Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City last week to Hard Rock Overseas, can be an informal economic advisor to President Donald Trump.
Carl Icahn has added much wealth to his portfolio in the currency markets 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 able to anticipate the long run’ as it pertains to economies. If that is true, investors might be smart to follow along with 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 reports that Icahn is shorting 1.3 shares for every one share he’s purchasing. Shorting stocks is the activity of committing to purchasing shares at a date that is later. Icahn wins in the event that ongoing 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 are on a run that is strong Trump won the presidency, but now their economic advisor is hedging his wagers for a correction. But not totally all of Trump’s casino bros are pessimistic on the economy.
Steve Wynn, who is the newly tapped finance chair of the Republican National Committee, said recently, ‘It’s springtime in America and things are going to grow.’
Profit Some, Lose Some
Icahn has been one of the most successful capitalists over the final several decades, but like anyone who is heavily invested in the markets, not every bet has turned into a win.
Their most recent loss that is substantial owning Trump Entertainment Resorts. The gaming that is former of the now-president became a subsidiary of Icahn Enterprises in February of 2016. The company’s only running resort, the Trump Taj Mahal, cost Icahn upwards of $350 million. After failing to reach a local casino employees union, he closed the property last October.
He still has the shuttered Trump Plaza, and that too will cost Icahn dearly. He vetoed a planned $20 million purchase associated with 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.
A cleopatra slot games free governmental watchdog agency called Public Citizen is calling on lawmakers to investigate Icahn’s particular role in the White House, and whether he’s breaking lobbying 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 percent stake in CVR Energy, a refiner, stands to make millions should laws be paid down.
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 say 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 Dilemmas
After construction delays and legal challenges, Kansas Crossing Casino is finally prepared to serve the people of the Sunflower State. The wait has been a bit longer than expected. an opening that is grand scheduled for March, but has been pressed forward now to April 8, due to a lawsuit related towards the bidding process.
Car dealership semi-pro and owner poker player Brandon Steven’s investor group lawsuit is but one reason the Kansas Crossing Casino has received delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)
Maybe Not that most are complaining. Enthusiasm has largely surrounded the resort that’s currently brought a lot more than 400 jobs to the town that is small of, Kansas, that includes a population of around 20,000.
This is actually the fourth casino that is state-owned and joins five Indian facilities. The building is located near the northwest portion of the state and it is expected to pull in not just area gamblers, but ones from nearby Missouri and Oklahoma.
When federal government officials opened the putting in a bid process in 2015 for a new video gaming house, there had been three companies that made pitches. A team of Topeka investors, who’d already built two of the three other state casinos, were the winning bidders behind Kansas Crossing, that has beenn’t nearly since ambitious as the other two jobs they would currently created.
In fact, it was by far the tiniest of the three. Nevertheless the about $70 million development featured significantly more than 625 slot machines, 16 video gaming tables, a 123-room hampton inn and rooms, plus an entertainment complex.
Each time a since-disbanded state board accepted the Topeka bid as the lowest and footprint that is smallest, certainly one of the two losing bidders filed a lawsuit to stop the building process already underway. For the reason that group was Brandon Steven, whose suit claimed that their group’s proposal offered a better-valued project.
Fighting Right Back
The investors of Castle Rock, the defeated group in which Brandon Steven is vested, continues to fight the ruling. The well-known poker player and businessman is no complete stranger to controversy. It was revealed in February he was under federal investigation for unknown reasons, but Steven remains dedicated to appealing the judgment.
The Castle Rock legal documents contend that the board was legally obligated to choose the group’s contract, because, according to the filing that is legal ‘it best maximizes revenue, encourages tourism and otherwise serves the passions of the people of Kansas. This evidence was received by the Lottery Review Board and ignored it, selecting the agreement which offers lower gross revenue, less tourists, lower tax revenue, less amenities and fewer 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 ended up being 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 late January, presented oral arguments to the State Supreme Court. The situation will not be decided, but even if the court guidelines in the investors’ benefit, it is doubtful that Kansas Crossing will never 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, plus it appears the best candidate was hiding in plain sight all along.
