
Carl Icahn, the billionaire investor who sold the Trump Taj Mahal in Atlantic City week that is last Hard Rock Overseas, can be a friendly economic advisor to President Donald Trump.
Carl Icahn has added wealth that is much his portfolio in the stock exchange since his friend became president, but now the billionaire believes a retraction is in shop.
The 45th commander-in-chief says his billionaire pal is ‘innately in a position to anticipate the near future’ as it pertains to economies. If that is true, investors might be smart to follow Icahn’s lead in betting against the Dow that is surging Jones NASDAQ composite indexes.
Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn Enterprises is betting against the continued rally on Wall Street.
CNN Money states that Icahn is shorting 1.3 stocks for every one share he’s purchasing. Shorting stocks may be the activity of committing to buying shares at a date that is later. Icahn wins if the company loses value between now as well as the purchase date.
‘I am concerned at this time that the market has run ahead of itself,’ Icahn told the news outlet that is financial.
The markets happen on a run that is strong Trump won the presidency, but now their economic advisor is hedging their wagers for a correction. But only a few of Trump’s casino bros are pessimistic regarding the economy.
Steve Wynn, who is the newly tapped finance chair of the Republican nationwide Committee, said recently, ‘It’s springtime in America and things are likely to develop.’
Win Some, Lose Some
Icahn has been one of many most capitalists that are successful the last several decades, but like anyone who’s heavily dedicated to the markets, don’t assume all bet has turned out to be a victory.
Their most current substantial loss was owning Trump Entertainment Resorts. The former video gaming arm of the now-president became a subsidiary of Icahn Enterprises in February of 2016. The company’s only operating resort, the Trump Taj Mahal, expense Icahn upwards of $350 million. After failing to reach a neighborhood casino workers union, he closed the home last October.
He still has the shuttered Trump Plaza, and that too will cost Icahn dearly. He vetoed a planned $20 million purchase regarding the venue in 2013. Now the casino, which closed in 2014, is nearly unsellable as a result of land-lease that costs its owner $1 million per year through 2078.
Fueling Controversy
A governmental watchdog agency called Public Citizen is calling on lawmakers to investigate Icahn’s certain role inside the White House, and whether he’s breaking lobbying laws and regulations.
The organization alleges that Icahn has urged the elected president to overhaul a biofuels program that dictates how gasoline is refined. But Public Citizen says should Trump change the US Renewable Fuel Standard, Icahn’s 82 % stake in CVR Energy, a refiner, appears to produce millions should laws be reduced.
A law that was implemented during President George W. Bush’s administration under the current program, refineries are required to include renewable fuels into their gasoline and diesel products. Fuel companies say the stipulation costs them millions of dollars each year.
Icahn has called the Public Citizen effort a ‘witch look.’
Kansas Casino’s Opening Delayed by Brandon Steven Group’s Castle Rock Lawsuit, Among Other Dilemmas
After construction delays and challenges that are legal Kansas Crossing Casino is finally ready to serve the people of the Sunflower State. The wait has been a bit longer than expected. a grand opening had been planned for March, but has been forced forward now to April 8, as a result of lawsuit related to the bidding process.
Car dealership owner and semi-pro poker player Brandon Steven’s investor team lawsuit is but one reason the Kansas Crossing Casino has received delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)
Maybe Not that many are complaining. Enthusiasm has largely surrounded the resort that’s already brought significantly more than 400 jobs to the town that is small of, Kansas, that includes a population of around 20,000.
Here is the 4th casino that is state-owned and joins five Indian facilities. The building is located near the portion that is northwest of hawaii and it is expected to pull in not merely area gamblers, but ones from nearby Missouri and Oklahoma.
Bidding Wars
Whenever federal government officials opened the bidding process in 2015 for the brand new gaming house, there had been three companies that made pitches. A team of Topeka investors, who had already built two of the three other state gambling enterprises, were the winning bidders behind Kansas Crossing, which wasn’t nearly because ambitious because the other two jobs they’d already created.
