The Trump Taj Mahal may be the one Atlantic City casino which includesn’t benefitted from the consolidation of the city’s gambling industry. A union picket is threatened over the loss of health and other advantages.
Atlantic City video gaming may be losing, theoretically speaking, but the house is still winning overall.
This new Jersey beachside resort isn’t packing within the tourists in the in an identical 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 first half of 2015, even as the market that is overall gambling in Atlantic City seems to be shrinking.
According to the brand New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises which can be still operating was up 3.5 % throughout the very first half a year of the season in comparison to the exact same period in 2014, regardless of the proven fact that overall revenues are down 11.8 percent.
The difference arises from the actual fact that there were still 11 casinos open through the end of last June, making an apples-to-apples that are true of this two markets difficult.
Fewer Casinos Dividing Smaller Market
Nevertheless, the trend that is overall become clear. While the overall size associated with Atlantic City market has shrunk, the fact four casinos closed in the city this past year meant that the average revenue per casino went up, producing a very profitable situation for those properties able to survive the revolution of closures.
In reality, year-over-year gross operating profits rose more than 27 percent year-over-year, with the eight casinos making $213 million between them so far in 2015. Even after accounting for taxes and other obligations, the gambling enterprises are making additional money compared to 2014.
In fact, seven of the eight casinos have seen their profits increase this 12 months. The winner that is biggest 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 came from the Golden Nugget. The Nugget has been performing well in both its live and online operations, and managed a $7.7 million operating profit in the first half of 2015, representing a whopping 902 percent increase over the $776,000 it made during the same period last year over the past year.
Trump Taj Mahal Struggles with Bankruptcy, Union Relations
Nonetheless, one casino has not enjoyed the windfall that the rest of the populous city is experiencing. That distinction belongs to the Trump Taj Mahal, the beleaguered resort that is currently going right on through bankruptcy proceedings and that nearly became the fifth casino to close year that is last.
Apparently, the name ‘Trump’ does not 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 hence.
In 2014, the Trump Taj Mahal was not precisely breaking the bank, however it was profitable. It took in $1.8 million in profits over the very first six months of the 12 months. But the turmoil over the property seems to have taken a toll, because the Taj Mahal lost more than $900,000 in the half that is first of.
The Taj Mahal has more trouble brewing this week, because the union that represents most of its casino workers is threatening a hit against the resort. The union, Local 54 of Unite-HERE, has been fighting for the restoration of health and pension benefits that the casino ended up being able to remove from workers during bankruptcy proceedings last October.
The casino is operated by Trump Entertainment Resorts, a company that is in the entire process of being purchased by billionaire Carl Icahn. An appeals court is expected to rule on perhaps 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 Wants Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is the type of takeover that is weighing from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently a tremendously desirable purchase, since the battle between GVC Holdings and 888 Holdings generally 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 online gambling business, with the bwin.party board now asking GVC to clarify a formal bid so they can decide how to respond to the latest offer.
Right now, all signs remain pointing towards 888 having 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’ve made no suggestions that they’ve been backing away from offering.
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 in order to make their bid as attractive possible to bwin.party shareholders, 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 bwin share they buy. That means the blended offering could continue to alter value as time goes on, considering movement in GVC’s stock.
The big concern may be which offer proposes more development for those stockholders in the foreseeable future.
While GVC are providing more to bwin.party’s owners right off the bat, you will find no doubts that 888 can fully incorporate with the gaming that is online, while myfreepokies.com 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 convince Bwin’s board and advisors that these synergies are real and deliverable, 888 will need to sweeten its offer that is own to victorious,’ said Peel Hunt analyst Nick Batram.
Update Expected By September 1
Bwin.party has stated that they be prepared to provide an update in the takeover battle by 1, which may mean that GVC will have to clarify their bid before the end of the month september. a bwin declaration issues on Thursday said that they’re still waiting for certainty on the best possible terms GVC is ready to offer.
‘Bwin.party has now expected GVC to clarify, with respect to its proposal, the most effective terms on which GVC is ready to create a formal offer to obtain every one of the issued also to be issued shares in bwin.party,’ the statement read.
According to reports, 888 has been made aware associated with possibility of bwin.party to reconsider a bid from GVC. Bwin.party also says they gives due notice to 888 should the board consider recommending a new GVC offer.
The backwards and forwards battle to get bwin.party comes at a time when mergers and consolidation are getting to be commonplace in the gambling industry. Numerous have attributed this to regulation that is increasing taxation regarding the industry, particularly in britain and other European nations, which has caused companies to seek methods in which they are able to increase scale while cutting costs.
Just this week, a merger agreement between Betfair and Paddy energy was announced by the two companies. The mixture of those two businesses would result in the team one of the gambling entities that are largest in the world.
Phil Ivey Suggests Borgata Used Booze and Boobs to Target Him
Ivey claims free drink and curvaceous women had been a ploy by the Borgata to make him lose money. (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 in 2011, has since entered into poker folklore, but for Ivey the battle to receive some compensation is still really real.
Although he has never denied that he used edge sorting techniques to gain the upper hand, he’s argued from the Borgata’s declare that his tactics had been a form of cheating.
While he initially contested the Borgata’s legal situation (a case which argued so it Ivey shouldn’t be provided their $9.6 million winnings), he’s since filed a countersuit.
Ivey Files a Countersuit
Within his countersuit, Ivey claims that the cards utilized throughout the game were destroyed intentionally to harm his defense.
Moreover, Ivey’s suit claims that the Borgata employee acknowledged ‘cutting tolerances’ in playing cards and that Ivey never ever touched the cards himself.
With this suit in motion, Ivey’s appropriate team has since offered further testimony on behalf of this poker player. Carrying out a suggestion from the Borgata that it absolutely was 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 techniques gambling enterprises use to gain an advantage over players, Ivey explained that he had beenn’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 of this Borgata Babes have actually long been the discussion of various travel and gambling discussion boards. Ivey believes he saw such tactics in operation during his high stakes session.
‘The Borgata was plying him with free liquor served by only the most curvaceous and voluptuous females in the industry,’ stated Ivey’s legal documents.
As well as this argument, Ivey’s defense team argues that the Borgata has previously admitted that side sorting is only ’50 % effective’; which suggests that Ivey might have have needed luck still and skill to win almost ten dollars million.
A resolution that is speedy the scenario seems extremely unlikely at this aspect; however, just what is clear is Ivey isn’t willing to fold his hand and present through to the $9.6 million pot just yet.