White House Economic Advisor Carl Icahn Bearish on Stock Market
Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City week that is last Hard Rock Overseas, is also a casual economic advisor to President Donald Trump.
Carl Icahn has added wealth that is much his portfolio in the stock exchange 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 able to anticipate the future’ since it pertains to economies. If that is true, investors might be smart to follow 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 shares for every one share he is buying. Shorting stocks may be the activity of committing to buying shares at a subsequent date. Icahn wins if the company loses value between now plus 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 areas are on a strong run since Trump won the presidency, but now their economic advisor is hedging his bets on a correction. But only a few of Trump’s casino bros are pessimistic regarding the economy.
Steve Wynn, who is the newly tapped finance chair of the Republican nationwide Committee, said recently, ‘It’s springtime in America and things are likely to grow.’
Win Some, Drop Some
Icahn has been among the most successful capitalists over the very last several decades, but like anyone who is greatly invested in the markets, its not all bet has turned out to be a win.
His most recent 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, expense Icahn upwards of $350 million. After failing to reach a regional 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 well planned $20 million sale for the venue in 2013. Now the casino, which closed in 2014, is nearly unsellable because of land-lease that costs its owner $1 million per through 2078 year.
A governmental watchdog agency called Public Citizen is contacting lawmakers to investigate Icahn’s certain part in the White House, and whether he’s violating 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 replace the US Renewable Fuel Standard, Icahn’s 82 percent stake in CVR Energy, a refiner, stands to produce millions should laws be paid down.
Under the existing 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 state the stipulation costs them millions of dollars each 12 months.
Icahn has called the Public Citizen effort a ‘witch look.’
Kansas Casino’s Opening Delayed by Brandon Steven Group’s Castle Rock Lawsuit, Among Other Issues
After construction delays and challenges that are legal Kansas Crossing Casino is finally prepared to serve the individuals of the Sunflower State. The wait is a huge bit longer than expected. a grand opening was scheduled for March, but has been pushed ahead now to April 8, as a result of lawsuit associated towards the bidding process.
Car dealership owner and semi-pro 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)
Not that most are whining. Enthusiasm has largely surrounded the resort that’s currently brought a lot more than 400 jobs to the small town of Pittsburg, Kansas, which has a population of approximately 20,000.
Here is the fourth state-owned casino there and joins five Indian facilities. The building is found near the portion that is northwest of hawaii and it is anticipated to pull in not only area gamblers, but ones from nearby Missouri and Oklahoma.
When government officials opened the putting in a myfreepokies.com bid process in 2015 for a new gaming house, there had been three companies that made pitches. A team of Topeka investors, that has currently built two of the three other state casinos, were the bidders that are winning Kansas Crossing, that wasn’t nearly as ambitious due to the fact other two jobs they’d already created.
In fact, it absolutely was by far the smallest of the three. Nevertheless the around $70 million development featured significantly more than 625 slot machines, 16 gaming tables, a 123-room hampton inn and rooms, and an entertainment complex.
When a since-disbanded state board accepted the Topeka bid as the cheapest 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 his group’s proposal offered a project that is better-valued.
Fighting Right 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 stranger to controversy. It had been revealed in February he was under federal investigation for unknown reasons, but Steven remains devoted to appealing the judgment.
The Castle Rock appropriate documents contend that the board was legally obligated to choose the team’s agreement, because, according to the legal filing, ‘it best maximizes revenue, encourages tourism and otherwise serves the passions associated with the people of Kansas. This evidence was received by the Lottery Review Board and ignored it, selecting the contract 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 simply a better fit for the region.
‘[It’s] more of a Kansas midwest environment and somewhat modern,’ stated board user Gail Radke about Kansas Crossing. ‘Castle Rock had been a little bit more contemporary for that rural area.’
Castle Rock lost its appeal in region court and in belated January, presented dental arguments to the State Supreme Court. The truth will not be decided, but even if the court guidelines in the investors’ benefit, it is doubtful that Kansas Crossing would not 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 seems the best prospect was hiding in plain sight all along.
Philip Bowcock will clean down concerns about his relative inexperience within the gambling industry to take control as William Hill’s chief executive. (Image: Daily Telegraph)
Philip Bowcock, formerly the business’s finance chief, whom was 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 difficult period for the business, 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 fell through after a shareholder revolt.
‘Since his appointment as interim CEO last July, Philip has driven the business enterprise ahead at real speed and we have experienced progress that is important our online, retail and international companies over that time,’ William Hill’s president, Gareth Davis, said in a formal statement this week.
‘Our recent results show that William Hill is now in a stronger place and Philip has outlined a plan that is clear continue that momentum in to the future.’
Always the Bridesmaid
But there are plenty of challenges ahead for this new CEO. Henderson was apparently ousted for failing woefully to shore the company up’s electronic arm, which has fallen behind a few of its rivals in the sector. But its figures haven’t been getting any benefit.
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 consolidated through mergers and acquisitions, William Hill’s own consolidation ambitions have been frustrated at every turn.
The wedding of Ladbrokes and Gala Coral meant that William Hill was surpassed as the greatest retail bookmaker in the UK, and, meanwhile, the Paddy Power and Betfair tie-in has created 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 Times sources, it’s believed Parvus has reservations about Bowcock’s abilities, based on their inexperience that is relative in gambling industry.
He joined William Hill in 2015, having previously been CFO for British cinema chain Cineworld.
‘we am proud to be chosen to lead William Hill, a business that millions of customers trust and a brand 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 recent months.
‘The team and I 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 the web gambling in the us, therefore the now-former US Attorney for the Southern District of New York isn’t going away without a curtain call of controversy.
Preet Bharara was the architect of poker’s ‘Black Friday’ back in 2011. He is now looking for the job after being removed from the office over the week-end by the White House. (Image: John Moore/Getty Pictures)
Referred to as a Wall Street crusader who targeted corruption and political immorality, Bharara’s tenure since 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 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 professional life.’
After winning the presidency, Trump apparently asked Bharara to stay on in his prosecutorial position. But Sessions had been ready to do a legal overhaul throughout the board and clean shop. 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 to the position that is high-profile. Two years later, on April 15, 2011, Bharara and 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 internet 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 in line with the Unlawful Internet Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that made it unlawful for re payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.
Bharara undoubtedly never shunned the limelight, and often went after high-profile instances which had mass headline appeal, including several gamblers that are involving.
Lately, he nailed poker pro Travell Thomas last November in a $31 million debt that is fraudulent scheme, to which Thomas eventually pled bad. Combined with the poker player, Bharara brought down 11 co-conspirators because well. The truth ended up being billed by the DOJ as the ‘largest financial obligation collection scheme ever prosecuted.’
Another of his efforts that are recent superstar golfer Phil Mickelson and their relationship to notorious sports bettor Billy Walters. Though no charges happen 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 tips, and that the cash has been used to bankroll their professional gambling career. Walters’ trial is anticipated to begin in a few days, and Mickelson might testify.
Bharara additionally went after gambling rings, one of the most notable cases being a takedown of 46 mafia that is alleged last 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, ended up being the Democratic prospect’s top aide.
Depending on the media outlet, Bharara ended up being either a ‘rock star’ prosecutor, or an individual who simply had it out for confrontational cases. His district included Manhattan, so Trump was no stranger to coping with him.
In addition to pursuing massive fraud 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 situations for ‘well-orchestrated press seminars and sound that is memorable,’ in accordance with ProPublica writer Jesse Eisinger.
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