Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City last week to Hard Rock Overseas, normally an informal 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 commander-in-chief that is 45th his billionaire pal is ‘innately in a position to anticipate the future’ as it relates to economies. If that is correct, investors might be smart to follow Icahn’s lead in betting up against the Dow that is surging Jones NASDAQ composite indexes.
Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn companies is betting against the continued rally on Wall Street.
CNN Money states that Icahn is shorting 1.3 shares for every one share he is buying. Shorting stocks may be the activity of committing to purchasing shares at a date that is later. Icahn wins if the ongoing company loses value between now while the purchase date.
‘I have always been concerned at this time that the market has run ahead of itself,’ Icahn told the news outlet that is financial.
The areas have now been on a strong run since Trump won the presidency, but now his economic advisor is hedging their wagers on a correction. But not totally all of Trump’s casino bros are pessimistic on the economy.
Steve Wynn, who is the newly tapped finance seat of the Republican National Committee, stated recently, ‘It’s springtime in America and things are likely to grow.’
Win Some, Lose Some
Icahn has been one of the most capitalists that are successful the past several decades, but like anyone that is greatly invested in the markets, its not all bet has turned out to be a victory.
Their most present 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 business’s only running resort, the Trump Taj Mahal, cost Icahn upwards of $350 million. After failing to reach a regional casino workers union, he closed the property last October.
He still has the shuttered Trump Plaza, and that too will cost Icahn dearly. He vetoed a fully planned $20 million sale associated with venue in 2013. Now the casino, which closed in 2014, is nearly unsellable because of land-lease that costs its owner $1 million per through 2078 year.
A watchdog that is governmental called Public Citizen is contacting lawmakers to investigate Icahn’s particular role in the White House, and whether he is violating lobbying laws and regulations.
The organization alleges that Icahn has advised the elected president to overhaul a biofuels program that dictates how gasoline is refined. But Public Citizen says should Trump replace the US Renewable Fuel Standard, Icahn’s 82 per cent stake in CVR Energy, a refiner, stands to produce millions should laws be paid off.
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. Gas companies state the stipulation costs them millions of dollars each year.
Icahn has called the Public Citizen effort a ‘witch hunt.’
Kansas Casino’s Opening Delayed by Brandon Steven Group’s Castle Rock Lawsuit, Among Other Problems
After construction delays and legal challenges, Kansas Crossing Casino is finally prepared to serve the individuals of the Sunflower State. The wait has become a bit longer than expected. a grand opening was planned for March, but has been forced ahead now to April 8, due to a lawsuit associated to the bidding process.
Car dealership owner and semi-pro poker player Brandon Steven’s investor group lawsuit is but one reason the Kansas Crossing Casino has already established delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)
Not that most are complaining. Enthusiasm has largely surrounded the resort that’s already brought a lot more than 400 jobs to the small town of Pittsburg, Kansas, with a population of approximately 20,000.
This is the fourth casino that is state-owned and joins five Indian facilities. The building is situated near the northwest part of the state and it is anticipated to pull in not merely area gamblers, but ones from nearby Missouri and Oklahoma.
Whenever government officials opened the bidding process in 2015 for a gaming that is new, there were three companies that made pitches. A team of Topeka investors, that has currently built two of the three other state gambling enterprises, were the winning bidders behind Kansas Crossing, which wasn’t nearly because ambitious while the other two tasks they’d already created.
In fact, it was by far the tiniest of the three. However the approximately $70 million development featured more than 625 slot devices, 16 gaming tables, A hampton that is 123-room inn rooms, and an entertainment complex.
Each time 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 procedure already underway. In that group had been Brandon Steven, whose suit claimed that his 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 was revealed in February that he was under federal investigation for unknown reasons, but Steven remains dedicated to appealing the judgment.
The Castle Rock appropriate documents contend that the board was legally obligated to choose the team’s agreement, because, in line with the legal filing, ‘it best maximizes revenue, encourages tourism and otherwise serves the interests of the people of Kansas. The Lottery Review Board received this proof and ignored it, selecting the contract which offers lower gross revenue, less tourists, lower tax income, fewer amenities and less jobs,’ the suit maintains.
The state board has countered the accusations by saying the projections were overinflated. One board member told the Wichita Eagle that Kansas Crossing was merely a better fit for the location.
‘[It’s] more of a Kansas environment that is midwest somewhat modern,’ stated board member Gail Radke about Kansas Crossing. ‘Castle Rock was a little extra contemporary for that rural area.’
Castle Rock lost its appeal in region court and in belated January, presented arguments that are oral their state Supreme Court. The actual situation is not decided, but even if the court rules in the investors’ favor, it is doubtful that Kansas Crossing would not open as planned.
