The Trump Taj Mahal continues to bear that name, as Donald Trump arrived to an agreement with Carl Icahn over keeping his family members name regarding the resort.
The Trump Taj Mahal will still be understood by that name for the foreseeable future, closing an effort by Donald Trump to simply take his name off of the resort that is beleaguered.
Trump and investor Carl Icahn reached an agreement that may see the Trump name stick to the casino, despite previous indications from the Trump family members they desired nothing in connection with the resort or Atlantic City.
‘I am pleased to have reached a deal with Carl, an individual who I have great respect for both personally and professionally,’ Trump said in a statement. ‘The Trump Taj Mahal, under the leadership that is right with the proposed significant reinvestment within the property, can be, once again, a wonderful spot for travel and entertainment.’
Trump Fought to Have Name Removed
The agreement comes after an ongoing battle that is legal whether or not the Trump family could sue to own their name removed from the resort. Last month, a federal judge consented that they could go forward making use of their lawsuit; last week, the casino filed a benefit of that decision. Trump, along with his daughter Ivanka, was already successful in removing his name from the former Trump Plaza, that will be now closed.
Trump Entertainment Resorts, which operates the casino, argued in a court filing that the Trump title was too ‘iconic’ to lose, calling the name ‘an indispensable asset.’ Donald Trump no longer runs Trump Entertainment Resorts, though he does hold a 10 percent stake in the company.
Since his removal from the operation associated with the company, Trump has regularly made it clear which he does not wish to be associated with Atlantic City that he is not associated with the casinos, and.
The Trumps had argued that Trump Entertainment had allowed the 2 casinos which used the Trump title to fall into disrepair in modern times. This, they said, damaged their brand that is personal for their desire to separate your family title from the casinos.
The deal will have to be approved by a federal bankruptcy court judge like so many other aspects of the ongoing saga at the Trump Taj Mahal. The Trump Taj Mahal can be embroiled in a dispute with union employees, that are now headed to an appeals court. That legal battle hinges in the Trump Taj Mahal’s choice to break agreements with the United Here regional 54 union, which a bankruptcy court approved. The union says that the bankruptcy court lacked the jurisdiction to make that choice.
Trump Taj Mahal fined $10 Million for Violating Bank Secrecy Act
The agreement comes just days after the Trump Taj Mahal ended up being fined $10 million by the Financial Crimes Enforcement Network (FinCEN) for repeated violations of the Bank Secrecy Act (BSA). FinCEN had purchased the casino to make regular external audits to ensure money laundering statutes to its compliance, and the casino admitted to violating many of the requirements for the BSA.
‘Trump Taj Mahal received many warnings about its deficiencies,’ FinCEN Director Jennifer Shasky Calvery said. ‘Like all casinos in this nation, Trump Taj Mahal possesses duty to help protect our financial system from being exploited by criminals, terrorists, and other bad actors. Far from meeting these expectations, poor compliance methods, over a long time, left the casino and our monetary system unacceptably exposed.’
Foxwoods Makes Bid For Final Massachusetts Casino License
Foxwoods is hoping to snag the final Massachusetts casino license by partnering with KG Urban Enterprises. (Image: jcj.com)
Foxwoods includes a lot to worry about with regards to the Massachusetts casinos which are being constructed throughout the next years that are few.
After all, a lot of company for the Connecticut resort comes from Massachusetts, plus it’s likely that a lot of those site visitors will remain at house once MGM and Wynn develop their complexes that are own Springfield and Everett, respectively.
And with not a way to cease those Massachusetts casinos from being built, Foxwoods is trying one last time to grab an item of that cake for on their own.
Foxwoods Lovers with KG Urban
Foxwoods, owned by the Mashantucket Pequot Indian tribe, has officially entered into an understanding to work with KG Urban Enterprises on a proposal for the Massachusetts casino that is final license. The operator signed a letter of intent to work with KG Urban on a casino in New Bedford. Previously, Foxwoods had shown a potential interest in building a casino in Fall River, another location within the southeastern Massachusetts region, usually the one section of the suggest that has yet to have its license granted.
‘We couldn’t are finding an improved choice for an operator,’ KG Urban Managing Director Andrew M. Stern said in a statement. ‘No one knows the Massachusetts and New England market that is regional than the Mashantucket.’
This is not the first time Foxwoods has shown an interest in building within the state, however. Foxwoods was one of the contenders that are early the Boston area casino license aswell, proposing a casino in Milford that was finally beaten by the town’s voters before it could also be viewed by state regulators.
