
Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City last week to Hard Rock International, can also be a casual economic advisor to President Donald Trump.
Carl Icahn has added much wealth to his portfolio in the stock market since his friend became president, but now the billionaire believes a retraction is in store.
The 45th commander-in-chief says his billionaire pal is ‘innately able to anticipate the long term’ since it relates to economies. If that is true, investors might be smart to check out Icahn’s lead in betting contrary to 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 shares for every one share he is purchasing. Shorting stocks may be the activity of committing to purchasing shares at a date that is later. Icahn wins if the company loses value between now and the purchase date.
‘I have always been concerned at this aspect that the market has run ahead of itself,’ Icahn told the economic news outlet.
The areas have been on a run that is strong Trump won the presidency, but now his economic advisor is hedging their bets on a correction. But not absolutely all of Trump’s casino bros are pessimistic in 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 develop.’
Profit Some, Lose Some
Icahn has been one of many most capitalists that are successful the very last several decades, but like anyone who’s heavily committed to the markets, its not all bet has ended up being a victory.
His most present substantial loss was owning Trump Entertainment Resorts. The former gaming arm of the now-president became a subsidiary of Icahn Enterprises in February of 2016. The business’s only operating resort, the Trump Taj Mahal, cost Icahn upwards of $350 million. After neglecting to reach a regional 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 fully planned $20 million sale of this venue in 2013. Now the casino, which closed in 2014, is nearly unsellable due to a land-lease that costs its owner $1 million per year through 2078.
Fueling Controversy
A governmental watchdog agency called Public Citizen is contacting lawmakers to investigate Icahn’s certain part inside the White House, and whether he’s breaking lobbying guidelines.
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, stands to create millions should laws be reduced.
Under the current program, refineries have to include renewable fuels to their gasoline and diesel products, a law that has been implemented during President George W. Bush’s administration. Gas companies say the stipulation costs them millions of dollars each 12 months.
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 challenges that are legal Kansas Crossing Casino is finally prepared to serve the folks of the Sunflower State. The wait is a huge bit longer than expected. a grand opening was planned for March, but has been pushed ahead now to April 8, as a result of lawsuit associated towards 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 had delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)
Not that many are complaining. Enthusiasm has largely surrounded the resort that’s currently brought significantly more than 400 jobs to the tiny town of Pittsburg, Kansas, that includes a population of approximately 20,000.
This is actually the fourth state-owned casino there and joins five Indian facilities. The building is found near the portion that is northwest of the state and is likely to pull in not just area gamblers, but ones from nearby Missouri and Oklahoma.
Bidding Wars
When government officials opened the putting in a bid process in 2015 for the gaming that is new, there had been three companies that made pitches. A team of Topeka investors, who’d already built two of the three other state gambling enterprises, were the winning bidders behind Kansas Crossing, that wasn’t nearly as ambitious because the other two jobs they would already created.
In fact, it was by far the tiniest of the three. Nevertheless the around $70 million development featured significantly more than 625 slot machines, 16 gaming tables, A hampton that is 123-room inn Suites, and an activity complex.
Each time a since-disbanded state board accepted the Topeka bid as the cheapest and littlest footprint, certainly one of the two losing bidders filed a lawsuit to stop the building procedure already underway. In that group ended up being Brandon Steven, whose suit claimed that his group’s proposal offered a better-valued task.
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 which he was under federal investigation for unknown reasons, but Steven remains committed to appealing the judgment.
The Castle Rock legal documents contend that the board was legally obligated to choose the team’s contract, because, in line with the filing that is legal ‘it best maximizes revenue, encourages tourism and otherwise serves the passions of the people of Kansas. The Lottery Review Board received this evidence and ignored it, selecting the contract which offers lower gross revenue, fewer tourists, lower tax income, 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 environment that is midwest somewhat modern,’ said board user 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 dental arguments to hawaii Supreme Court. The case will not be decided, but even if the court rules in the investors’ benefit, it is doubtful that Kansas Crossing would not open as planned.
William Hill Finally Finds a CEO After Extended Search Process
William Hill has at last appointed a new CEO after a nine-month search, also it appears the candidate that is best was hiding in plain sight all along.
Philip Bowcock will brush off issues about his general inexperience in the gambling industry to take close control as William Hill’s leader. (Image: Daily Telegraph)
Philip Bowcock, formerly the company’s finance chief, whom is acting as interim chief-executive since former CEO, James Henderson, was ousted through the board last July, will now officially take the reins.