William Hill Subsequently Finds a CEO After Extended Search Process
William Hill has at last appointed a new CEO after a nine-month search, and it appears the best prospect was hiding in plain sight all along.
Philip Bowcock will brush down issues about his relative inexperience in the gambling industry to seize control as William Hill’s leader. (Image: Daily Telegraph)
Philip Bowcock, formerly the business’s finance chief, whom is acting as interim chief-executive since former CEO, James Henderson, was ousted from the board July that is last now officially take the reins.
Bowcock has presided over a period that is difficult the company, since 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 pace and we have experienced important progress across our online, retail and international companies over that time,’ William Hill’s president, Gareth Davis, stated in an official statement this week.
‘Our recent results reveal that William Hill is now in a stronger position and Philip has outlined a clear plan to continue that momentum in to the future.’
Always the Bridesmaid
But there are plenty of challenges ahead for the new CEO. Henderson was apparently ousted for neglecting to shore up the business’s electronic arm, which has fallen behind a few of its rivals in the sector. But its figures have not been getting much better.
William Hill announced in February that online net revenue for 2016 had dropped 3 percent to £544.8 million.
Meanwhile, while many of its competitors have consolidated through mergers and purchases, William Hill’s own consolidation ambitions have been frustrated at every turn.
The wedding of Ladbrokes and Gala Coral meant that William Hill was surpassed as the biggest retail bookmaker in the UK, and, meanwhile, the Paddy Power and Betfair tie-in has created a online gambling superpower.
William Hill’s proposed merger with Amaya ended up being meant to produce a ‘clear international leader across online activities 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.’
According to Financial Times sources, it’s believed Parvus has reservations about Bowcock’s abilities, based on his 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 name that is synonymous with betting,’ said Bowcock. ‘During my time at the helm, I have actually had the opportunity to lead a passionate, talented and committed team and now we are making considerable operational progress in recent months.
‘The team and I also are excited by the chance to keep increasing our position in all our key areas 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 prosecutor that is federal Bharara changed the face area of on the web gambling in america, 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 was the architect of poker’s ‘Black Friday’ back in 2011. He is now looking for the job after being taken out of the office on the weekend by the White House. (Image: John Moore/Getty Graphics)
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 came to an end over the weekend after President Donald Trump’s administration terminated his employment. New US Attorney General Jeff Sessions ordered the firing of all of the Obama-appointed United States attorneys, but Bharara refused to step down voluntarily.
‘I didn’t resign. Moments ago I was fired,’ Bharara tweeted after the dismissal. ‘ Being the US attorney in SDNY will forever be the honor that is greatest of my professional life.’
After winning the presidency, Trump reportedly asked Bharara to stay on in his prosecutorial position. But Sessions had been ready to accomplish a legal overhaul throughout the board and clean shop. Late last week, Sessions asked 46 US attorneys to tender their resignations.
American Online Poker’s Grim Reaper
In 2009, Bharara was appointed by previous President Barack Obama to your position that is high-profile. Two years later, on April 15, 2011, Bharara and also the Department of Justice seized the web domains of PokerStars, complete Tilt Poker, and Absolute Poker/Ultimate Bet in a freeze that is massive turned internet 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 on the basis of the illegal Web Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that managed to get unlawful for payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.
Bharara definitely never shunned the limelight, and sometimes went after high-profile situations that had mass headline appeal, including several gamblers that are involving.
Of late, he nailed poker pro Travell Thomas last November in a $31 million fraudulent debt collection scheme, to which Thomas finally pled responsible. Combined with poker player, Bharara brought down 11 co-conspirators as well. The way it is ended up being billed by the DOJ once the ‘largest debt collection scheme ever prosecuted.’
Another of his efforts that are recent superstar golfer Phil Mickelson and their relationship to notorious sports bettor Billy Walters. Though no charges are 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 used to bankroll their gambling that is professional career. Walters’ trial is expected to begin with week that is next and Mickelson might testify.
Bharara additionally went after gambling rings, probably one of the most notable cases being a takedown of 46 mafia that is alleged final August.
The prosecutor additionally led the investigation into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman sending illicit text messages to an underage girl. Those headlines further damaged Hillary Clinton’s presidential efforts since Huma Abedin, Weiner’s now estranged wife, had been the candidate that is democratic top aide.
With respect to the news outlet, Bharara ended up being either a ‘rock star’ prosecutor, or an individual who simply had it down for confrontational cases. His district included Manhattan, so Trump was no stranger to dealing with him.
In addition to seeking massive fraud cases with gambling cleopatra slot free games connections, Bharara prosecuted over 100 Wall Street professionals for insider trading and financial offenses. But critics of his leadership say he often went after safer instances for ‘well-orchestrated press conferences and memorable sound bites,’ in accordance with ProPublica writer Jesse Eisinger.