Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City final week to Hard Rock Global, normally a friendly economic advisor to President Donald Trump.
Carl Icahn has added wealth that is much his portfolio in the currency markets since his friend became president, but now the billionaire believes a retraction is in store.
The commander-in-chief that is 45th his billionaire pal is ‘innately in a position to predict the long term’ because it relates to economies. If that’s true, investors might be smart to follow Icahn’s lead in betting against the surging Dow Jones and 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 buying. Shorting stocks may be the activity of committing to buying shares at a later date. Icahn wins if the company loses value between now as well as the purchase date.
‘I have always been concerned at this time that the market has run ahead of itself,’ Icahn told the financial news outlet.
The markets have already been on a strong run since Trump won the presidency, but now their economic advisor is hedging their bets on a correction. But not 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 develop.’
Win Some, Lose Some
Icahn has been one of many most capitalists that are successful the past several decades, but like anyone who’s heavily invested in the markets, its not all bet has ended up being a win.
His most current substantial loss was owning Trump Entertainment Resorts. The gaming that is former 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 continually to reach a regional casino employees union, he closed the home last October.
He still has the shuttered Trump Plaza, and that too will cost Icahn dearly. He vetoed a well planned $20 million purchase associated with the 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 through 2078 year.
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 violating lobbying legislation.
The organization alleges that Icahn has urged the 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 make millions should regulations be paid down.
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 legal challenges, 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 scheduled for March, but has been pressed forward now to April 8, due to a lawsuit associated 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 already established delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)
Maybe Not that most are whining. Enthusiasm has largely surrounded the resort that’s currently brought more than 400 jobs to the little town of Pittsburg, Kansas, which has a population of around 20,000.
This is the 4th state-owned casino there and joins five Indian facilities. The building is situated near the northwest portion of hawaii and is expected to pull in not just area gamblers, but ones from nearby Missouri and Oklahoma.
When government officials opened the putting in a bid process in 2015 for a 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 casinos, were the winning bidders behind Kansas Crossing, that has beenn’t nearly because ambitious as the other two projects they would already created.
In fact, it was by far the littlest of the three. Nevertheless the more or less $70 million development featured significantly more than 625 slot devices, 16 video gaming tables, a 123-room hampton inn and rooms, and an entertainment complex.
Each time a since-disbanded state board accepted the Topeka bid as the lowest and footprint that is smallest, one of the two losing bidders filed a lawsuit to stop the building procedure already underway. In that group was 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 defeated team in 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 February which 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 agreement, because, according to the filing that is legal ‘it best maximizes revenue, encourages tourism and otherwise serves the interests of this people of Kansas. This evidence was received by the Lottery Review Board and ignored it, selecting the agreement which offers lower gross revenue, fewer 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 just a better fit for the region.
‘[It’s] more of a Kansas midwest environment and somewhat contemporary,’ stated board member Gail Radke about Kansas Crossing. ‘Castle Rock was a little bit more contemporary for that rural area.’
Castle Rock lost its appeal in district court and in late January, presented arguments that are oral their state Supreme Court. The actual situation is not decided, but even if the court guidelines in the investors’ benefit, it is doubtful that Kansas Crossing will never 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, plus it appears the candidate that is best was hiding in plain sight all along.
Philip Bowcock will clean off concerns about his relative inexperience within the gambling industry to take close control as William Hill’s chief executive. (Image: Daily Telegraph)
Philip Bowcock, formerly the organization’s finance chief, whom is acting as interim chief-executive since former CEO, James Henderson, was ousted from the board final July, will now officially take the reins.
Bowcock has presided over a difficult period for the company, because 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 forward at real speed and we have experienced important progress across our online, retail and worldwide businesses over that cleopatra slot machine free play 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 place 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 the new CEO. Henderson was apparently ousted for failing continually to shore up the business’s electronic arm, which has fallen behind some of its competitors 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 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 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.
William Hill’s proposed merger with Amaya was 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.’
In accordance with Financial circumstances sources, it’s believed Parvus has reservations about Bowcock’s abilities, based on his general inexperience in the 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 customers trust and a brand 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 operational progress in recent months.
‘The team and I also are excited by the chance to keep enhancing our position in all our key areas whilst delivering an experience that is great 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 area of on line gambling in the usa, while the now-former US Attorney for the Southern District of the latest York isn’t going away without a curtain call of debate.
Preet Bharara ended up being the architect of poker’s ‘Black Friday’ straight back in 2011. He is now looking for a job after being taken off the office within the by the White House weekend. (Image: John Moore/Getty Photos)
Referred to as a Wall Street crusader who targeted corruption and immorality that is political Bharara’s tenure as the chief law enforcer in New York’s Southern District stumbled on 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 US attorneys, but Bharara refused to step down voluntarily.
‘I didn’t resign. Moments ago I happened to be fired,’ Bharara tweeted after the dismissal. ‘ Being the US attorney in SDNY will forever be the honor that is greatest of my expert life.’
After winning the presidency, Trump apparently asked Bharara to remain on in his prosecutorial position. But Sessions had been ready doing a legal overhaul across the board and shop that is clean. Late last week, Sessions asked 46 US attorneys to tender their resignations.
American On-line Poker’s Grim Reaper
In 2009, Bharara was appointed by previous President Barack Obama to your high-profile position. Two years later, on April 15, 2011, Bharara while the Department of Justice seized the internet domain names of PokerStars, Comprehensive Tilt Poker, and Absolute Poker/Ultimate Bet in a massive freeze that turned on-line 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 gambling that is major was on the basis of 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 definitely never shunned the limelight, and sometimes went after high-profile cases 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 responsible. Along with the poker player, Bharara brought down 11 co-conspirators as well. The actual situation had been billed by the DOJ once the ‘largest debt collection scheme ever prosecuted.’
Another of his recent efforts involved superstar golfer Phil Mickelson and their relationship to notorious sports bettor Billy Walters. Though no charges have already 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 guidelines, and that the money has been used 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 more notable cases being a takedown of 46 mafia that is alleged final 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, had been the Democratic candidate’s top aide.
With regards to the media socket, Bharara had been either a ‘rock star’ prosecutor, or someone who simply had it out for confrontational cases. Their region included Manhattan, so Trump was no stranger to working with him.
In addition to seeking massive fraudulence cases with gambling connections, Bharara prosecuted over 100 Wall Street executives for insider trading and offenses that are financial. But critics of his leadership say he often went after safer cases for ‘well-orchestrated press conferences and unforgettable sound bites,’ in accordance with ProPublica writer Jesse Eisinger.