In fact, it was by far the smallest of the three. But the about $70 million development featured more than 625 slot machines, 16 gaming tables, A hampton that is 123-room inn Suites, as well as an entertainment complex.
myfreepokies.com Whenever a since-disbanded state board accepted the Topeka bid as the best and tiniest footprint, one of the two losing bidders filed a lawsuit to stop the building process already underway. In that group had been Brandon Steven, whose suit claimed that their group’s proposal offered a project that is better-valued.
Fighting Straight Back
The investors of Castle Rock, the group that is defeated which Brandon Steven is vested, continues to fight the ruling. The poker that is well-known and businessman is no stranger to controversy. It had been revealed in that he was under federal investigation for unknown reasons, but Steven remains dedicated to appealing the judgment february.
The Castle Rock appropriate documents contend that the board was legally obligated to choose the team’s agreement, because, according to the filing that is legal ‘it best maximizes revenue, encourages tourism and otherwise serves the interests associated with the people of Kansas. This evidence was received by the Lottery Review Board and ignored it, selecting the contract which offers lower gross revenue, less tourists, lower tax revenue, fewer amenities and less jobs,’ the suit maintains.
Their state board has countered the accusations by saying the projections were overinflated. One board member told the Wichita Eagle that Kansas Crossing had been merely a better fit for the location.
‘[It’s] more of a Kansas midwest environment and somewhat modern,’ stated board member Gail Radke about Kansas Crossing. ‘Castle Rock had been a little bit more contemporary for that rural area.’
Castle Rock lost its appeal in district court and in belated January, presented dental arguments to the State Supreme Court. The way it is will not be decided, but even if the court rules in the investors’ benefit, it is doubtful that Kansas Crossing will never open as prepared.
William Hill Finally Finds a CEO After Extended Search Process
William Hill has at last appointed a new CEO after a nine-month search, plus it seems the best candidate was hiding in plain sight all along.
Philip Bowcock will clean off concerns about his relative inexperience inside the gambling industry to take close control as William Hill’s chief executive. (Image: Daily Telegraph)
Philip Bowcock, formerly the company’s finance chief, whom was acting as interim chief-executive since former CEO, James Henderson, was ousted through the board July that is last now officially take the reins.
Bowcock has presided over a period that is difficult the company, as it fended off an ‘opportunistic’ takeover attempt by 888 Holdings in August, while a subsequent proposed ‘merger of equals’ between William Hill and Amaya dropped through after a shareholder revolt.
‘Since his appointment as interim CEO last July, Philip has driven the business enterprise ahead at real rate and we have seen progress that is important our online, retail and worldwide businesses over that time,’ William Hill’s president, Gareth Davis, stated in a formal statement this week.
‘Our recent results reveal that William Hill is now in a stronger position and Philip has outlined a plan that is clear continue that momentum to the future.’
Always the Bridesmaid
But there are lots of challenges ahead for this new CEO. Henderson was evidently ousted for failing continually to shore up the company’s digital arm, which has fallen behind a number of its competitors in the sector. But its figures haven’t been getting any benefit.
William Hill announced in February that online net revenue for 2016 had fallen 3 percent to £544.8 million.
Meanwhile, while many of its competitors have actually consolidated through mergers and purchases, William Hill’s own consolidation ambitions have been frustrated at every turn.
The marriage of Ladbrokes and Gala Coral meant that William Hill had been surpassed as the largest retail bookmaker in the UK, and, meanwhile, the Paddy Power and Betfair tie-in has produced a online gambling superpower.
Parvus Misgivings
William Hill’s proposed merger with Amaya ended up being meant to produce a ‘clear international leader across online sports betting, poker and casino,’ until Parvus Asset Management, Hill’s biggest shareholder, intervened, calling it a ‘value-destroying deal’ and branded Amaya an ‘overvalued asset.’
Based on Financial Times sources, it’s believed Parvus has reservations about Bowcock’s abilities, based on their inexperience that is relative in gambling industry.
