AC: Taj Closing
November 20th, 2014 at 7:03:24 AM
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"I think he is too smart for that. Just not enough business to run that many properties. AC, nor he needs that many"
I don't know - if you take away from what was the status quo cost of business in AC- the massive debt payments, a third of the labor cost for healthcare, say >50% annual savings grieving property tax assessments,less competition- there would certainly be a new break-even point.
Also he his the only investor in AC, I can recall, who has the bankroll to give the Boardwalk properties a badly needed face-lift.
Buying the Coking house just makes me think he's got more up his sleeve
- mothballing a property at one end, & making a new investment on the same boardwalk doesn't seem to make sense.
I don't know - if you take away from what was the status quo cost of business in AC- the massive debt payments, a third of the labor cost for healthcare, say >50% annual savings grieving property tax assessments,less competition- there would certainly be a new break-even point.
Also he his the only investor in AC, I can recall, who has the bankroll to give the Boardwalk properties a badly needed face-lift.
Buying the Coking house just makes me think he's got more up his sleeve
- mothballing a property at one end, & making a new investment on the same boardwalk doesn't seem to make sense.
November 20th, 2014 at 9:43:08 AM
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I think Icahn bought that house just to be in a defensive position. He won't lose money on it not that it would affect him. $500,000 to him is like $50 to most other people. In the event that things turn around he can develop the land the property is on.
November 20th, 2014 at 10:36:55 AM
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Judge Threatens to Kick Trump Entertainment Out of Chapter 11, into liquidation
"Judge Kevin Gross issued an order to the company to show cause why he shouldn’t convert its bankruptcy to a Chapter 7 shoestring liquidation, a move that would roil the takeover plans of secured lender Carl Icahn ."
"Why shouldn’t it just be liquidated, asked the judge overseeing its bankruptcy.U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, ordered the company to “show cause why the court should not convert the case” to a formal liquidation under Chapter 7 of the bankruptcy code. The judge scheduled a hearing for Dec. 4."
http://online.wsj.com/articles/judge-threatens-to-kick-trump-entertainment-out-of-chapter-11-1416495746
http://www.bloomberg.com/news/2014-11-20/trump-casino-bankruptcy-judge-asks-if-time-to-liquidate.html
"Judge Kevin Gross issued an order to the company to show cause why he shouldn’t convert its bankruptcy to a Chapter 7 shoestring liquidation, a move that would roil the takeover plans of secured lender Carl Icahn ."
"Why shouldn’t it just be liquidated, asked the judge overseeing its bankruptcy.U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, ordered the company to “show cause why the court should not convert the case” to a formal liquidation under Chapter 7 of the bankruptcy code. The judge scheduled a hearing for Dec. 4."
http://online.wsj.com/articles/judge-threatens-to-kick-trump-entertainment-out-of-chapter-11-1416495746
http://www.bloomberg.com/news/2014-11-20/trump-casino-bankruptcy-judge-asks-if-time-to-liquidate.html
November 22nd, 2014 at 1:29:59 PM
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Trump CEO is open to restore benefits up to two years if Union agrees to drop court appeal in order to save Taj. Apparently secret negotiations are going on to get property tax relief and incentives from state. So New Jersey is going to take money out of taxpayers pockets to keep Taj open. No beating around the bush here. This is going to cost taxpayers money in some way. There is no money in state budget to save Taj. Wherever they take the money from is going cost someone else. I don't understand all this. $14.6 million a year is the difference between closing Taj and keeping it open. That is the savings in cutting the benefits. It's like the CEO and Icahn are obsessed over this $14.6 million per year. This was all a scam to show the city and state what desperate condition the the Taj is in. They actually needed the city and state to cave in to keep the property running. My friend told me they are closing the poker room even if they stay open.