Philip Bowcock will clean off concerns 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, who is 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, 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 business forward at real speed and we have observed important progress across our online, retail and international organizations over that time,’ William Hill’s chairman, Gareth Davis, said 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 plenty of challenges ahead for the new CEO. Henderson was apparently 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 have not been getting any benefit.
William Hill announced in February that online net revenue for 2016 had dropped 3 percent to £544.8 million.
Meanwhile, even though many of its competitors have actually consolidated through mergers and acquisitions, William Hill’s own consolidation ambitions have been frustrated at every turn.
The marriage of Ladbrokes and Gala Coral meant that William Hill ended up being surpassed as the greatest bookmaker that is retail the UK, and, meanwhile, the Paddy Power and Betfair tie-in has produced a online gambling superpower.
William Hill’s proposed merger with Amaya was meant to create a ‘clear international leader across online activities betting, poker and casino,’ until Parvus resource Management, Hill’s biggest shareholder, intervened, calling it a ‘value-destroying deal’ and branded Amaya an ‘overvalued asset.’
According to Financial circumstances sources, it’s believed Parvus has reservations about Bowcock’s abilities, based on their relative inexperience in the gambling industry.
He joined William Hill in 2015, having previously been CFO for British cinema chain Cineworld.
‘we have always been proud to be selected to lead William Hill, a 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 had the possibility to lead a passionate, talented and committed team and now we have made considerable progress that is operational current months.
‘The team and I are excited by the chance to keep improving 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 of online gambling in the usa, while the now-former US Attorney for the Southern District of New York is not going away without a curtain call of controversy.
Preet Bharara ended up being the architect of poker’s ‘Black Friday’ back in 2011. He’s now searching for a task after being taken off the office over the week-end by the White House. (Image: John Moore/Getty Images)
Known as a Wall Street crusader who targeted corruption and immorality that is political Bharara’s tenure since the chief law enforcer in New York’s Southern District found an end over the week-end 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 would not resign. Moments ago I became fired,’ Bharara tweeted after the dismissal. ‘ Being the united states attorney in SDNY will forever function as the greatest honor of my professional life.’
After winning the presidency, Trump reportedly asked Bharara to remain on in his prosecutorial position. But Sessions ended up being ready to accomplish a legal overhaul over the board and shop that is clean. Late last week, Sessions asked 46 US attorneys to tender their resignations.
American Online 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 and the Department of Justice seized the web domains of PokerStars, Full Tilt Poker, and Absolute Poker/Ultimate Bet in a freeze that is massive turned online poker on its ear.
In what became known to the poker community as ‘Black Friday,’ the events effectively took internet poker offline for American players. Bharara’s shutdown of the major gambling websites was based on the illegal online Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that caused it to be unlawful for payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.
Bharara certainly never shunned the limelight, and sometimes went after high-profile situations which had mass headline appeal, including several gamblers that are involving.
Of late, he nailed poker pro Travell Thomas last November in a $31 million debt that is fraudulent scheme, to which Thomas finally pled guilty. Combined with poker player, Bharara brought down 11 co-conspirators since well. The scenario ended up being billed by the DOJ since the ‘largest financial obligation collection scheme ever prosecuted.’
Another of his recent efforts involved superstar golfer Phil Mickelson and his relationship to notorious activities bettor Billy Walters. Though no charges have now 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 tips, and that the money 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, the most notable cases being a takedown of 46 mafia that is alleged last August.
The prosecutor additionally led the research into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman giving illicit text messages 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 Democratic candidate’s top aide.
Depending on the news socket, Bharara ended up being either a ‘rock star’ prosecutor, or an individual who simply had it down for confrontational cases. His region included Manhattan, so Trump had been no stranger to working with him.
In addition to seeking 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 situations for ‘well-orchestrated press seminars and sound that is memorable,’ in accordance with ProPublica writer Jesse Eisinger.