The Trump Taj Mahal may be the one Atlantic City casino that hasn’t benefitted from the consolidation of the town’s gambling industry. A union picket is threatened over the increased loss of health and other benefits.
Atlantic City gaming may be losing, theoretically speaking, but the home is nevertheless winning overall.
This new Jersey beachside resort is not packing into the tourists into 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 initial half of 2015, even as the market that is overall gambling in Atlantic City seems to be shrinking.
In accordance with the brand New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises which are still operating was up 3.5 % over the very first six months of the season when compared with the period that is same 2014, inspite of the fact that overall revenues are down 11.8 percent.
The huge difference comes 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 for the two markets difficult.
Fewer Casinos Dividing Smaller Market
Still, the overall trend seems to be clear. While the general size of this Atlantic City market has shrunk, the truth that four casinos closed in the city a year ago meant that the average revenue per casino went up, creating a really profitable situation for those properties in a position to endure the revolution of closures.
In fact, year-over-year operating that is gross 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 as well as other obligations, the gambling enterprises are making more income 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 power up by nearly $25 million through June.
However the most result that is impressive attended 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 town is experiencing. That distinction is one of the Trump Taj Mahal, the beleaguered resort that is currently going right through bankruptcy proceedings 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 was not exactly breaking the bank, nonetheless 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 appears to have taken a toll, due to the fact 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, has been fighting for the restoration of health insurance and pension benefits that the casino ended up being 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 anticipated to rule on whether the union workers 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 Wishes Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is among those takeover that is weighing from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently a very desirable purchase, since the battle between GVC Holdings and 888 Holdings generally seems to see each potential buyer outdo the other on a regular basis.
The latest twist into the ongoing saga has seen GVC once again prepare to outbid 888 for the web gambling business, with the bwin.party board now asking GVC to clarify an official bid so that they can decide how to react to the latest offer.
Right now, all signs continue to be pointing towards 888 having the upper hand in the battle to get bwin.party.
On 17, the bwin.party july board unanimously recommended accepting a bid from 888 that will probably be worth 104.09 pence ($1.60) per share, and so far, they’ve made no suggestions that they are backing away from that provide.
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 as 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 purchase. That means the blended offering could continue to improve value as time goes on, considering movement in GVC’s stock.
The question that is big be that offer proposes more development for all those stockholders as time goes by.
While GVC might be providing more to bwin.party’s owners straight away, you can find no doubts that 888 can completely integrate with the online gaming operator, 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 administration can persuade Bwin’s board and advisors that these synergies are real and deliverable, 888 will need certainly to sweeten its offer that is own to victorious,’ stated Peel Hunt analyst Nick Batram.
Update Expected By September 1
Bwin.party has said which 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 statement that is bwin on Thursday said that they are still waiting for certainty on the best possible terms GVC is prepared to offer.
‘Bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is willing to create a formal offer to get all the issued also to be issued shares in bwin.party,’ the statement read.
According to reports, 888 has been made aware associated with 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 suggesting a new GVC offer.
The back and forth battle to obtain bwin.party comes at a right time when mergers and consolidation are getting to be commonplace in the gambling industry. Many have attributed this to increasing regulation and taxation for the industry, particularly in the united kingdom and other European countries, which has caused companies to seek ways by which they can increase scale while cutting costs.
Simply this week, a merger contract between Betfair and Paddy energy was announced by the two companies. The mix of those two companies would make 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 cash. (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 their 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 remains very 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.
While he initially contested the Borgata’s appropriate case (an instance which argued that it Ivey really should not be given his $9.6 million winnings), he’s since filed a countersuit.
Ivey Files a Countersuit
Within his countersuit, Ivey claims that the cards used through the game were destroyed 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 legal team has since provided testimony that is further behalf associated with the poker player. Carrying out a suggestion from the Borgata that it had been the victim in case, Ivey has spoken out and explained that it ended up being actually him who was targeted by the casino.
Asserting that he is a professional gambler and, therefore, understands the methods gambling enterprises used to gain a benefit over players, Ivey explained that he wasn’t immune to the tactics of manipulation used by the Borgata.
‘As a expert gambler, Defendant Ivey is well conscious of Borgata’s methodology in trying to distract and impair its patrons’ judgment with alcohol and scantily-clad cocktail waitresses,’ read Ivey’s legal document.
Boobs and Booze a Familiar Tactic
Instances of models being recruited as waitresses and appearing under the banner associated with Borgata Babes have for ages been the conversation of various gambling and travel discussion boards. Ivey believes he saw such tactics in operation during his high stakes session.
‘The Borgata ended up being plying him with free liquor offered by only the most curvaceous and females that are voluptuous the industry,’ stated Ivey’s legal papers.
As well as this argument, Ivey’s defense team argues that the Borgata has formerly admitted that side sorting is myfreepokies.com ’50 per cent effective’; which implies that Ivey could have have needed luck still and skill to win almost $10 million.
A resolution that is speedy the truth seems extremely not likely at this aspect; however, exactly what is clear is the fact that Ivey isn’t willing to fold their hand and give through to the $9.6 million pot just yet.