November 23rd, 2014 at 5:32:46 PM
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Quote: JackStraw8004Trump CEO is open to restore benefits up to two years if Union agrees to drop court appeal in order to save Taj. Apparently secret negotiations are going on to get property tax relief and incentives from state. So New Jersey is going to take money out of taxpayers pockets to keep Taj open. No beating around the bush here. This is going to cost taxpayers money in some way. There is no money in state budget to save Taj. Wherever they take the money from is going cost someone else. I don't understand all this. $14.6 million a year is the difference between closing Taj and keeping it open. That is the savings in cutting the benefits. It's like the CEO and Icahn are obsessed over this $14.6 million per year. This was all a scam to show the city and state what desperate condition the the Taj is in. They actually needed the city and state to cave in to keep the property running. My friend told me they are closing the poker room even if they stay open.
Taj will remain open IMO...
As soon as the judge threatened to convert TAJ BK from a reorg, to a liquidation, Icahn 's minions turned into Ralph Kramden ....."homina homina homina!!"
November 24th, 2014 at 4:21:57 PM
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My friend was at the Taj today and they still have signs posted by the escalator in regards to December 12th closing. The poker room is permanently closing December 1st. Never have seen a casino post signs telling me to cash their chips and vouchers by a certain day and then tell people never mind we are staying open. They are alienating customers who won't be coming back. Each month they are going to lose more and more money. They would be so much better off closing and then remodeling the casino and rooms and changing the name.
November 24th, 2014 at 5:48:46 PM
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Quote: 7star4nowTaj will remain open IMO...
As soon as the judge threatened to convert TAJ BK from a reorg, to a liquidation, Icahn 's minions turned into Ralph Kramden ....."homina homina homina!!"
Ghost of Christmas Future appears at Taj, "Ebeneezer Icahn" becomes "Carl Kringle" - as soon as the word "liquidation" is uttered by a judge:
"Kris Hansen, lawyer for the bankrupt casino operator, told a judge Monday that ongoing negotiations with Unite Here Local 54 as well as talks at the “highest levels of the state government” could play out in a way that keeps the doors of the Trump Taj Mahal open....Now, there are active talks on all fronts, Mr. Hansen reported at a hearing in the U.S. Bankruptcy Court in Wilmington, Del., and the Trump Taj Mahal may remain open...Monday, Mr. Hansen reported Trump Entertainment has “made tremendous progress” in talks with the state. “While nothing is definitive at this point,” people in power in New Jersey’s government “are actively helping us to get across the finish line,” Trump Entertainment’s lawyer said...In Chapter 7, a trustee takes over from management and liquidates assets. In Chapter 11, Trump Entertainment is attempting to implement a plan that means a fractional payment to suppliers."
http://online.wsj.com/articles/new-talks-with-union-new-jersey-could-save-trump-taj-mahal-1416847897
November 26th, 2014 at 1:43:50 PM
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TAJ back from the dead? - Carl Icahn Offers $5 Million Bankruptcy Loan to Trump
Investor Carl Icahn has agreed to provide $5 million in financing to see casino operator Trump Entertainment Resorts Inc . through the coming months as it tries to emerge from bankruptcy.
The move, described in a bankruptcy court filing Wednesday, could indicate that a deal is near to keep the Taj Mahal open.
Read more at http://www.philly.com/philly/business/20141127_Icahn_loans__5_million_to_help_Taj_Mahal.html#1lLjoP0PISZkloWd.99
Investor Carl Icahn has agreed to provide $5 million in financing to see casino operator Trump Entertainment Resorts Inc . through the coming months as it tries to emerge from bankruptcy.
The move, described in a bankruptcy court filing Wednesday, could indicate that a deal is near to keep the Taj Mahal open.
Read more at http://www.philly.com/philly/business/20141127_Icahn_loans__5_million_to_help_Taj_Mahal.html#1lLjoP0PISZkloWd.99
November 26th, 2014 at 2:12:29 PM
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I always though good 'ole uncle Carl was up to something. Me smells a backroom deal...assuming they can get the union to play ball. Carl spends the last year saying what a bad investment it is...while quietly getting all the ducks in a row to greatly reduce his expenses...thereby making the casino profitable which he will now own. Or I could be completely wrong, like my NFL picks :)
November 26th, 2014 at 2:12:30 PM
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Fingers crossed. Atlantic City needs as much diversity in casino control as it can get for my tastes.
