111 Views

New Jersey lawmakers propose changes to casino licensing protocols

New Jersey State Senate President Stephen Sweeney has introduced new legislation that would alter the current licensing protocols for casinos in Atlantic City and disqualify applicants that had “substantially closed” a property over the previous five years.

According to a report from Casino.org, the proposed legislation from the Democratic lawmaker, which is known as Senate Bill 2575, is thought to be aimed squarely at Carl Icahn after the billionaire businessman announced his intention to shutter the Trump Taj Mahal Casino Resort from October 10 as a result of an ongoing labor dispute.

Sweeney’s measure was followed by John Burzichelli introducing Assembly Bill 4187 featuring identical text and language into the New Jersey General Assembly and both proposals, if passed, would allow the state’s Division Of Gaming Enforcement to define “substantially closed” while additionally giving the regulator additional powers.

However, the text of Senate Bill 2575 reportedly suggests that any operator who intentionally shutters a casino with plans to later reopen the venue under a new name with revised labor contracts would qualify as having “substantially closed” the enterprise.

“This bill encourages casino owners to keep their properties open and rebuild Atlantic City rather than keep their license and throw thousands of families to the curb,” said Sweeney.

Icahn gained control of the Trump Taj Mahal Casino Resort last year after purchasing previous operator Trump Entertainment Resorts Incorporated and immediately became engaged in a battle with the local chapter of the UNITE HERE union over health care, pension and wage issues. After failing to reach an agreement with the around 1,000 employees affiliated with the trade union, the former stockbroker announced last month that he would be closing the 26-year-old venue and stands to lose approximately $100 million.

“Icahn Enterprises was willing to endure a tough situation when we thought we could emerge successful,” read a letter to Trump Taj Mahal Casino Resort employees written by 80-year-old Icahn. “We wish this story could have had a different ending. We will do everything we can to manage the closure in the best way possible.”

The shutdown is set to represent the fifth closing of an Atlantic City casino since 2014 but Casino.org suggested that Icahn may be “warehousing” his gambling license before reopening the venue in the future with a new labor force and name. To prevent this, Sweeney’s measure includes a provision that would make it effective from January 1, 2016.

“Casino owners shouldn’t be able to misuse bankruptcy laws and gaming regulations in order to warehouse a license or take money out of the pockets of casino workers and strip them of benefits simply because they refuse to come to a labor agreement with their employees,” Sweeney told The Press Of Atlantic City.

New Jersey lawmakers propose changes to casino licensing protocols was last modified: September 21st, 2016 by Adam Morgan


Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Latest Posts

2017 PokerNews Cup Rozvadov main event win goes to Holger Bansner
Poker
236 views
Poker
236 views

2017 PokerNews Cup Rozvadov main event win goes to Holger Bansner

admin - October 30, 2017

King’s Casino of Rozvadov has become a hot spot for poker activity. Having already secured a deal to offer World Series of Poker and World Series of…

Tallinn to host MPN Poker Tour in October
Poker
233 views
Poker
233 views

Tallinn to host MPN Poker Tour in October

admin - October 28, 2017

This month, the MPN Poker Tour is preparing to host its 4th festival of 2017.  The MPN Poker Tour will be returning to Tallinn from October 19th…

RealTime Gaming to launch new holiday themed slot game
Latest Casino and Gambling News
209 views
Latest Casino and Gambling News
209 views

RealTime Gaming to launch new holiday themed slot game

admin - October 28, 2017

Top software provider RealTime Gaming has announced they have prepared a new slot game for online casino visitors to enjoy based on the upcoming holiday season. Swindle…

Partypoker announces Powerfest festival schedule with $35m up for grabs
Poker
233 views
Poker
233 views

Partypoker announces Powerfest festival schedule with $35m up for grabs

admin - October 26, 2017

From September 3rd to the 24th, online poker room partypoker will be offering members the chance to compete in the popular series known as Powerfest. This year’s…

Edgewater Casino in downtown Vancouver to close this month
Casino closures
179 views
Casino closures
179 views

Edgewater Casino in downtown Vancouver to close this month

admin - October 25, 2017

On the morning of September 29, the Edgewater Casino at False Creek will close its doors for good, while on the same day, on the west side…

Top poker pros and celebrities to compete in charity poker tournament this November
Latest Casino and Gambling News
280 views
Latest Casino and Gambling News
280 views

Top poker pros and celebrities to compete in charity poker tournament this November

admin - October 25, 2017

The Red Rock Casino Hotel & Spa of Las Vegas, Nevada is preparing to host a special charity event this November, with top poker pros and celebrities…

Macau’s monthly casino revenues rise despite storms
Macau
220 views
Macau
220 views

Macau’s monthly casino revenues rise despite storms

admin - October 24, 2017

Despite suffering through Typhoon Hato and the comparably weaker tropical storm Pakhar, the over 30 casinos in Macau reportedly saw their aggregated gross gaming revenues for August…

Phil Hellmuth earns King of the Hill win
Poker
225 views
Poker
225 views

Phil Hellmuth earns King of the Hill win

admin - October 23, 2017

The Rivers Casino in Schenectady, New York recently played host to a Poker Night in America competition known as King of the Hill. Top poker pros were…

Canterbury Park Fall Poker Classic begins today
Poker
261 views
Poker
261 views

Canterbury Park Fall Poker Classic begins today

admin - October 22, 2017

Starting today, Canterbury Park will begin the Fall Poker Classic, a poker tournament series featuring over 30 events and over $1.5 million in total prize money. The…

Save the date—inaugural CoinGeek.com Conference set for May 2018
Latest Casino and Gambling News
198 views
Latest Casino and Gambling News
198 views

Save the date—inaugural CoinGeek.com Conference set for May 2018

admin - October 21, 2017

In May 2018, CoinGeek.com, sister site of CalvinAyre.com, will host the first CoinGeek.com bComm Conference. The focus of the Bitcoin conference will be what massive on-chain scaling contained on one public blockchain will look like. Bitcoin and blockchain technology are constantly…