go North, Icahn Goes South

But now that people concessions have been granted, and the Taj has changed into a complete subsidiary of Icahn Enterprises, the billionaire says he may get stop that is full the present direction of casino expansion in the state doesn’t come to a halt.

‘as I made substantial investments at the Tropicana, obviously it would not be judicious to proceed with those investments while gaming in north Jersey is an open issue, and we will have to wait to see the outcome of those proposals,’ Icahn said although I had planned to invest up to $100 million in the Taj, just.

New Jersey wants to create two new casino licenses in the north for the state, in an attempt to lure customers across the Hudson from New York City. Since the proposition would require an amendment to their state’s constitution, the matter will have to be determined by a general public ballot, but which will 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 brand new gambling enterprises, however it still lacks any proposal that is firm of taxation rate, which means that the resort city is within the dark about the level of settlement it would get for ceding its monopoly.

While expansion has a body that is reasonable of in their state legislature, you will find also many dissenting voices. Many of those are in Atlantic City itself, where some are worried that the bill will kill off a casino industry that has recently seen a quarter of its video gaming properties close in the last couple of years.

Icahn may possibly not be a popular figure among the casino unions, but cash speaks, and also the addition of his voice to your clamor of opposition, associated with his threat to pull numerous 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 costs relating to A pittsburgh slot machine that is illegal operation. (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 with a guy named ‘Porky’ Melocchi.

Gergely, certainly one of over a dozen charged into the full case, is dealing with three felony counts, including dealing in the proceeds of illegal task, plus three misdemeanors. He pled not guilty.

It is alleged that Ronald ‘Porky’ Melocchi, whom was sentenced to a decade’ probation year that is last used his connections in the wonderful world of neighborhood politics to persuade business owners to install his devices on their premises.

In one such case, Gergely allegedly told a local restaurateur because he the legislator had connections to local law enforcement and could protect the business from ‘trouble. which he should accept Melocchi’s slots’

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

Bogus Letter Sting

‘The allegations show what I would think about the insidious nature of organized crime,’ said Mark Serge, who is senior deputy at the Pennsylvania Attorney General’s office. ‘You have relationship and money that tends to infiltrate the system that is political people get caught up in that.

‘This is an ongoing criminal investigation, we do anticipate more costs in this matter,’ Serge included. ‘It could involve other individuals that are involved within the system that is political had any sort of relationships with Mr. Melocchi and their organization.’

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 through the wife of a gambling addict whose husband had blown their life cost savings on Melocchi’s machines.

‘Mr. Gergely, I believe you’re the only person I can trust,’ the letter stated. ‘ I have no idea if I should phone the FBI or State Police.’

Wiretap Proof

Sufficiently spooked by the communication, Gergely called his company partner to tell him that he needed to find out who the gambler ended up being and put a final end to his gambling spree, as authorities listened in via a wiretap.

‘I just desire to be careful of you,’ Gergely told Melocchi, based on court documents. ‘ She obviously does not have any idea that we now have a link. Do you know what I mean?’

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

He claims that Melocchi had been a longtime buddy of their daddy 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 his Landry’s portfolio, 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 his globally recognized Landry’s, Inc. empire.

Riding in the bandwagon of venture capital shows such as Shark Tank and Restaurant Startup, the brand new show hopes to capitalize ( see just what we did there) on the hopes and dreams of business owners every-where.

‘In each hour-long episode, Fertitta will spend time with two small enterprises, 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 put a purchase that is transformative with one of the firms, both, or neither.’

A relative to two other billionaires, Ultimate Fighting Championship and facility Casinos owners Lorenzo and Frank Fertitta, Tilman is the shareholder that is sole of’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 have always been really eager to connect with an entire new generation of young and promising startups,’ the 58-year-old Texas native told the Houston Chronicle in January. ‘I look forward to sharing the classes we have learned from developing a business through the ground up as a international company.’

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

Another Shark in the Tank

Originally launched as the customer News and Business Channel, CNBC rebranded its primetime development in 2013 to concentrate on reality television featuring a small business angle. The system debuted The Profit with investor Marcus Lemonis and acquired the exclusive cable liberties to ABC’s insanely popular Shark Tank.

Billion Dollar Buyer seems to be somewhat of a mash-up between the two very successful programs.

While for each episode of The Profit, Lemonis considers investing in a business, the difference is the fact that companies at hand are struggling or failing enterprises. Fertitta is going to be considering successful but businesses that are young possible inclusion under the Landry’s umbrella.

It’s perhaps not too diverse from the concept behind the entrepreneurs that are up-and-coming Shark Tank who pitch their ideas to the sharks, but there’s just one investor that may bite on Billion Dollar Buyer.

Who is Tilman Fertitta?

These are sharks, CNBC’s newest truth television star got his come from seafood.

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

Throughout the next 20 years, Fertitta acquired other hospitality brands too. In 2005, he joined the gambling industry by purchasing the Golden Nugget casinos for $140 million and presuming the gambling enterprises’ $155 million debt.

The Golden Nugget Las Vegas features a 200,000-gallon shark tank aquarium attraction in yet more amusing irony.

CNBC and Fertitta are indeed the match that is seemingly perfect.

‘First and foremost, i will be a businessman, and whenever approached by CNBC, a business that is top-rated, it appeared like a great fit,’ Fertitta said.

Six episodes have already been shot to date, and if the show rate well, additional episodes is produced come early july.