I am a robot.
November 26th, 2014 at 2:27:26 PM
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Is $100 million enough to makeover TAJ?
Brookfield was going to sink $200 mil into Revel, obviously design flawed, but an ultra-modern property.
I'll be interested to see scope of Taj Renovation plans -will it be a face-lift of the kitschy Donald inspired theme- or is it possible to re-imagine a property that old at half of the investment of Revel?
Brookfield was going to sink $200 mil into Revel, obviously design flawed, but an ultra-modern property.
I'll be interested to see scope of Taj Renovation plans -will it be a face-lift of the kitschy Donald inspired theme- or is it possible to re-imagine a property that old at half of the investment of Revel?
November 29th, 2014 at 12:04:57 PM
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Do you ever wonder how the New York Post scoops the AC Press on financial stories concerning AC. Whatever is happening at the Taj is first in the Post then Wayne Parry does a story on it. For the most part the AC Press exists to publicize Atlantic City and not do negative stories about it. They report them but they are last to do so. You would think the newspaper would know enough people behind the scenes to get any story first. I think Icahn must know someone at the Post and wants the Post to get the word out to put pressure on unions and state representatives. He knows most of the money keeping AC afloat comes from New York. Most of the gamblers from Philadelphia that use to come to AC now go to the Parx. The AC casinos shake in their boots when they see negative stories in the New York Post.
November 30th, 2014 at 10:17:52 AM
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Icahn is now the biggest wolf cryer since the original boy who cried wolf.
December 1st, 2014 at 3:01:51 PM
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a louder wolf cry -or?: Taj closes hotel tower, ends credit
the company says it is closing its Chairman Tower and would stop issuing credit as of Monday... as it prepares for a Dec. 12 shutdown
http://www.newsworks.org/index.php/local/item/75798-taj-mahal-casino-closes-atlantic-city-hotel-tower-ends-credit
the company says it is closing its Chairman Tower and would stop issuing credit as of Monday... as it prepares for a Dec. 12 shutdown
http://www.newsworks.org/index.php/local/item/75798-taj-mahal-casino-closes-atlantic-city-hotel-tower-ends-credit
December 1st, 2014 at 4:10:11 PM
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If you can figure out what is going on with the Taj your a better man than me. Talking out of both sides of their mouth. If you stop issuing credit you lose every high limit Asian player and any other big player in high limit slot area and the pit. December is when your best customers are Asian players as they don't celebrate Christmas but they close down their businesses and come in to gamble.
I don't know what closing the tower means as the hotel is probably empty and they have enough rooms in the original tower. Hasn't the Taj alienated just about every remaining customer they have. So suddenly saying good news, we have resolved our differences with union and are staying open all their business is going to come rushing back. The damage they are doing to their brand right now is devastating. Every newspaper, even in foreign countries report on their demise. I will say it again. Unless they close, remodel and change the name of the casino and management they are doomed.
I don't know what closing the tower means as the hotel is probably empty and they have enough rooms in the original tower. Hasn't the Taj alienated just about every remaining customer they have. So suddenly saying good news, we have resolved our differences with union and are staying open all their business is going to come rushing back. The damage they are doing to their brand right now is devastating. Every newspaper, even in foreign countries report on their demise. I will say it again. Unless they close, remodel and change the name of the casino and management they are doomed.
December 1st, 2014 at 4:43:40 PM
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Quote: JackStraw8004If you can figure out what is going on with the Taj your a better man than me. Talking out of both sides of their mouth. If you stop issuing credit you lose every high limit Asian player and any other big player in high limit slot area and the pit. December is when your best customers are Asian players as they don't celebrate Christmas but they close down their businesses and come in to gamble.
I don't know what closing the tower means as the hotel is probably empty and they have enough rooms in the original tower. Hasn't the Taj alienated just about every remaining customer they have. So suddenly saying good news, we have resolved our differences with union and are staying open all their business is going to come rushing back. The damage they are doing to their brand right now is devastating. Every newspaper, even in foreign countries report on their demise. I will say it again. Unless they close, remodel and change the name of the casino and management they are doomed.