He joined William Hill in 2015, having previously been CFO for British cinema chain Cineworld.
‘i am proud to be chosen to lead William Hill, a continuing business that millions of clients trust and a brand that is synonymous with betting,’ said Bowcock. ‘During my time at the helm, I have had the possibility to lead a passionate, talented and committed group and we have made considerable progress that is operational recent months.
‘The team and I also are excited by the chance to keep increasing our position in all our key markets whilst delivering a great experience for our customers.’
Trump Tells Black Friday Prosecutor Preet Bharara ‘You’re Fired,’ After US Attorney Refuses to Step Down
Ousted federal prosecutor Preet Bharara changed the face of online gambling in the usa, as well as the now-former US Attorney for the Southern District of New York isn’t going away without a curtain call of debate.
Preet Bharara had been the architect of poker’s ‘Black Friday’ back in 2011. He’s now searching for a work after being taken from the office over the week-end by the White House. (Image: John Moore/Getty Pictures)
Known as a Wall Street crusader who targeted corruption and political immorality, Bharara’s tenure since the chief law enforcer in New York’s Southern District found an end over the weekend after President Donald Trump’s administration terminated his work. New US Attorney General Jeff Sessions ordered the shooting of all Obama-appointed United States attorneys, but Bharara refused to step down voluntarily.
‘I failed to resign. Moments ago I became fired,’ Bharara tweeted after the dismissal. ‘ Being the usa attorney in SDNY will forever function as greatest honor of my professional life.’
After winning the presidency, Trump apparently asked Bharara to stay on in his prosecutorial position. But Sessions had been ready to complete a legal overhaul across the board and clean shop. Late week that is last Sessions asked 46 US attorneys to tender their resignations.
American Internet Poker’s Grim Reaper
In 2009, Bharara was appointed by previous President Barack Obama to the position that is high-profile. Two years later, on April 15, 2011, Bharara and also the Department of Justice seized the internet domain names of PokerStars, Comprehensive Tilt Poker, and Absolute Poker/Ultimate Bet in a freeze that is massive turned on-line poker on its ear.
In what became proven to the poker community as ‘Black Friday,’ the events effectively took internet poker offline for American players. Bharara’s shutdown of the gambling that is major was in line with the Unlawful online Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that made it unlawful for payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.
Big-Money Justice
Bharara certainly never shunned the limelight, and frequently went after high-profile instances which had mass headline appeal, including several involving gamblers.
Of late, he nailed poker pro Travell Thomas last November in a $31 million debt that is fraudulent scheme, to which Thomas eventually pled responsible. Combined with the poker player, Bharara brought down 11 co-conspirators because well. The truth had been billed by the DOJ since the ‘largest debt collection scheme ever prosecuted.’
Another of his efforts that are recent superstar golfer Phil Mickelson and their relationship to notorious activities bettor Billy Walters. Though no charges have been brought against golf’s fan favorite, the case put a blemish on the athlete’s otherwise image that is squeaky-clean.
Prosecutors allege that Walters had made over $40 million through insider trading recommendations, and that the cash has been utilized to bankroll their gambling that is professional career. Walters’ trial is anticipated to start week that is next and Mickelson might testify.
Bharara additionally went after gambling rings, one of the most notable cases being a takedown of 46 mafia that is alleged last August.
The prosecutor also led the research into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman delivering illicit texting to an underage girl. Those headlines further damaged Hillary Clinton’s presidential efforts since Huma Abedin, Weiner’s now estranged wife, ended up being the candidate that is democratic top aide.
Depending on the media socket, Bharara ended up being either a ‘rock star’ prosecutor, or an individual who simply had it away for confrontational cases. His district included Manhattan, so Trump had been no stranger to working with him.
In addition to pursuing massive fraud cases with gambling connections, Bharara prosecuted over 100 Wall Street professionals for insider trading and offenses that are financial. But critics of his leadership say he often went after safer cases for ‘well-orchestrated press seminars and sound that is memorable,’ according to ProPublica writer Jesse Eisinger.