Interestingly, the casino that is final in Massachusetts will pit Foxwoods against one of its former allies. Whenever attempting to build in Milford, Foxwoods partnered with Crossroads Massachusetts. That developer happens to be element of team trying to propose a casino in Somerset. There’s also a third bid that is strong the Brockton Fairgrounds, where owner George Carney is working with Rush Street Gaming to be able to bring a casino compared to that city.
Mayor’s Support for Casino Questioned
Foxwoods and KG Urban may face other hurdles as well. It seems that New Bedford Mayor Jon Mitchell isn’t satisfied with the proposal, needing concessions from the designers and asking for a redesign associated with the proposed casino.
‘ At this point, we are not certain we may come to agreement with this mayor,’ said Andrew Paven, a spokesperson for KG Urban.
However, Mayor Mitchell’s very own terms sounded more welcoming to the casino, if not overly enthusiastic.
‘We come in talks with the developer about whether a casino makes sense at the proposed web site,’ Mitchell said in a statement. ‘The city would be willing to support a casino proposal as long as, on stability, it advances the town’s long-lasting economic interests.’
So far, Massachusetts regulators have approved three gambling venues within the state. In Western Massachusetts, MGM won the right to build in Springfield without any significant opposition in the later stages of the process. Conversely, the more Boston license featured a battle that is fierce Wynn Resorts, which wanted to build in Everett, and Mohegan Sun, which partnered with Suffolk Downs in an effort to place a resort in Revere. Regulators ultimately picked the Everett project despite objections from the populous city of Boston. The state has also approved a slot parlor that will be put in Plainville and operated by Penn National Gaming.
Connecticut Tribes Band Together In New Push For Expanded Gambling
Mohegan Sun and Foxwoods are teaming up in an effort to persuade Connecticut to permit for expanded gambling. (Image: MoheganSun.com)
Expanded gambling in Connecticut was supposed to be dead an ago month. But the proposition seems more alive than ever before, as both Mohegan Sun and Foxwoods have now been lobbying difficult to get hawaii legislature to at the least give consideration to the measure as a way to combat the new casinos that are being built in neighboring Massachusetts.
It’s unclear what the Mohegans and Mashantucket Pequots, the two tribes that operate the Native American gambling enterprises in Connecticut, would ask for or be able to get from state lawmakers.
It may be something as extensive as being a brand casino that is new northern part of the suggest that would attempt to persuade state residents not traveling to Massachusetts as soon as gambling enterprises are built there, or it could be a far more modest proposal to add slots to off-track betting locations.
Officials, Lawmakers Talk Vaguely of Gambling Expansion
‘We’re dealing with ways to preserve jobs,’ said Mashantucket Pequot chairman Rodney Butler, though he failed to specify precisely what he or the tribe were planning. Butler and Mohegan Tribal Gaming Authority chairman Kevin Brown traveled Wednesday that is together last to with Democratic leaders in Connecticut’s Senate.
‘I see them as a major employer within our state,’ said Senate Majority Leader Bob Duff (D-Norwalk), who a month ago declared their efforts dead but admitted to meeting with the tribal leaders last week. Like others, Duff provided details that are few precisely what anybody was proposing.
Despite the lack of concrete proposals being floated publically, there are signs that at the very least some officials plan to help the tribes battle against increasing competition in the area.
‘The gaming industry never goes away,’ stated State Representative Stephen Dargan (D-West Haven), who claims the Public Safety and Security Committee that he chairs is prone to approve some kind of gambling expansion bill with a March 19 deadline. ‘It’s always an interesting topic.’
The unexpected upsurge in chatter round the casino industry employs final Wednesday’s release of this Northeastern Casino Gaming scientific study’s update that is latest. Based on the group’s most current report, Foxwoods and Mohegan Sun has seen both their revenues and their employment rolls shrink by a lot more than 35 percent since 2006, whenever gambling enterprises were at their peaks slot titanic online. The combined revenue for the two casinos was just $1.9 billion last year, down from $3.2 billion in 2006.
Governor Acknowledges Problem, It Isn’t Taking Sides
Even Governor Dannel Malloy was prepared to talk concerning the chance of expanded gambling in his state, though he was careful never to take a place on the matter.
‘This isn’t my proposal,’ Malloy believed to reporters while at the Mohegan Sun casino. ‘Other folks are making it. I’m perhaps not saying no, I am not saying yet.’
Malloy additionally acknowledged that the tribes will likely have to do something when the MGM Springfield casino opens, that will be expected to happen in 2017.
‘Whether it’s nuclear or not, obviously gaming is becoming ubiquitous,’ Malloy said. ‘So when you’ve got a state on your own border that is northern that planning to have at least six establishments, that’s an issue. Whenever Rhode Island improves their facilities, that’s an issue. I do believe the nations that are tribal said, ‘Hey, we think this is certainly a solution to handle that.”