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 increased loss of health and other advantages.
Atlantic City video gaming may technically be losing speaking, but the house is nevertheless winning overall.
The New Jersey beachside resort isn’t packing into the tourists into the same way it once did, however the news is not all bad for those gambling enterprises which have chose to stick it away.
The eight remaining resorts in Atlantic City have seen their revenues and profits rise through 1st half of 2015, even while the market that is overall gambling in Atlantic City seems to be shrinking.
According to the brand New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises which can be still operating was up 3.5 % within the very first half a year of the season in comparison to the same period in 2014, despite the fact that overall revenues are down 11.8 percent.
The difference originates from the very fact that there have been still 11 casinos open through the end of last June, making an apples-to-apples that are true for the two markets difficult.
Less Casinos Dividing Smaller Market
Nevertheless, the trend that is overall to be clear. While the overall size associated with the Atlantic City market has shrunk, the fact four casinos closed in the city last year meant that the average revenue per casino went up, creating a very profitable situation for those properties able to survive the wave of closures.
In reality, year-over-year gross operating profits rose significantly more than 27 percent year-over-year, with the eight gambling enterprises making $213 million between them so far in 2015. Even after accounting for taxes as well as other obligations, the casinos are making more income compared to 2014.
In fact, seven of the eight casinos have seen their profits increase this year. 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 result that is impressive attended from the Golden Nugget. The Nugget has been performing well in both its live and more chilli slot las vegas 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
However, one casino hasn’t enjoyed the windfall that the remainder town is experiencing. That difference is one of the Trump Taj Mahal, the beleaguered resort that is currently going through bankruptcy proceedings 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 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, however it was profitable. It took in $1.8 million in profits throughout the very first six months of the 12 months. However the turmoil within the property appears to have taken a toll, while the Taj Mahal lost more than $900,000 in the half that is first of.
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. October the union, Local 54 of Unite-HERE, has been fighting for the restoration of health and pension benefits that the casino was able to take away from workers during bankruptcy proceedings last.
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 or perhaps a union employees should have their benefits resorted, though Icahn has threatened to shut the Taj Mahal down in the event that court rules in the union’s favor.
Bwin.party Desires 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 very desirable purchase, since the battle between GVC Holdings and 888 Holdings appears to see each potential buyer outdo the other on a daily basis.
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 hand that is upper the competition 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 up to now, they’ve made no suggestions that they have been backing away from offering.
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 possible to bwin.party shareholders, very 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 latest bid would see GVC offer bwin.party stockholders £0.25 ($0.39) in cash since well as 0.231 stocks for every bwin share they purchase. That means the blended providing could continue to change value as time goes on, based on movement in GVC’s stock.
The big question may be which offer proposes more development for anyone stockholders as time goes on.
While GVC can be offering more to bwin.party’s owners right from the start, you will find no doubts that 888 can completely 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 administration can convince Bwin’s board and advisors that these synergies are real and deliverable, 888 will need to sweeten its offer that is own to victorious,’ said Peel Hunt analyst Nick Batram.
Update Expected By 1 september
Bwin.party has stated which they be prepared to provide an update regarding the takeover battle by September 1, which may imply that GVC will have to clarify their bid before the end of the month. a bwin declaration issues on Thursday said 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 very best terms on which GVC is prepared to create a formal offer to acquire every one of the issued also to be issued shares in bwin.party,’ the statement read.
In accordance with 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 due notice to 888 should the board consider suggesting a new GVC offer.
The backwards and forwards battle to obtain bwin.party comes at a time when mergers and consolidation have become prevalent in the gambling industry. Many have attributed this to increasing regulation and taxation regarding the industry, particularly in the UK and other European countries, which has caused companies to seek methods by which they could increase scale while cutting costs.
Just this week, a merger contract between Betfair and Paddy energy was announced by the two organizations. The combination of those two companies would result in the team one of the largest gambling entities in the world.
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 after the poker star claimed the casino tried to manipulate him and cloud his judgment week.
The $9.6 million session, which took place straight 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 has argued up against the Borgata’s claim that his tactics were 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 utilized during the game were damaged intentionally to harm his defense.
Moreover, Ivey’s suit claims that the 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 given further testimony on behalf of the poker player. Carrying out a suggestion from the Borgata that it had been the victim 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 techniques casinos use to gain an edge over players, Ivey explained that he had beenn’t resistant to your tactics of manipulation used by the Borgata.
‘As a gambler that is professional Defendant Ivey is well alert to Borgata’s methodology in trying to distract and impair its patrons’ judgment with liquor 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 of the Borgata Babes have long been the conversation of varied travel and gambling forums. Ivey believes he saw tactics that are such operation during his high stakes session.
‘The Borgata had been plying him with free alcohol served by only the most curvaceous and females that are voluptuous the industry,’ stated Ivey’s legal documents.
Along with this argument, Ivey’s defense team argues that the Borgata has previously admitted that advantage sorting is ’50 percent effective’; which suggests that Ivey could have still have needed luck and skill to win almost ten dollars million.
A fast resolution to the scenario seems highly unlikely at this time; however, what is clear is that Ivey is not willing to fold their hand and present up on the $9.6 million pot as of this time.