CR83-p16&17-America N:SJC-Casino Review 23/8/09 02:39 Page 1
internationalcasinoreview
Wynn continues public criticism of Obama
Steve Wynn slammed President Obama during a recent
conference call on Wynn’s recent results saying that
there was a very definite bias in the administration that
business was bad. “Right now we are more afraid of
Washington than we are of the economy. We’ve got
people on our backs saying don’t go to Las Vegas which
News
is preposterous,” Wynn said. “People are beginning to
ignore some of this bombastic rhetoric from the White
House and that’s encouraging. The president has his
own office and his own group of people who agree with
him and look at the world just as he does and they don’t
listen to anyone from what I’ve heard from my business
friends. We’ve got the government on our back. Not just
NORTH AMERICA
Las Vegas but all business.”
Trump
The Trump Taj Mahal Atlantic City
in Atlantic City
casinos
want $20m
takes
a year
advertising
control
budget
twentytwentyvision
again in
UNITED STATES
Atlantic City’s 11 casinos are
calling on New Jersey's finan-
cially crippled state govern-
Atlantic
ment to help up the investment
in marketing the seaside casino
destination to US$20m a year.
They claim the invest-
City
ment would pay for itself
through increased tax rev-
enues and contributions to
statewide projects.
The goal is to come up with
Donald Trump, an iconic figure of American
a stable source of funding to
capitalism, has taken back control of his
get Atlantic City front and
centre in the nation's con-
beleaguered casino which fell into bankruptcy sciousness for years to come.
for the third time last February. He has vowed
“Our job is to change per-
to restore the three resort casinos back to the
ceptions of Atlantic City and
bring more people here,” said
halcyon days of the eighties. Jeff Vasser, president of the
Atlantic City Convention & Vis-
toptrump agreed to sell the company My daughter Ivanka and I ership of the Trump family Trump through previous itors Authority. “We are in the
UNITED STATES back to Trump for $100m. will work tirelessly to make and BNAC, the company will transactions, and we are most expensive media market
Trump and his daughter this company great again.” be well capitalised and posi- pleased to continue that in the nation, where our key
Trump Entertainment Ivanka quit the board in Mark Juliano, chief execu- tioned for success, and we relationship as he works to customers come from, New
Resorts is back under the February following its third tive officer of Trump Enter- are hopeful for the Court's return Trump Entertain- York and Philadelphia. We also
leadership of Donald slip into bankruptcy. tainment, said under Trump expeditious approval so that ment Resorts to profitabil- want to get into Washington
Trump following his A delighted and deter- and Beal Bank's control, the the new capital can start ity and long-term success.” and Baltimore. You can’t do it
success in an audacious bid mined Trump said: “As I have private company will be being invested. I am confi- On February 17, 2009, the for a short period and then be
to win back control of the done in the past, we will make well-capitalised and ‘posi- dent that this is the best pro- Company filed its Chapter 11 done with it. It takes a minimum
Trump Plaza, the Trump Atlantic City hot once more. tioned for success.’ posal to provide the petitions for relief in the of three years to make an
Marina and the Taj Mahal. My previous investment in “The Plan of reorganisa- company with a platform United States Bankruptcy impression and become part of
Despite owning 27 per the company was destroyed tion that we filed is a signifi- for growth. I am truly Court for the District of New public consciousness and let
cent of the company and by excessive and restrictive cant event for our company excited about the future.” Jersey in order to restructure people know what’s really hap-
sitting on the board, Trump debt. This reorganisation because it includes an The $100m comes jointly the company’s indebtedness pening here.”
has not been involved in the changes all that, and affords adjustment to our debt and from Trump and BNAC, an and strengthen its balance Joe Corbo, president of the
day to day running of the me an opportunity to help the commitment of Mr affiliate of Beal Bank Nevada. sheet. The company strongly Casino Association of New
three Trump resorts since its revive a company that has Trump and BNAC to invest Andy Beal, Beal Bank believes that its plan satisfies Jersey, said Atlantic City should
second bankruptcy in 2004. borne my name but has not new capital,” Juliano president and CEO, added: necessary requirements and spend at least $20m a year to
But crippled by $1.74bn of performed to my standards or explained. “As a private “We have a longstanding is hopeful that it will be con- market itself. The convention
debts, its directors have been under my management. enterprise under the own- relationship with Donald firmed by the Court. authority’s current budget is
$11m, derived primarily from a
$2-a-night tax on casino hotel
rooms and $1 a night on non-
Internet gaming gaining representative support
casino hotels.
He believes that with
Atlantic City losing business to
wellrepresented gambling laws. The list of establish a framework to restrictions on the activity as slot only casinos in Pennsylva-
UNITED STATES supporters will continue to permit licensed gambling determined necessary. The nia and New York, it should
grow as more representatives operators to accept wagers legislation also would allow market things that differenti-
The Internet Gambling are educated on the subject from individuals in the US states and Native American ate it from its neighbouring
Regulation, Consumer and increasingly hear from and mandates a number of tribes with experience in gaming sectors such as
Protection and Enforcement their constituents that significant consumer regulating gambling to play a gourmet restaurants, spas,
Act (H.R. 2267), legislation internet gambling regulation protections, including role in the regulatory process. shopping and luxury hotels.
introduced by Rep. Barney presents the only viable way safeguards against An analysis shows that
Frank (D-MA), chairman of to protect consumers, since compulsive and underage collecting taxes on regulated
the House Committee on attempts to prohibit the gambling, money laundering, internet gambling would
Financial Services, now has Barney Frank activity have completely fraud and identify theft. allow the US to capture
50 members of Congress failed. We also expect an Additional provisions in the much-needed revenue in an
signed on as co-sponsors. and Secure Internet Gambling increased spotlight on legislation reinforce the rights amount ranging from
The 50 includes many Initiative, said: “Reaching this internet gambling as a way to of each state to determine $48.6bn (excluding online
senior ranking represent- milestone illustrates that augment federal revenues whether to allow internet sports gambling) to $62.7bn
atives. momentum is growing for a and help cover the cost of gambling activity for people (including online sports
Jeffrey Sandman, shift in US policy and a necessary policy initiatives.” accessing the Internet within gambling) over the next
spokesperson for the Safe rewrite of US internet Rep. Frank’s bill would the state and to apply other decade.
16 September 2009 • northamericanews
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