Carl Icahn, the billionaire investor who sold the Trump Taj Mahal in Atlantic City last week to Hard Rock Global, can also be an informal 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 45th commander-in-chief says his billionaire pal is ‘innately in a position to predict the long run’ because it relates to economies. If that is true, investors might be smart to check out Icahn’s lead in betting up 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 reports that Icahn is shorting 1.3 stocks for every one share he is purchasing. Shorting stocks may be the activity of committing to buying shares at a date that is later. Icahn wins if the ongoing company loses value between now as well as the purchase date.
‘I am concerned at this aspect that the market has run ahead of itself,’ Icahn told the financial news outlet.
The markets have now been on a strong run since Trump won the presidency, but now his economic advisor is hedging his wagers for a correction. But only a few of Trump’s casino bros are pessimistic on the economy.
Steve Wynn, who is the newly tapped finance chair 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 among the most successful capitalists over the past several decades, but like anyone who’s greatly committed to the markets, don’t assume all bet has ended up being a victory.
His 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 working resort, the Trump Taj Mahal, cost Icahn upwards of $350 million. After failing continually to reach a local 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 planned $20 million sale associated with 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 watchdog that is governmental called Public Citizen is contacting lawmakers to investigate Icahn’s certain role in the White House, and whether he is violating lobbying legislation.
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 produce millions should laws be reduced.
Under the existing program, refineries are required to include renewable fuels within their gasoline and diesel products, a law which was implemented during President George W. Bush’s administration. Fuel companies state 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 Issues
After construction delays and legal challenges, Kansas Crossing Casino is finally ready to serve the individuals of the Sunflower State. The wait is a huge bit longer than expected. an opening that is grand scheduled for March, but has been forced ahead now to April 8, due to a lawsuit related 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 received delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)
Perhaps Not that most are complaining. Enthusiasm has largely surrounded the resort that’s currently brought a lot more than 400 jobs to the little town of Pittsburg, Kansas, which has a population of approximately 20,000.
This is actually the 4th state-owned casino there and joins five Indian facilities. The building is situated near the northwest part of the state and is anticipated to pull in not only area gamblers, but ones from nearby Missouri and Oklahoma.
Whenever government officials opened the putting in a bid process in 2015 for a gaming that is new, there were three companies that made pitches. A team of Topeka investors myfreepokies.com, who’d currently built two of the three other state gambling enterprises, were the winning bidders behind Kansas Crossing, that has beenn’t nearly as ambitious once the other two jobs they’d currently created.
In fact, it absolutely was by far the tiniest of the three. However the more or less $70 million development featured significantly more than 625 slot machines, 16 gaming tables, A hampton that is 123-room inn rooms, as well as an activity complex.
Whenever 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. For the reason 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 complete 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 legal documents contend that the board was legally obligated to choose the group’s contract, because, in line with the filing that is legal ‘it best maximizes revenue, encourages tourism and otherwise serves the passions of this people of Kansas. The Lottery Review Board received this proof and ignored it, selecting the agreement which offers lower gross revenue, less tourists, lower tax revenue, less amenities and fewer 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 simply a better fit for the location.
‘[It’s] more of a Kansas midwest environment and somewhat modern,’ stated 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 late January, presented arguments that are oral their state Supreme Court. The way it is will not be decided, but even if the court guidelines in the investors’ benefit, it is doubtful that Kansas Crossing will never open as prepared.
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 seems the best candidate was hiding in plain sight all along.
Philip Bowcock will brush off concerns about his inexperience that is relative within gambling industry to take 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 from the board July that is last now officially take the reins.
Bowcock has presided over a difficult period for the business, 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 business forward at real rate and we have experienced progress that is important our online, retail and worldwide businesses over that time,’ William Hill’s president, Gareth Davis, said in a formal 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 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 the company up’s electronic arm, which has fallen behind a few of its rivals in the sector. But its figures have not been getting any better.
William Hill announced in February that online revenue that is net 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.
William Hill’s proposed merger with Amaya had been 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.’
In accordance with Financial instances sources, it’s thought 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.
‘we have always been proud to be selected to lead William Hill, a business that millions of customers 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 so we have made 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 areas whilst delivering an experience that is great our customers.’
Trump Tells Black Friday Prosecutor Preet Bharara ‘You’re Fired,’ After United States 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 the latest York is not going away without a curtain call of controversy.
Preet Bharara ended up being the architect of poker’s ‘Black Friday’ straight back in 2011. He’s now looking for the work after being removed from the office throughout the by the White House weekend. (Image: John Moore/Getty Graphics)
Known as a Wall Street crusader who targeted corruption and immorality that is political Bharara’s tenure as the chief law enforcer in brand New York’s Southern District came to 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 was 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 stay on in his prosecutorial position. But Sessions had been ready to accomplish a legal overhaul across the board and shop that is clean. 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 former President Barack Obama to your position that is high-profile. Two years later, on April 15, 2011, Bharara while 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 on-line poker on its ear.
In what became recognized 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 managed to get 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 cases that had mass headline appeal, including several involving gamblers.
Lately, he nailed poker pro Travell Thomas last November in a $31 million debt that is fraudulent scheme, to which Thomas fundamentally pled accountable. Along with the poker player, Bharara brought down 11 co-conspirators as well. The scenario was billed by the DOJ whilst the ‘largest financial obligation collection scheme ever prosecuted.’
Another of his recent efforts involved superstar golfer Phil Mickelson and his relationship to notorious recreations bettor Billy Walters. Though no charges are 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 guidelines, and that the cash has been used to bankroll his professional gambling career. Walters’ trial is expected to start 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 also led the investigation into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman sending illicit text messages to a girl that is underage. 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 news outlet, Bharara ended up being either a ‘rock star’ prosecutor, or somebody who simply had it out for confrontational cases. Their region included Manhattan, so Trump was 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 financial offenses. But critics of his leadership say he often went after safer cases for ‘well-orchestrated press conferences and sound that is memorable,’ according to ProPublica writer Jesse Eisinger.