Donald Trump Reaches Deal To Keep Name On Taj Mahal

The Trump Taj Mahal will continue to bear that true name, as Donald Trump came to a contract with Carl Icahn over maintaining his household name on the resort.
The Trump Taj Mahal will still be known by that name for the foreseeable future, closing an effort by Donald Trump to take his name off of the beleaguered resort.
Trump and investor Carl Icahn reached an agreement that will see the Trump name remain on the casino, despite previous signs from the Trump family members that they wanted nothing at all to do with the resort or Atlantic City.
‘I am happy to have reached a cope with Carl, someone who i’ve great respect for both personally and professionally,’ Trump said in a statement. ‘The Trump Taj Mahal, under the leadership that is right with the proposed significant reinvestment within the property, can be, when again, a wonderful destination for travel and entertainment.’
Trump Fought to Have Name Removed
The agreement comes after an ongoing appropriate battle over perhaps the Trump family could sue to own their name removed from the resort. Last month, a federal judge agreed that they could go forward along with their lawsuit; last week, the casino filed a benefit of that decision. Trump, together with his child Ivanka, had been effective in removing his name from the Trump that is former Plaza which will be now closed.
Trump Entertainment Resorts, which operates the casino, argued in a court filing that the Trump title was too ‘iconic’ to get rid of, calling the name ‘an priceless asset.’ Donald Trump no longer operates Trump Entertainment Resorts, though he does hold a 10 percent stake into the company.
Since his removal from the operation associated with business, Trump has regularly managed to get clear which he is perhaps not linked with the casinos, and that he doesn’t wish to be associated with Atlantic City.
The Trumps had argued that Trump Entertainment had allowed the two casinos that used the Trump title to fall into disrepair in modern times. This, they stated, damaged their brand that is personal to their desire to separate the household title from the casinos.
The deal will have to be approved by a federal bankruptcy court judge like so many other aspects of the ongoing saga at the Trump Taj Mahal. The Trump Taj Mahal is also embroiled in a dispute with union employees, that are now headed to an appeals court. That legal battle hinges on the Trump Taj Mahal’s choice to split agreements with the United Here Local 54 union, which a bankruptcy court authorized. The union says that the bankruptcy court lacked the jurisdiction to make that choice.
Trump Taj Mahal fined $10 Million for Violating Bank Secrecy Act
The agreement comes just days after the Trump Taj Mahal had been fined $10 million by the Financial Crimes Enforcement Network (FinCEN) for repeated violations of the Bank Secrecy Act (BSA). FinCEN had ordered the casino to make regular outside audits to ensure money laundering statutes to its compliance, and the casino admitted to violating many of the requirements of this BSA.
‘Trump Taj Mahal received warnings that are many its inadequacies,’ FinCEN Director Jennifer Shasky Calvery said. ‘Like all gambling enterprises in this country, Trump Taj Mahal includes a duty to greatly help protect our financial system from being exploited by criminals, terrorists, and other bad actors. Far from meeting these expectations, poor compliance techniques, over several years, left the casino and our monetary system unacceptably exposed.’
Foxwoods Makes Bid For Final Massachusetts Casino License
Foxwoods is hoping to snag the Massachusetts that is final casino by partnering with KG Urban Enterprises. (Image: jcj.com)
Foxwoods includes a lot to concern yourself with in terms of the Massachusetts casinos that are being constructed on the next years that are few.
After all, a lot of business for the Connecticut resort comes from Massachusetts, also it’s likely that a lot of site visitors will always be at home once MGM and Wynn build their own complexes in Springfield and Everett, correspondingly.
And with not a way to end those Massachusetts casinos from being built, Foxwoods is attempting one last time to grab an item of that cake for themselves.
Foxwoods Partners with KG Urban
Foxwoods, owned by the Mashantucket Pequot Indian tribe, has officially entered into an agreement to work with KG Urban Enterprises for a proposition for the final Massachusetts casino license. The operator signed a letter of intent to do business with KG Urban for a casino in New Bedford. Previously, Foxwoods had shown a potential desire for building a casino in Fall River, another location in the southeastern Massachusetts area, usually the one part of the state that has yet to have its license awarded.
‘We couldn’t are finding a much better choice for an operator,’ KG Urban Managing Director Andrew M. Stern said in a statement. ‘No one knows the Massachusetts and New England market that is regional than the Mashantucket.’
This isn’t the time that is first has shown a pursuit in building in the state, however. Foxwoods was among the early contenders for the Boston area casino license as well, proposing a casino in Milford that was ultimately beaten by the town’s voters before it may even be looked at by state regulators.
