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With Fe<span id="more-1677"></span>wer Casinos, Atlantic City Gaming Profits Improve Also with Less revenue that is overall

The Trump Taj Mahal may be the one Atlantic City casino which includesn’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 gaming may technically be losing speaking, but your house is nevertheless winning general.

The New Jersey beachside resort isn’t packing into the tourists within the same manner it once did, nevertheless the news is not all bad for those casinos that have made a decision to stick it out.

The eight remaining resorts in Atlantic City have seen their revenues and profits rise through initial half of 2015, even while the general marketplace for gambling in Atlantic City seems to be shrinking.

According to the New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises being still running was up 3.5 per cent throughout the first 6 months of the year compared to the same period in 2014, inspite of the fact that overall revenues are down 11.8 percent.

The huge difference comes from the very fact that there were still 11 casinos open through the end of last June, making a true apples-to-apples comparison associated with two markets difficult.

Fewer Casinos Dividing Smaller Market

Still, the overall trend seems to be clear. While the general size of the Atlantic City market has shrunk, the truth that four casinos closed in the city this past year meant that the average revenue per casino went up, creating an extremely profitable situation for those properties in a position to endure the revolution of closures.

In reality, year-over-year gross operating profits rose more than 27 per cent year-over-year, with the eight casinos making $213 million between them so far in 2015. Even after accounting for taxes and other obligations, the gambling enterprises are making more cash compared to 2014.

In fact, seven of the eight casinos have seen their profits increase this 12 months. The winner that is biggest has been the Borgata Casino Hotel, which saw its net revenues power up by nearly $25 million through June.

Nevertheless the most result that is impressive came 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 have not enjoyed the windfall that the rest of the populous city is experiencing. That difference belongs to 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’ 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, but it was profitable. It took in $1.8 million in profits within the first six months of the year. However the turmoil within the property seems to have taken a toll, due to the fact 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, has been fighting for the restoration of health insurance and retirement benefits that the casino ended up being able to eliminate from workers during bankruptcy procedures 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 likely to rule on if the union workers 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 among those weighing takeover provides from both 888 Holdings and GVC Holdings. (Image: Newscast)

Bwin.party is apparently a really desirable acquisition, because the battle between GVC Holdings and 888 Holdings generally seems to see each potential buyer outdo the other on a regular basis.

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The latest twist in the ongoing saga has seen GVC once again prepare to outbid 888 for the web gambling business, with the bwin.party board now asking GVC to clarify an official bid so that they can determine how to react to the latest offer.

Right now, all signs are still pointing towards 888 getting the top hand in the battle to get 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 thus far, they have made no suggestions that these are typically backing away from that offer.

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 help make their bid as attractive as 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 share that is bwin purchase. That means the offering that is mixed continue to alter value as time goes by, considering movement in GVC’s stock.

The big concern may be that provide proposes more development for those stockholders as time goes on.

While GVC might be providing more to bwin.party’s owners straight away, there are no doubts that 888 can completely incorporate with the gaming that is online, 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 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 to sweeten its offer that is own to victorious,’ stated Peel Hunt analyst Nick Batram.

Update Expected By September 1

Bwin.party has stated that they be prepared to provide an update on the takeover battle by September 1, which may mean that GVC will have to clarify their bid before the end of the month. a bwin statement issues on Thursday stated that they’re still waiting for certainty on the best possible terms GVC is willing to provide.

‘Bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is ready to create a formal offer to acquire every one of the issued and also to be issued shares in bwin.party,’ the statement read.

In accordance with reports, 888 has been made aware associated with possibility of 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 right time when mergers and consolidation are becoming commonplace in the gambling industry. Numerous have attributed this to regulation that is increasing taxation associated with industry, particularly in the UK and other European nations, which has caused companies to seek means by which they can increase scale while cutting costs.

Just this week, a merger contract between Betfair and Paddy Power was announced by the two companies. The mixture of those two organizations would make the group one of the largest gambling entities in the globe.

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 took place back in 2011, has since entered into poker folklore, but for Ivey the battle to receive some compensation continues to be really real.

Although he has never denied that he used advantage sorting techniques to gain the top hand, he’s got argued from the Borgata’s claim that his tactics had been a form of cheating.

While he initially contested the Borgata’s legal situation (an instance which argued that it Ivey really should not be given their $9.6 million winnings), he’s got since filed a countersuit.

Ivey Data 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 movement, Ivey’s appropriate team has since given further testimony on behalf associated with the poker player. Carrying out a suggestion from the Borgata that it had been the target in case, Ivey has spoken out and explained that it was actually him who was targeted by the casino.

Asserting that he is a professional gambler and, therefore, understands the techniques gambling enterprises used to gain an edge over players, Ivey explained that he had beenn’t immune towards the tactics of manipulation used by the Borgata.

‘As a professional gambler, Defendant Ivey is well aware of Borgata’s methodology in trying 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 associated with Borgata Babes have actually for ages been the discussion 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 offered by just the most curvaceous and voluptuous females in the industry,’ claimed Ivey’s legal papers.

As well as this argument, Ivey’s defense team argues that the Borgata has previously admitted that edge sorting is ’50 per cent effective’; which implies that Ivey could have still have needed luck and skill to win almost $10 million.

A speedy resolution to the case seems extremely not likely at this point; however, what is clear is that Ivey is not ready to fold his hand and present through to the $9.6 million pot just yet.


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