White House Economic Advisor Carl Icahn Bearish on Stock Marketplace

Carl Icahn, the billionaire investor who sold the Trump Taj Mahal in Atlantic City week that is last Hard Rock Global, is also a friendly 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 shop.

The 45th commander-in-chief says his billionaire pal is ‘innately able to predict the future’ since it pertains to economies. If that is correct, investors might be smart to check out 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 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 company loses value between now and also 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 markets were on a run that is strong Trump won the presidency, but now their economic advisor is hedging their wagers for a correction. But not totally all of Trump’s casino bros are pessimistic in 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 going to grow.’

Win Some, Drop Some

Icahn has been one of many most successful capitalists over the final several decades, but like anyone that is greatly purchased the markets, its not all bet has turned into a win.

Their most present loss that is substantial owning Trump Entertainment Resorts. The former video gaming arm of the now-president became a subsidiary of Icahn Enterprises in February of 2016. The company’s only running resort, the Trump Taj Mahal, cost Icahn upwards of $350 million. After failing woefully to reach a regional casino workers 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 purchase for the venue in 2013. Now the casino, which closed in 2014, is almost unsellable due to a land-lease that costs its owner $1 million per year through 2078.

Fueling Controversy

A watchdog that is governmental called Public Citizen is contacting lawmakers to investigate Icahn’s specific part inside the White House, and whether he’s breaking lobbying guidelines.

The organization alleges that Icahn has advised 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 create millions should laws be paid down.

Under the current program, refineries have to include renewable fuels to their gasoline and diesel products, a law that was implemented during President George W. Bush’s administration. Fuel 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 ready to serve the people of the Sunflower State. The wait has been a bit longer than expected. an opening that is grand scheduled for March, but has been forced ahead now to April 8, because of lawsuit associated 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 already established delays in opening. (Image: Mike Hutmacher/The Wichita Eagle)

Maybe Not that most are complaining. Enthusiasm has largely surrounded the resort that’s currently brought more than 400 jobs to the small town of Pittsburg, Kansas, that includes a population of approximately 20,000.

This is actually the 4th casino that is state-owned and joins five Indian facilities. The building is situated near the northwest part of their state and it is likely to pull in not only area gamblers, but ones from nearby Missouri and Oklahoma.

Bidding Wars

When government officials opened the putting in a bid process in 2015 for the gaming that is new, there were three companies that made pitches. A team of Topeka investors, who’d already built two of the three other state gambling enterprises, were the winning bidders behind Kansas Crossing, that wasn’t nearly since ambitious due to the fact other two projects they’d already created.

In fact, it absolutely was by far the littlest of the three. However the approximately $70 million development featured significantly more than 625 slot devices, 16 video gaming tables, A hampton that is 123-room inn rooms, as well as an activity complex.

When a since-disbanded state board accepted the Topeka bid as the cheapest and smallest footprint, one of the two losing bidders filed a lawsuit to stop the building process already underway. For the reason that group was Brandon Steven, whose suit claimed that their group’s proposal offered a better-valued task.

Fighting Right 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 was revealed in that he was under federal investigation for unknown reasons, but Steven remains dedicated to appealing the judgment february.

The Castle Rock appropriate 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 interests associated with people of Kansas. This evidence was received by the Lottery Review Board and ignored it, selecting the agreement which offers lower gross revenue, less tourists, lower tax revenue, less amenities and less jobs,’ the suit maintains.

Hawaii 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 area.

‘[It’s] more of a Kansas midwest environment and somewhat contemporary,’ said board user Gail Radke about Kansas Crossing. ‘Castle Rock had been a little extra contemporary for that rural area.’

Castle Rock lost its appeal in district court and in late January, presented dental arguments to the State Supreme Court. The scenario is not decided, but even if the court rules in the investors’ benefit, it is doubtful that Kansas Crossing would not open as prepared.

William Hill Finally Finds a CEO After Extended Search Process

William Hill has at last appointed a new CEO after a nine-month search, and it seems the best candidate was hiding in plain sight all along.

Philip Bowcock will brush off issues about his general inexperience within the gambling industry to take close control as William Hill’s leader. (Image: Daily Telegraph)

Philip Bowcock, formerly the organization’s finance chief, whom happens to be 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 period that is difficult 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 fell through after a shareholder revolt.