Agreed. They have to start from scratch, offering better deals than anyone in town and buy players. You know, what Revel should have done from the start instead of the UK/Kevin plan of telling players we need to see if you are good enough for us.
I still believe AC is open for the non Borgata players other casinos seem to be making money off of if you give them more than the other casinos do.
December 1st, 2014 at 5:27:47 PM
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"Unless they close, remodel and change the name of the casino and management they are doomed."
I think that's been their secret plan from the beginning - to close & re-emerge under a new brand.
Since they knew they would at least temporarily close anyway, I think they played the closing as being more ominous & seemingly kamikaze-like than it actually is - to strong arm any concessions they could get, before reinventing Taj.
I think that's been their secret plan from the beginning - to close & re-emerge under a new brand.
Since they knew they would at least temporarily close anyway, I think they played the closing as being more ominous & seemingly kamikaze-like than it actually is - to strong arm any concessions they could get, before reinventing Taj.
December 1st, 2014 at 7:32:27 PM
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Quote: 7star4now"Unless they close, remodel and change the name of the casino and management they are doomed."
I think that's been their secret plan from the beginning - to close & re-emerge under a new brand.
Since they knew they would at least temporarily close anyway, I think they played the closing as being more ominous & seemingly kamikaze-like than it actually is - to strong arm any concessions they could get, before reinventing Taj.
With the exception of the name change I expect that is Icahn's plan.
December 1st, 2014 at 7:43:29 PM
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Quote: 7star4now"Unless they close, remodel and change the name of the casino and management they are doomed."
I think that's been their secret plan from the beginning - to close & re-emerge under a new brand.
Since they knew they would at least temporarily close anyway, I think they played the closing as being more ominous & seemingly kamikaze-like than it actually is - to strong arm any concessions they could get, before reinventing Taj.
That's what it's starting to look like. I'd predict that they may close and remodel/rebrand and try to open in time for beach season.
December 1st, 2014 at 8:07:23 PM
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Risky being in bankruptcy being sure you'll just throw some money at it and reopen. Seems possible someone might, but if not them, nothing to gain. How they ensure it's them, don't know.
I am a robot.
December 1st, 2014 at 9:32:04 PM
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All I have to say is no casino stops issuing markers if they are staying open.
December 1st, 2014 at 10:35:41 PM
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That's too bad they stopped issuing markers. If they gave a firm date on closing I was planning on going there and using up my full credit line and stiffing them on it. It'd probably take years before any attempt on collecting the debt would even begin. Could probably end up settling for pennies on the dollar.
It's not like nevada where it's a felony to stiff a casino on a marker. In NJ they can't use the DA to collect.
It's not like nevada where it's a felony to stiff a casino on a marker. In NJ they can't use the DA to collect.
December 1st, 2014 at 10:57:48 PM
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Quote: sc15That's too bad they stopped issuing markers. If they gave a firm date on closing I was planning on going there and using up my full credit line and stiffing them on it. It'd probably take years before any attempt on collecting the debt would even begin. Could probably end up settling for pennies on the dollar.
It's not like nevada where it's a felony to stiff a casino on a marker. In NJ they can't use the DA to collect.
You seem like a great person to lend money to...
December 2nd, 2014 at 12:33:07 AM
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Quote: sc15
It's not like nevada where it's a felony to stiff a casino on a marker. In NJ they can't use the DA to collect.
What a stand up guy you are, I'm hoping
for a nuke in your future.
"It's not called gambling if the math is on your side."
December 2nd, 2014 at 1:11:43 AM
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Quote: EvenBobWhat a stand up guy you are, I'm hoping
for a nuke in your future.
It's a casino, and one that's owned by a guy who's trying to strongarm it's workers and the state for money. I wouldn't lose any sleep ripping them off.