Bowcock has presided over a difficult period for the business, 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 fell through after a shareholder revolt.
‘Since his appointment as interim CEO last July, Philip has driven the company ahead at real pace and we have observed important progress across our online, retail and international companies 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 clear plan to continue that momentum into the future.’
Always the Bridesmaid
But there are lots of challenges ahead for this new CEO. Henderson was evidently ousted for failing to shore up the business’s digital arm, which has dropped behind some of its competitors in the sector. But its figures haven’t been getting much better.
William Hill announced in February that online revenue that is net 2016 had dropped 3 percent to £544.8 million.
Meanwhile, while many of its competitors have consolidated through mergers and acquisitions, William Hill’s own consolidation ambitions have been frustrated at every turn.
The wedding of Ladbrokes and Gala Coral meant that William Hill ended up being surpassed as the biggest bookmaker that is retail 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 create 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 his relative inexperience in the gambling industry.
He joined William Hill in 2015, having previously been CFO for British cinema chain Cineworld.
‘we am proud to be selected to lead William Hill, a business that an incredible number of clients trust and a brand name that is synonymous with betting,’ said Bowcock. ‘During my time at the helm, I have had the opportunity to lead a passionate, talented and committed group and now we are making considerable progress that is operational current months.
‘The team and I also are excited by the chance to keep improving our position in all our key markets whilst delivering a great experience for our customers.’
Trump Tells Black Prosecutor Preet Bharara ‘You’re Fired,’ After US Attorney Refuses to Step Down friday
Ousted federal prosecutor Preet Bharara changed the face of online gambling in the us, together with now-former US Attorney for the Southern District of the latest York is not 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 job after being removed from the office within the by the White House weekend. (Image: John Moore/Getty Graphics)
Referred to as a Wall Street crusader who targeted corruption and political immorality, Bharara’s tenure since the chief law enforcer in brand New York’s Southern District came to 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 of the Obama-appointed United States attorneys, but Bharara refused to step down voluntarily.
‘I would not resign. Moments ago I happened to be fired,’ Bharara tweeted after the dismissal. ‘ Being the usa lawyer in SDNY will forever function as the greatest honor of my expert life.’
After winning the presidency, Trump reportedly asked Bharara to stay on in his prosecutorial myfreepokies.com position. But Sessions had been ready to complete a legal overhaul throughout the board and clean shop. Late last week, Sessions asked 46 US attorneys to tender their resignations.
American Internet Poker’s Grim Reaper
In 2009, Bharara was appointed by former President Barack Obama towards the high-profile position. Two years later, on April 15, 2011, Bharara as well as the Department of Justice seized the web domain names of PokerStars, Comprehensive Tilt Poker, and Absolute Poker/Ultimate Bet in a massive freeze that 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 in line with the Unlawful Internet Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that managed to get illegal for payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.
Big-Money Justice
Bharara certainly never shunned the limelight, and sometimes went after high-profile situations that had mass headline appeal, including several involving gamblers.
Most recently, he nailed poker pro Travell Thomas last November in a $31 million fraudulent debt collection scheme, to which Thomas eventually pled guilty. Along with the poker player, Bharara brought down 11 co-conspirators as well. The case ended up being billed by the DOJ as the ‘largest financial obligation collection scheme ever prosecuted.’
Another of his efforts that are recent superstar golfer Phil Mickelson and his relationship to notorious activities bettor Billy Walters. Though no charges were brought against golf’s fan favorite, the case put a blemish on the athlete’s otherwise squeaky-clean image.
Prosecutors allege that Walters had made over $40 million through insider trading tips, and that the money has been used to bankroll his professional gambling career. Walters’ trial is expected to begin week that is next and Mickelson might testify.
Bharara additionally went after gambling rings, the most notable cases being a takedown of 46 alleged mafia associates final August.
The prosecutor also led the investigation into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman giving illicit texting to a girl that is underage. Those headlines further damaged Hillary Clinton’s presidential efforts since Huma Abedin, Weiner’s now estranged wife, was the candidate that is democratic top aide.
Depending on the news outlet, Bharara ended up being either a ‘rock star’ prosecutor, or somebody who simply had it away for confrontational cases. Their region included Manhattan, so Trump had been no stranger to coping with him.
In addition to going after massive fraudulence 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,’ in accordance with ProPublica writer Jesse Eisinger.