Interestingly, the final casino battle in Massachusetts will pit Foxwoods against certainly one of its previous allies. When attempting to build in Milford, Foxwoods partnered with Crossroads Massachusetts. That developer is currently part of group trying to propose a casino in Somerset. There’s also a third bid that is strong the Brockton Fairgrounds, where owner George Carney is working with Rush Street Gaming so that you can bring a casino to that city.
Mayor’s Support for Casino Questioned
Foxwoods and KG Urban may face other hurdles as well. It seems that brand New Bedford Mayor Jon Mitchell isn’t satisfied with the proposal, needing concessions through the developers and asking for a redesign for the proposed casino.
‘ At this point, we are not yes we can come to agreement with this mayor,’ said Andrew Paven, a spokesperson for KG Urban.
However, Mayor Mitchell’s very own words sounded a little more welcoming to the casino, if not extremely enthusiastic.
‘We are in discussions with the developer about whether a casino is reasonable at the proposed web site,’ Mitchell stated in a statement. ‘The town would be ready to support a casino proposal provided that, on balance, it advances the town’s long-term economic interests.’
So far, Massachusetts regulators have approved three gambling venues within the state. In Western Massachusetts, MGM won the right to build in Springfield without any opposition that is significant the later phases of the method. Conversely, the more Boston license featured a battle that is fierce Wynn Resorts, which wished to build in Everett, and Mohegan Sun, which partnered with Suffolk Downs in an attempt to place a resort in Revere. Regulators ultimately picked the Everett task despite objections from the city of Boston. The state has also approved a slot parlor that will be put in Plainville and operated by Penn National Gaming.
Connecticut Tribes Band Together In New Push For Expanded Gambling
Mohegan Sun and Foxwoods are teaming up in order to convince Connecticut to allow for expanded gambling. (Image: MoheganSun.com)
Expanded gambling in Connecticut was supposed to be dead an ago month. But the proposition seems more alive than ever, as both Mohegan Sun and Foxwoods have been lobbying hard to get hawaii legislature to at the very least start thinking about the measure in an effort to combat the new gambling enterprises that are being integrated neighboring Massachusetts.
It’s unclear what the Mohegans and Mashantucket Pequots, the two tribes that operate the Native American gambling enterprises in Connecticut, would ask for or find a way to get from state lawmakers.
Maybe it’s something as extensive being a brand new casino in northern the main suggest that would attempt to persuade state residents perhaps not traveling to Massachusetts once gambling enterprises are built there, or it could be a far more modest proposal to add slot machines to off-track betting locations.
Officials, Lawmakers Speak Vaguely of Gambling Expansion
‘We’re discussing ways to protect jobs,’ said Mashantucket Pequot chairman Rodney Butler, though he would not specify exactly what he or the tribe were planning. Butler and Mohegan Tribal Gaming Authority chairman Kevin Brown traveled together final Wednesday to fulfill with Democratic leaders in Connecticut’s Senate.
‘we see them as an important employer in our state,’ said Senate Majority Leader Bob Duff (D-Norwalk), who a month ago declared their efforts dead but admitted to meeting with the tribal leaders last week. Like titanic slot machine game other people, Duff provided few details on just what anybody was proposing.
Inspite of the lack of tangible proposals being floated publically, there are signs that at the very least some officials prepare to greatly help the tribes battle against increasing competition in the region.
‘The gaming industry never goes away,’ said State Representative Stephen Dargan (D-West Haven), who says the Public Safety and Security Committee that he chairs is prone to approve some sort of gambling expansion bill with a March 19 deadline. ‘It’s always an interesting topic.’
The sudden upsurge in chatter around the casino industry employs final Wednesday’s release associated with Northeastern Casino Gaming scientific study’s update that is latest. Based on the group’s most report that is recent Foxwoods and Mohegan Sun has seen both their revenues and their employment rolls shrink by a lot more than 35 percent since 2006, when the casinos had been at their peaks. The combined revenue for the two casinos was simply $1.9 billion final year, down from $3.2 billion in 2006.
Governor Acknowledges Issue, It Isn’t Taking Sides
Even Governor Dannel Malloy had been prepared to talk concerning the chance for expanded gambling in his state, though he was careful to not take a position on the problem.
‘This isn’t my proposal,’ Malloy believed to reporters while at the Mohegan Sun casino. ‘Other individuals are making it. I’m maybe not saying no, I’m maybe not saying yet.’
Malloy also acknowledged that the tribes will probably have to do one thing once the MGM Springfield casino opens, which is likely to happen in 2017.
‘Whether it’s nuclear or not, clearly gaming is becoming ubiquitous,’ Malloy said. ‘And so when you yourself have a state on your border that is northern that going to have at the least six establishments, that’s an issue. When Rhode Island improves their facilities, that’s a problem. I think the tribal nations have stated, ‘Hey, we think this really is an option to handle that.”
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