December 2nd, 2014 at 6:25:25 AM
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Quote: EvenBobWhat a stand up guy you are, I'm hoping
for a nuke in your future.
This is not good. I am once again agreeing with Spike/Evenbob.
December 2nd, 2014 at 1:10:04 PM
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Quote: sc15It's a casino, and one that's owned by a guy who's trying to strongarm it's workers and the state for money. I wouldn't lose any sleep ripping them off.
A casino is not a Saint for sure.
As shown below on the Taj's IOUs, Taj used a limo guy and a Chinese guy to "serve" its gamblers, then Taj has not yet paid them. Sham on Taj.
Based on the above IOUs, I fully understand why Taj owed the limo guy money, but I wonder how come Taj owed $97,773.86 to Mr. Chen? What kind of business transactions can a Chinese grocery store do for Taj?
A supervisor explained to me and said: "Taj sent its gamblers to the Chen's store to redeem comp dollars for everything except for the kitchen sink! That's why Taj owed Mr Chen money." If you were Mr. Chen, what would you do to get paid by Taj in a hurry?
Mr. Chen needs to think outside of the box to recoup (NOT rip off) the $97,773.86 from Taj. Perhaps SC15 gets a right solution for Mr Chen indirectly. Mr. Chen should draw a $97,774 marker from Taj ASAP to get "even" with Taj. What say you guys?
I'm OK with Corps which pick and choose clienteles. Both insurance companies and casinos have the right to pick and choose customers. They may keep profitable ones and kicked out the rest. But, I'm not OK with a casino supervisor who says counting cards... is like stealing food from a buffet (a foodlifting offense), or video-taping a movie in a cinema (a piracy offense).
December 2nd, 2014 at 1:16:35 PM
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Quote: ArtemisMr. Chen should draw a $97,774 marker from Taj ASAP to get "even" with Taj. What say you guys?
I'd be happy to take out a $164,970.83 marker on behalf of SII.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
December 3rd, 2014 at 10:51:15 AM
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Liquidation hearing for Trump Entertainment postponed
"It is now planned for Dec. 11 - the day before the Taj Mahal casino is due to close..A rescue plan announced Tuesday by two state senators for the city's eight remaining casinos would grant them tax breaks of 28 percent in the first two years, and 43 percent after that - the type of assistance Trump Entertainment has been seeking for months."
http://www.nbc40.net/story/27538396/liquidation-hearing-for-trump-entertainment-postponed
"It is now planned for Dec. 11 - the day before the Taj Mahal casino is due to close..A rescue plan announced Tuesday by two state senators for the city's eight remaining casinos would grant them tax breaks of 28 percent in the first two years, and 43 percent after that - the type of assistance Trump Entertainment has been seeking for months."
http://www.nbc40.net/story/27538396/liquidation-hearing-for-trump-entertainment-postponed
December 5th, 2014 at 7:08:09 AM
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AP: Taj Mahal casino closing pushed back until Dec. 20
It says it is engaged in a "last-ditch" effort to remain open.
It says it is engaged in a "last-ditch" effort to remain open.
December 5th, 2014 at 12:26:01 PM
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Quote: 7star4nowAP: Taj Mahal casino closing pushed back until Dec. 20
It says it is engaged in a "last-ditch" effort to remain open.
Wolf!
December 5th, 2014 at 1:24:23 PM
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Quote: 7star4nowAP: Taj Mahal casino closing pushed back until Dec. 20
It says it is engaged in a "last-ditch" effort to remain open.
I've felt bad for dealers & Union workers. The dead sentence has been postponed as follows: 11/13, 12/12... and now it'll be 12/20.
I like to quote a demoralized dealer:
"Why can't Taj manage a casino like Borgata? I put my heart and soul in Taj and work here for 2 decades, and what does Taj repay me in return? It gives me a slow dead sentence. I can be laid off any time, and that's hard to take..."
That dealer has legit complaints. Borgata won $55,331,231 while Taj won only $16,762,909 per the report below.
