The Trump Taj Mahal may be the one Atlantic City casino which hasn’t benefitted from the consolidation of the city’s gambling industry. A union picket is threatened over the loss of health and other benefits.
Atlantic City video gaming may technically be losing speaking, but your house is still winning general.
This new Jersey beachside resort isn’t packing within 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 initial half of 2015, even as the market that is overall gambling in Atlantic City seems to be shrinking.
In accordance with the New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises which are still operating was up 3.5 % over the first half a year of the season when compared with the same period in 2014, despite the fact that overall revenues are down 11.8 percent.
The huge difference arises from the very fact that there have been still 11 casinos open through the end of final June, making an apples-to-apples that are true of the two markets hard.
Less Casinos Dividing Smaller Market
Nevertheless, the trend that is overall to be clear. While the general size associated with Atlantic City market has shrunk, the truth that four casinos closed in the city last year meant that the average revenue per casino went up, producing a very profitable situation for those properties in a position 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 income than in 2014.
In fact, seven of the eight casinos have seen their profits increase this year. The winner that is biggest has been the Borgata Casino Hotel, which saw its net revenues power up by nearly $25 million through June.
However the most impressive result may have come 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
Nevertheless, one casino have not enjoyed the windfall that all of those other populous city is experiencing. That difference belongs to the Trump Taj Mahal, the beleaguered resort that is currently going right through bankruptcy procedures 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 presidential prospect has demonstrated in the GOP run off so far. Although things never have always been thus.
In 2014, the Trump Taj Mahal wasn’t precisely breaking the bank, but it was profitable. It took in $1.8 million in profits over the very first six months of the year. But the turmoil throughout the property appears to have taken a toll, because the Taj Mahal destroyed more than $900,000 in the first half of 2015.
The Taj Mahal has more trouble brewing this as the union that represents most of its casino workers is threatening a strike against the resort week. The union, Local 54 of Unite-HERE, is fighting for the restoration of health and retirement benefits that the casino was able to eliminate from workers during bankruptcy procedures 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 likely to rule on or perhaps a union employees should have their benefits resorted, though Icahn has threatened to shut down the Taj Mahal in the event that court rules in the union’s favor.
Bwin.party Wants Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is those types of weighing takeover offers from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently a very desirable acquisition, because the battle between GVC Holdings and 888 Holdings appears 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 that they can decide how to respond to the offer that is latest.
Right now, all signs remain pointing towards 888 having the top hand in the battle to acquire bwin.party.
On July 17, the bwin.party board unanimously recommended accepting a bid from 888 that may be worth 104.09 pence ($1.60) per share, and so far, they’ve made no suggestions that they’re 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, 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 bid that is latest would see GVC offer bwin.party stockholders £0.25 ($0.39) in cash because well as 0.231 shares for every bwin share they buy. That means the offering that is mixed continue to change value as time goes by, considering movement in GVC’s stock.
The big concern may be that provide proposes more development for those stockholders in the foreseeable future.
While GVC might be providing more to bwin.party’s owners right off the bat, you will find no doubts that 888 can completely incorporate with the online video 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 management can convince Bwin’s board and advisors that these synergies are real and deliverable, 888 will need to sweeten its own offer to emerge victorious,’ stated 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 statement issues on Thursday said that they are still waiting for certainty on the best possible terms GVC is ready to provide.
‘Bwin.party has asked GVC to clarify, with respect to its proposal, top terms on which GVC is prepared to create a offer that is formal get every one of the issued and also to be issued shares in bwin.party,’ the statement read.
Based on reports, 888 has been made aware of this possibility 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 suggesting a new GVC offer.
The forward and backward battle to obtain bwin.party comes at a right time when mergers and consolidation are getting to be prevalent in the gambling industry. Numerous have attributed this to regulation that is increasing taxation associated with industry, particularly in the UK and other European countries, which has caused companies to seek methods in which they could increase scale while cutting costs.
Simply this a merger agreement between Betfair and Paddy Power was announced by the two companies week. The mixture of those two businesses would result in the team one of 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 money. (Image: PA)
Phil Ivey’s protracted battle with Atlantic City’s Borgata Casino took another change this week after the poker star claimed the casino tried to manipulate him and cloud his judgment.
The $9.6 million session, which happened back in 2011, has since entered into poker folklore, but for Ivey the battle to receive some compensation continues to be 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.
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 Data a Countersuit
Within his countersuit, Ivey claims that the cards used throughout the game were destroyed intentionally to harm their defense.
Moreover, Ivey’s suit claims that a 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 associated with poker player. Carrying out a suggestion from the Borgata that it absolutely was the target in the case, 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, knows the methods casinos use to gain a plus over players, Ivey explained that he had beenn’t resistant to the tactics of manipulation used by the Borgata.
‘As a professional gambler, Defendant Ivey is well alert to Borgata’s methodology in attempting to distract and impair its patrons’ judgment with liquor and scantily-clad cocktail waitresses,’ read Ivey’s legal document.
Boobs and Booze a Familiar Tactic
Circumstances of models being recruited as waitresses and appearing under the banner of the Borgata Babes have actually long been the discussion of numerous gambling and travel forums. Ivey believes he saw such tactics in operation during his high stakes session.
‘The Borgata had been plying him with free liquor offered by only the most curvaceous and voluptuous females in the industry,’ claimed Ivey’s legal papers.
Along with this argument, Ivey’s defense team argues that the Borgata has formerly admitted that edge sorting is ’50 percent effective’; which suggests that Ivey might have still have needed luck and skill to win almost ten dollars million.
A resolution that is speedy the situation seems highly not likely at this time; however, exactly what is clear is that Ivey is not ready to fold their hand and present up on the $9.6 million myfreepokies.com pot just yet.