The Trump Taj Mahal may 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 increased loss of health and other benefits.
Atlantic City video gaming may technically be losing speaking, but the home is nevertheless winning general.
The newest Jersey beachside resort is not packing in the more chilli slot emulator 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 first half of 2015, even while the overall marketplace for gambling in Atlantic City seems to be shrinking.
According to the New Jersey Division of Gaming Enforcement, revenue for the casinos being still operating was up 3.5 percent over the first half a year of the season when compared with the period that is same 2014, inspite of the undeniable fact that overall revenues are down 11.8 percent.
The difference originates from the actual fact that there have been still 11 casinos open through the end of last June, making a true apples-to-apples contrast of this two markets hard.
Less Casinos Dividing Smaller Market
Still, the trend that is overall become clear. While the general size for the Atlantic City market has shrunk, the fact 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 survive the wave of closures.
In reality, year-over-year operating that is gross rose significantly more than 27 percent year-over-year, with the eight casinos making $213 million between them so far in 2015. Even with accounting for taxes and other obligations, the gambling enterprises are making more money than in 2014.
In fact, seven of the eight casinos have seen their profits increase this 12 months. The biggest winner has been the Borgata Casino Hotel, which saw its net revenues power up by nearly $25 million through June.
But the most impressive result may came from the Golden Nugget. Over the last year, the Nugget happens to be performing well in both its live and online operations, and managed a $7.7 million operating revenue in the first half of 2015, representing a whopping 902 percent increase within the $776,000 it made during similar period last year.
Trump Taj Mahal Struggles with Bankruptcy, Union Relations
However, one casino have not enjoyed the windfall that all of those other populous city is experiencing. That distinction is one of 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 year that is last.
Apparently, the name ‘Trump’ doesn’t have the magical powers in a casino that its namesake presidential candidate has 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, nonetheless it was profitable. It took in $1.8 million in profits on the first six months of the 12 months. However the turmoil within the property seemingly have taken a toll, once 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 insurance 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 anticipated to rule on or perhaps a 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 really desirable acquisition, since the battle between GVC Holdings and 888 Holdings seems to see each potential buyer outdo the other on a basis that is regular.
The twist that is latest in 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 continue to be pointing towards 888 obtaining the hand that is upper the race to get 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 have been backing away from that provide.
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 create their bid as attractive that you can to bwin.party shareholders, very first bidding 110 pence ($1.69) and then upping their off to 124 pence ($1.91) per share in an attempt 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 stocks for every share that is bwin purchase. That means the mixed providing could continue to improve value as time goes on, centered on movement in GVC’s stock.
The big question may be that offer proposes more growth for anyone stockholders as time goes by.
While GVC might be providing more to bwin.party’s owners right from the start, you can find no doubts that 888 can fully integrate with the online video gaming operator, while the bwin.party board might be less certain about a future with GVC.
However, if GVC can gain the confidence of the bwin.party board, the extra value in 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 have to sweeten its own offer to emerge victorious,’ stated Peel Hunt analyst Nick Batram.
Update Expected By 1 september
Bwin.party has said 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 statement that is bwin on Thursday stated that they are still waiting for certainty on the best possible terms GVC is willing to provide.
‘Bwin.party has now expected GVC to clarify, with respect to its proposal, the very best terms on which GVC is prepared to make a offer that is formal get all the issued and also to be issued shares in bwin.party,’ the statement read.
According to 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 recommending a new GVC offer.
The forward and backward battle to obtain bwin.party comes at a right time when mergers and consolidation are becoming prevalent in the gambling industry. Numerous have attributed this to regulation that is increasing taxation of the industry, particularly in the UK and other European countries, which has caused companies to seek means by which they could increase scale while cutting costs.
Just this a merger agreement between Betfair and Paddy Power was announced by the two companies week. The combination of those two businesses would make 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 drink that is free 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 turn this week after the poker star claimed the casino tried to manipulate him and cloud his judgment.
The $9.6 million session, which occurred 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 top hand, he’s argued against the Borgata’s declare that his tactics had been a form of cheating.
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 Files a Countersuit
Within his countersuit, Ivey claims that the cards used throughout the game were destroyed deliberately 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 legal team has since offered further testimony on behalf associated with poker player. Carrying out a suggestion from the Borgata that it had been 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 casinos used to gain an edge over players, Ivey explained that he wasn’t immune towards the tactics of manipulation used by the Borgata.
‘As a expert gambler, 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 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 conversation of numerous travel and gambling discussion boards. Ivey believes he saw tactics that are such operation during his high stakes session.
‘The Borgata ended up being plying him with free liquor served by just the most curvaceous and voluptuous females in the industry,’ claimed Ivey’s legal documents.
Along with this argument, Ivey’s defense team argues that the Borgata has previously admitted that side sorting is only ’50 % effective’; which implies that Ivey could have have needed luck still and skill to win almost ten dollars million.
A fast resolution to the situation seems highly not likely at this aspect; however, just what is clear is the fact that Ivey is not prepared to fold their hand and present up on the $9.6 million pot just yet.