I'm OK with Corps which pick and choose clienteles. Both insurance companies and casinos have the right to pick and choose customers. They may keep profitable ones and kicked out the rest. But, I'm not OK with a casino supervisor who says counting cards... is like stealing food from a buffet (a foodlifting offense), or video-taping a movie in a cinema (a piracy offense).
December 9th, 2014 at 6:29:24 AM
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AC Mayor: Tax plan should keep Taj Mahal casino open
“I do believe this legislation is going to save the Taj from closing,” Guardian said. “It’s exactly what the proposed new owner has been asking for.”
http://www.courierpostonline.com/story/news/local/south-jersey/2014/12/08/mayor-tax-plan-keep-taj-mahal-casino-open/20121203/
“I do believe this legislation is going to save the Taj from closing,” Guardian said. “It’s exactly what the proposed new owner has been asking for.”
http://www.courierpostonline.com/story/news/local/south-jersey/2014/12/08/mayor-tax-plan-keep-taj-mahal-casino-open/20121203/
December 10th, 2014 at 5:17:01 AM
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OK if the article is correct..then the union is the only remaining hurdle before good ole uncle Carl has to pony up the 100mil he promised. We'll see. The damage done to the Taj is most probably fatal. Players have abandoned it in droves. Saw an article on yahoo the other day where on a Tuesday the writer walked the casino floor and only saw 12 gamblers total. It's going to take a while to repair this. He still might be better off shutting down and trying to reopen as another "new" casino.
December 11th, 2014 at 10:40:49 AM
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Quote: vendman1OK if the article is correct..then the union is the only remaining hurdle before good ole uncle Carl has to pony up the 100mil he promised. We'll see. The damage done to the Taj is most probably fatal. Players have abandoned it in droves. Saw an article on yahoo the other day where on a Tuesday the writer walked the casino floor and only saw 12 gamblers total. It's going to take a while to repair this. He still might be better off shutting down and trying to reopen as another "new" casino.
You would be surprised how a free room, buffet and some free play reels in the suckers. Don't forget they have a massive database from 2 casinos to work with.
December 11th, 2014 at 1:21:46 PM
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Taj Mahal gives union until Monday to drop appeal
"Trump Entertainment Resorts CEO Bob Griffin gave the union until 5 p.m. Monday to drop its appeal of a bankruptcy court-ordered cost-reduction package .... "Two days ago, we actually thought we had reached a deal with you and the state," Griffin wrote. "Every one of your demands was met, and Mr. Icahn, believing that you and the state supported the deal, even delivered his executed signature page. But even though that deal would have kept the Taj open, restored the union health care, restored the union work rules and established a new pension fund, you still didn't sign."...Time is running out and money is running short. We simply cannot stay in limbo any longer. Every day, fewer and fewer people patronize the Taj, and we lose more and more of what little money we have left."
"Trump Entertainment Resorts CEO Bob Griffin gave the union until 5 p.m. Monday to drop its appeal of a bankruptcy court-ordered cost-reduction package .... "Two days ago, we actually thought we had reached a deal with you and the state," Griffin wrote. "Every one of your demands was met, and Mr. Icahn, believing that you and the state supported the deal, even delivered his executed signature page. But even though that deal would have kept the Taj open, restored the union health care, restored the union work rules and established a new pension fund, you still didn't sign."...Time is running out and money is running short. We simply cannot stay in limbo any longer. Every day, fewer and fewer people patronize the Taj, and we lose more and more of what little money we have left."
December 11th, 2014 at 4:13:05 PM
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A person who lives in AC just called me. He went into the Taj to see what was going on. They had one table opened in the pit. No roulette and no craps. A few people were playing slots. This was at 6pm. Are all these lost customers going to magically return after McDevitt signs the deal. They don't need the thousands of employees working there. There are no patrons to serve. Sounds to me like they need 2 people run the casino pit. One slot tech and one floor person for the slots. No need to keep any restaurants open except a snack bar. The only employees that they actually need are security guards to protect the money they have on hand.
