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 insurance and other benefits.
Atlantic City video gaming may be losing, theoretically speaking, but the house is still winning general.
The brand new Jersey beachside resort isn’t packing within the tourists into the same way so it once did, however the news isn’t all bad for those casinos that have made a decision to stick it down.
The eight remaining resorts in Atlantic City have seen their revenues and profits rise through the initial half of 2015, even while the general marketplace for gambling in Atlantic City seems to be shrinking.
In accordance with the New Jersey Division of Gaming Enforcement, revenue for the casinos that are still running was up 3.5 % within the very first six months of the season in comparison to the same period in 2014, regardless of the fact that overall revenues are down 11.8 percent.
The distinction originates from the actual fact that there have been still 11 casinos open through the end of final June, making an apples-to-apples that are true regarding the two markets hard.
Fewer Casinos Dividing Smaller Market
Nevertheless, the overall trend seems become clear. While the general 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 endure the revolution of closures.
In reality, year-over-year gross operating profits 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 along with 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 year. The biggest champion has been the Borgata Casino Hotel, which saw its net revenues power up by nearly $25 million through June.
But 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
Nonetheless, one casino has not enjoyed the windfall that the remainder city is experiencing. That difference 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 year that is last.
Apparently, the name ‘Trump’ does not 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 exactly breaking the bank, nonetheless it was profitable. It took in $1.8 million in profits throughout the first six months of the 12 months. But the turmoil on the property seems to have taken a toll, as the Taj Mahal lost 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, was fighting for the restoration of health insurance and retirement benefits that the casino was able to remove 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 anticipated to rule on whether the union employees should have their benefits resorted, though Icahn has threatened to shut the Taj Mahal down if the court rules in the union’s favor.
Bwin.party Wishes 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 purchase, since the battle between GVC Holdings and 888 Holdings generally seems to see each potential buyer outdo the other on a basis that is regular.
The latest twist in the ongoing saga has seen GVC once again prepare to outbid 888 for the internet gambling company, with the bwin.party board now asking GVC to clarify an official bid so that they can determine how to answer the latest offer.
Right now, all signs are still pointing towards 888 obtaining the hand that is upper the race to obtain bwin.party.
On July 17, the bwin.party board unanimously recommended accepting a bid from 888 that is worth 104.09 pence ($1.60) per share, and up to now, they’ve made no suggestions that they’ve been 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 to create their bid as attractive possible to bwin.party shareholders, first bidding 110 pence ($1.69) and then upping their off to 124 pence ($1.91) per share so that they can entice bwin.party.
The latest bid would see GVC offer bwin.party stockholders £0.25 ($0.39) in cash because well as 0.231 stocks for every bwin share they buy. That means the offering that is mixed continue to alter value as time goes by, based on movement in GVC’s stock.
The big question may be which offer proposes more growth for all those stockholders as time goes by.
While GVC might be providing more to bwin.party’s owners straight away, you will find no doubts that 888 can fully integrate with the gaming that is online, 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 play more chilli slot machine free online 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 expect to provide an update on 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 stated they are 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, the most effective terms on which GVC is prepared to create a formal offer to obtain every one of the issued and to be issued shares in bwin.party,’ the statement read.
In accordance with reports, 888 has been made aware associated with the potential for bwin.party to reconsider a bid from GVC. Bwin.party also says they will give due notice to 888 should the board consider suggesting a new GVC offer.
The forward and backward battle to acquire bwin.party comes at a time when mergers and consolidation have become prevalent in the gambling industry. Numerous have attributed this to regulation that is increasing taxation of this industry, particularly in britain and other European nations, which has caused companies to seek means 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 mixture of those two companies would make the group one of the largest gambling entities in the world.
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 money. (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 $9.6 million session, which occurred back last year, has since entered into poker folklore, but for Ivey the battle to receive some compensation continues to be 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.
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 damaged 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 movement, Ivey’s appropriate team has since provided further testimony on behalf for the poker player. Carrying out a suggestion from the Borgata that it absolutely 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, understands the practices casinos use to gain an edge 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 aware of 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
Instances of models being recruited as waitresses and appearing under the banner regarding the Borgata Babes have for ages been the conversation of various gambling and travel forums. Ivey believes he saw tactics that are such operation during his high stakes session.
‘The Borgata ended up being plying him with free alcohol served by just the most curvaceous and voluptuous females in the industry,’ stated Ivey’s appropriate documents.
In addition to this argument, Ivey’s defense team argues that the Borgata has formerly admitted that edge sorting is just ’50 percent effective’; which implies that Ivey would have still have needed luck and skill to win almost $10 million.
A resolution that is speedy the case seems extremely not likely at this point; however, just what is clear is Ivey is not prepared to fold his hand and give up on the $9.6 million pot as of this time.