The Trump Taj Mahal could be the one Atlantic City casino which hasn’t benefitted from the consolidation of the town’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 nevertheless winning overall.
The brand new Jersey beachside resort is not packing in the tourists into the same manner 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 overall marketplace for gambling in Atlantic City seems to be shrinking.
Based on the brand New Jersey Division of Gaming Enforcement, revenue for the casinos which are still operating was up 3.5 % within the first 6 months of the season compared to the period that is same 2014, despite the fact that overall revenues are down 11.8 percent.
The difference arises from the very fact that there were still 11 casinos open through the end of last June, making an apples-to-apples that are true associated with the two markets difficult.
Less Casinos Dividing Smaller Market
Nevertheless, the overall trend seems become clear. While the overall size associated with the Atlantic City market has shrunk, the fact that four casinos closed in the city last year meant that the average revenue per casino went up, creating a tremendously profitable situation for those properties able to survive the revolution of closures.
In reality, year-over-year operating that is gross rose significantly 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 as well as other obligations, the gambling enterprises are making additional money 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 came from the Golden Nugget. Over days gone by year, the Nugget happens to be performing well in both its live and online operations, and managed a $7.7 million operating profit in the first half of 2015, representing an astonishing 902 percent enhance throughout the $776,000 it made during exactly the same period last year.
Trump Taj Mahal Struggles with Bankruptcy, Union Relations
Nevertheless, one casino have 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 on through bankruptcy procedures and that nearly became the fifth casino to close last year.
Apparently, the name ‘Trump’ doesn’t have the magical powers in a casino that its namesake candidate that is presidential demonstrated in the GOP run off so far. Although things haven’t always been hence.
In 2014, the Trump Taj Mahal wasn’t precisely breaking the bank, nonetheless it was profitable. It took in $1.8 million in profits on the first six months of the 12 months. Nevertheless the turmoil throughout the property appears to have taken a toll, as the Taj Mahal destroyed more than $900,000 in the first half of 2015.
The Taj Mahal has more trouble brewing this week, once the union that represents most of its casino workers is threatening a strike against the resort. The union, Local 54 of Unite-HERE, happens to be fighting for the restoration of health and pension benefits that the casino ended up being able to eliminate from workers during bankruptcy proceedings last October.
The casino is operated by Trump Entertainment Resorts, a company that is in the process of being purchased by billionaire Carl Icahn. An appeals court is likely to rule on whether or not the union employees 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 Wishes Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is those types of weighing takeover provides from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently a very desirable acquisition, due to the fact battle between GVC Holdings and 888 Holdings appears to see each potential buyer outdo the other on a basis that is regular.
The twist that is latest into the ongoing saga has seen GVC once again prepare to outbid 888 for the internet 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 are still pointing towards 888 getting the hand that is upper the race to get bwin.party.
On 17, the bwin.party july board unanimously recommended accepting a bid from 888 that may be worth 104.09 pence ($1.60) per share, and so far, they have made no suggestions that these are typically 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 in order to make their bid as attractive as 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 since well as 0.231 stocks for every share that is bwin purchase. That means the offering that is mixed continue to improve value as time goes by, according to movement in GVC’s stock.
The question that is big be that offer proposes more growth for all stockholders in the future.
While GVC can be 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 the bwin.party board may be less certain about a future 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 1 september
Bwin.party has said which they be prepared to provide an update regarding the takeover battle by September 1, which may signify GVC will need to clarify their bid before the end of the month. a statement that is bwin on Thursday said that they’re still waiting for certainty on the best possible terms GVC is ready to offer.
‘Bwin.party has now asked GVC to clarify, with respect to its proposal, top terms on which GVC is willing to make a formal offer to get all of the issued and also to be issued shares in bwin.party,’ the statement read.
According to reports, 888 has been made aware of the potential for bwin.party to reconsider a bid from GVC. Bwin.party also says they will give notice that is due 888 should the board consider recommending a new GVC offer.
The forward and backward battle to get bwin.party comes at a right time when mergers and consolidation have become prevalent in the gambling industry. Numerous have attributed this to regulation that is increasing taxation associated with industry, particularly in the united kingdom and other European countries, which has caused companies to seek ways in which they are able to 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 firms 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 drink that is free curvaceous women had been 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 myfreepokies.com.6 million session, which occurred back in 2011, has since entered into poker folklore, but for Ivey the battle to receive some compensation continues to be very real.
Although he has never denied that he used side sorting techniques to gain the upper hand, he’s got argued contrary to the Borgata’s claim that his tactics had been a form of cheating.
While he initially contested the Borgata’s appropriate case (an incident which argued it Ivey shouldn’t be offered their $9.6 million winnings), he has since filed a countersuit.
Ivey Files a Countersuit
Within his countersuit, Ivey claims that the cards used during the game were damaged intentionally to harm his 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 further testimony on behalf regarding the poker player. Carrying out a suggestion from the Borgata that it 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, knows the techniques gambling enterprises use to gain a plus over players, Ivey explained that he had beenn’t immune towards the tactics of manipulation used by the Borgata.
‘As a professional gambler, Defendant Ivey is well aware of Borgata’s methodology in trying 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 regarding the Borgata Babes have actually for ages 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 just the most curvaceous and females that are voluptuous the industry,’ claimed Ivey’s appropriate documents.
In addition to this argument, Ivey’s defense team argues that the Borgata has previously admitted that edge sorting is only ’50 percent effective’; which suggests that Ivey could have have needed luck still and skill to win almost $10 million.
A resolution that is speedy the case seems very not likely at this aspect; however, just what is clear is that Ivey isn’t willing to fold their hand and present up on the $9.6 million pot at this time.