December 15th, 2014 at 1:21:17 AM
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The threat of the Taj closing if the union doesn't sign today is nothing but a hollow threat. It's really not relevant and the Union knows it. 5pm will come and go. The Taj will make a statement and before the 20th the state will have passed the legislation to keep the casino open with full employee benefits and no extra demand for employee hours. Even if the courts side with employees there will be nothing to complain about because the workers will have exactly what they had before the dispute. At the end of the week the Taj will take out full page ads in newspapers in NY, NJ and PA saying they happy to announce they are staying open will continue to do so now and the future. You can buy me a beer when this all takes place over the next 7 days.
December 15th, 2014 at 1:26:15 PM
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Can't even imagine the kind and level of customer service at the Taj at the moment. Also if you guys are brave enough to venture to that joint avoid those restrooms in the front.
December 15th, 2014 at 2:24:29 PM
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What did I tell you, 5pm came and gone and nothing on the PressOfAtlanticCity website. Not even a mention of the 5pm deadline. The Taj is saved announcement comes at the end of the week. Watch all the lemmings run back to the dump.
December 15th, 2014 at 2:33:11 PM
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Quote: JackStraw8004What did I tell you, 5pm came and gone and nothing on the PressOfAtlanticCity website. Not even a mention of the 5pm deadline. The Taj is saved announcement comes at the end of the week. Watch all the lemmings run back to the dump.
Well, honestly, what kind of bad foresight does it take to close 10 days before Christmas if you're a destination resort? There's money to be made until about Jan 4 (the Sunday after New Year's, whatever that is). I think there's a fair chance they close Jan 5.
If the House lost every hand, they wouldn't deal the game.
December 15th, 2014 at 6:03:46 PM
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The city has already agreed to legislation for a property tax reduction for the casinos and the state bill is going to pass by the end of week. The extra money will enable the Taj to stay open even if they have minimal business. Don't know where the extra money came from the state but I guarantee it will come out of the NJ property owners pockets in reduced property tax rebates. Somehow I haven't gotten a rebate in close to two years. They keep saying it will show up in the May property tax bill. When I see it I'll believe it. The state didn't say how much the overtaxed homeowners in NJ will receive. The state bill to help the casinos is using some hocus-pocus to find the money. I have no idea why I am paying for the 15th richest man in the United States to keep his casino open. Why am I helping out Landry's Restaurant Group who own the Golden Nugget or the bankrupt Caesars Entertainment to mismanage their empire. And if all this money to save the casinos was actually there before why wasn't anything done when the AC Club, Revel, Trump Plaza and Showboat closed.
December 15th, 2014 at 6:27:21 PM
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It's out of state money circulating through Jersey which is more important. Average people will always be screwed in the political system where big contributors get attention.
I am a robot.
December 15th, 2014 at 7:35:12 PM
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Quote: JackStraw8004What did I tell you, 5pm came and gone and nothing on the PressOfAtlanticCity website. Not even a mention of the 5pm deadline. The Taj is saved announcement comes at the end of the week. Watch all the lemmings run back to the dump.
If he doesn't close it now he has lost all credibility forever.
December 15th, 2014 at 7:48:52 PM
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This mad genius routine seems eeriely like Revel. I can't see how people away in droves can be so easily overcome losing all that money when so desperate already. I hope they stay open but have a hard time believing it actually will happen. Reservations are closed anyways aren't they? Needless to say if they can stay open, I would grace my presence there a few sessions in 2015, which I never did with Revel. It was always fun and fair there at Taj.
I am a robot.
December 15th, 2014 at 10:08:15 PM
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There is hardly any room to reduce the rebates:Quote: JackStraw8004Don't know where the extra money came from the state but I guarantee it will come out of the NJ property owners pockets in reduced property tax rebates. Somehow I haven't gotten a rebate in close to two years. They keep saying it will show up in the May property tax bill.
"The NJ Homestead Program provides a credit on the property tax bill for 1.6 million New Jersey residents. The 2013 statewide average for property taxes is just $8000 but seniors and disabled residents receive relief, on average, of $516. Residents earning less than $75,000 receive $402 in relief.