‘Since his appointment as interim CEO last July, Philip has driven the company ahead at real rate and we have experienced important progress across our online, retail and international companies over that time,’ William Hill’s president, Gareth Davis, said in an official statement this week.

‘Our recent results reveal that William Hill is now in a stronger place and Philip has outlined a clear intend to continue that momentum in to the future.’

Always the Bridesmaid

But there are lots of challenges ahead for the brand new CEO. Henderson was evidently ousted for failing woefully to shore up the company’s digital arm, which has fallen behind some of its competitors in the sector. But its figures have not been getting any benefit.

William Hill announced in February that online revenue that is net 2016 had dropped 3 percent to £544.8 million.

Meanwhile, while many of its competitors have actually consolidated through mergers and cleopatra 2 slot acquisitions, William Hill’s own consolidation ambitions have been frustrated at every turn.

The wedding of Ladbrokes and Gala Coral meant that William Hill had been surpassed as the greatest bookmaker that is retail the UK, and, meanwhile, the Paddy Power and Betfair tie-in has created a online gambling superpower.

Parvus Misgivings

William Hill’s proposed merger with Amaya ended up being meant to create a ‘clear international leader across online activities betting, poker and casino,’ until Parvus Asset Management, Hill’s shareholder that is biggest, intervened, calling it a ‘value-destroying deal’ and branded Amaya an ‘overvalued asset.’

In accordance with Financial occasions sources, it’s thought Parvus has reservations about Bowcock’s abilities, based on his inexperience that is relative in gambling industry.

He joined William Hill in 2015, having previously been CFO for British cinema chain Cineworld.

‘I have always been proud to be chosen to lead William Hill, a business that an incredible number 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 team and now we are making considerable operational progress in present months.

‘The team and I are excited by the opportunity to keep increasing our position in all our key markets whilst delivering an experience that is great our customers.’

Trump Tells Black Friday Prosecutor Preet Bharara ‘You’re Fired,’ After US Attorney Refuses to Step Down

Ousted prosecutor that is federal Bharara changed the face area of online gambling in the usa, 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 had been the architect of poker’s ‘Black Friday’ back in 2011. He is now looking for a task after being taken off the office throughout the weekend by the White House. (Image: John Moore/Getty Pictures)

Referred to 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 weekend after President Donald Trump’s administration terminated his work. New US Attorney General Jeff Sessions ordered the firing of all of the Obama-appointed United States attorneys, but Bharara refused to step down voluntarily.

‘I didn’t resign. Moments ago I became fired,’ Bharara tweeted after the dismissal. ‘ Being the united states lawyer in SDNY will forever function as greatest honor of my professional life.’

After winning the presidency, Trump reportedly asked Bharara to remain on in his prosecutorial position. But Sessions was ready to complete a legal overhaul throughout the board and shop that is clean. Late week that is last Sessions asked 46 US attorneys to tender their resignations.

American Online 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 as well as the Department of Justice seized the internet domains of PokerStars, complete Tilt Poker, and Absolute Poker/Ultimate Bet in a massive freeze that turned internet 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 in line with the Unlawful online Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that made it illegal for re payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.

Big-Money Justice

Bharara truly never shunned the limelight, and frequently went after high-profile cases which had mass headline appeal, including several involving gamblers.

Of late, he nailed poker pro Travell Thomas last November in a $31 million debt that is fraudulent scheme, to which Thomas ultimately pled responsible. Combined with the poker player, Bharara brought down 11 co-conspirators since well. The truth was 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 activities bettor Billy Walters. Though no charges happen 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 recommendations, and that the money has been used to bankroll their professional gambling career. Walters’ trial is expected to begin week that is next and Mickelson might testify.

Bharara additionally went after gambling rings, perhaps one of the most notable cases being a takedown of 46 alleged mafia associates last August.

The prosecutor additionally led the research into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman delivering illicit texts to an underage girl. Those headlines further damaged Hillary Clinton’s presidential efforts since Huma Abedin, Weiner’s now estranged wife, was the candidate that is democratic top aide.

With respect to the media outlet, Bharara had been either a ‘rock star’ prosecutor, or someone who simply had it away for confrontational cases. His district included Manhattan, so Trump had been 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 memorable noise bites,’ according to ProPublica writer Jesse Eisinger.

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