This week, Governor Christie’s office announced that the relief has to be postponed to help the State balance its budget. This is the third time in his four years as Governor that Christie has postponed the Homestead Program. According to the Governor’s office, the tax credit costs the State $375 million and that the reduced budget plan." --trulia.com
December 16th, 2014 at 2:17:39 AM
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Quote: beachbumbabsWell, honestly, what kind of bad foresight does it take to close 10 days before Christmas if you're a destination resort? There's money to be made until about Jan 4 (the Sunday after New Year's, whatever that is). I think there's a fair chance they close Jan 5.
There's no money to be made at taj if nobody's going there.
December 16th, 2014 at 5:00:56 AM
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OK...odds the Taj is open on 12/21/15...I'd say 15%...the place is so deserted it's costing them money to keep the lights on I'm sure.
Still say Carl's plan is ...let them go bankrupt...take over post bankruptcy(he's the largest creditor by far)....remodel and rebrand..maybe reopen. Maybe.
Still say Carl's plan is ...let them go bankrupt...take over post bankruptcy(he's the largest creditor by far)....remodel and rebrand..maybe reopen. Maybe.
December 16th, 2014 at 2:25:10 PM
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Quote: vendman1OK...odds the Taj is open on 12/21/15...I'd say 15%...the place is so deserted it's costing them money to keep the lights on I'm sure.
Still say Carl's plan is ...let them go bankrupt...take over post bankruptcy(he's the largest creditor by far)....remodel and rebrand..maybe reopen. Maybe.
I'm 85% sure that Taj will keep open for business on a week by week basis. Since NJ Deparment of Labor requires Taj to give its employees the 60-day-written-notice, Taj obeys. Thereafter Taj just keeps on extending the closing date. It seems that Taj is a "rules are meant to be broken" kind of casino.
BTW, Carl's flagship-Tropicana Casino is almost deserted too when compared to that of Borgata. Recently I was in both Brogata and Tropicana in search of our beloved-Mr. Lemieux66. I didn't see Mr. Lemieux66, but I was taken aback to find:
1) Borgata's poker room was somewhat busy during a weeknight. It got 150 poker players.
2) On the other hand, Trop's poker room lacked of any poker players. All the poker tables were closed up. However, there were 1 supervisor and 1 dealer stood behind the manager's counter. I asked the supervisor if the poker room was closed. He replied: "the poker room is open, but you need to wait for 1 more poker player before the dealer can open up a poker game." I said no thanks, and I left.
I'm OK with Corps which pick and choose clienteles. Both insurance companies and casinos have the right to pick and choose customers. They may keep profitable ones and kicked out the rest. But, I'm not OK with a casino supervisor who says counting cards... is like stealing food from a buffet (a foodlifting offense), or video-taping a movie in a cinema (a piracy offense).
December 16th, 2014 at 4:39:01 PM
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Taj Mahal owner begs Carl Icahn to save casino in last ditch effort
"With just four days to go before the scheduled closing of Atlantic City’s Trump Taj Mahal, the CEO of the casino’s parent has written a letter to investor Carl Icahn begging him to step up with a multi-million dollar lifeline."
orchestrated drama, piggybacking on the Donald's name - the King of drama- eh tu Carl?
-what's next - who's my baby/sugar Daddy on Maury Povivich-Trump vs Icahn ?
http://nypost.com/2014/12/16/taj-mahal-owner-begs-carl-icahn-to-save-casino-in-last-ditch-effort/
"With just four days to go before the scheduled closing of Atlantic City’s Trump Taj Mahal, the CEO of the casino’s parent has written a letter to investor Carl Icahn begging him to step up with a multi-million dollar lifeline."
orchestrated drama, piggybacking on the Donald's name - the King of drama- eh tu Carl?
-what's next - who's my baby/sugar Daddy on Maury Povivich-Trump vs Icahn ?
http://nypost.com/2014/12/16/taj-mahal-owner-begs-carl-icahn-to-save-casino-in-last-ditch-effort/
