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White House Economic Advisor Carl Icahn Bearish on Stock Market

White House Economic Advisor Carl Icahn Bearish on Stock Market

Carl Icahn, the billionaire investor who sold the Trump Taj Mahal in Atlantic City week that is last Hard Rock International, normally 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 shop.

The 45th commander-in-chief says his billionaire pal is ‘innately in a position to anticipate the future’ since it relates to economies. If that’s true, investors might be smart to check out Icahn’s lead in betting up against the Dow that is surging Jones NASDAQ composite indexes.

Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn Enterprises is betting against the rally that is continued Wall Street.

CNN Money reports that Icahn is shorting 1.3 stocks for every one share he’s purchasing. Shorting stocks may be the activity of committing to purchasing shares at a date that is later. Icahn wins in the event that company loses value between now and also the purchase date.

‘I have always been concerned at this time that the market has run ahead of itself,’ Icahn told the news outlet that is financial.

The areas happen on a run that is strong Trump won the presidency, but now his economic advisor is hedging their wagers for a correction. But not totally all of Trump’s casino bros are pessimistic regarding the economy.

Steve Wynn, who is the newly tapped finance chair of the Republican nationwide Committee, stated recently, ‘It’s springtime in America and things are likely to grow.’

Profit Some, Lose Some

Icahn has been one of many most successful capitalists over the past several decades, but like anyone who’s heavily purchased the markets, not every bet has turned out to be a win.

His most present loss that is substantial owning Trump Entertainment Resorts. The former 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 neighborhood 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 of the 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 year through 2078.

Fueling Debate

A watchdog that is governmental called Public Citizen is contacting lawmakers to investigate Icahn’s particular role within the White House, and whether he is breaking lobbying laws.

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 per cent stake in CVR Energy, a refiner, appears to make millions should laws be paid down.

A law that was implemented during President George W. Bush’s administration under the current program, refineries are required to include renewable fuels into their gasoline and diesel products. Gas companies say the stipulation costs them millions of dollars each 12 months.

Icahn has called the Public Citizen effort a ‘witch search.’

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 folks of the Sunflower State. The wait has been a bit longer than expected. a grand opening had been scheduled for March, but has been forced ahead now to April 8, as a result of lawsuit related to your bidding process.

Car dealership semi-pro and owner 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)

Perhaps Not that many are complaining. Enthusiasm has largely surrounded the resort that’s already brought a lot more than 400 jobs to the tiny town of Pittsburg, Kansas, with a population of approximately 20,000.

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

Bidding Wars

When federal government officials opened the putting in a bid process in 2015 for a new video gaming house, there had been three companies that made pitches. A team of Topeka investors, that has already built two of the three other state casinos, were the winning bidders behind Kansas Crossing https://myfreepokies.com/cleopatra-queen-of-slots/, that wasn’t nearly since ambitious while the other two tasks they’d currently created.

In fact, it had been by far the smallest of the three. But the about $70 million development featured more than 625 slot machines, 16 video gaming tables, a 123-room hampton inn and Suites, plus 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 his group’s proposal offered a project that is better-valued.

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

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 passions of this 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, fewer amenities and fewer 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 ended up being just a better fit for the region.

‘[It’s] more of a Kansas midwest environment and somewhat contemporary,’ stated 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 region court and in late January, presented arguments that are oral the State Supreme Court. The case will not be decided, but even if the court rules 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, and it seems the best prospect was hiding in plain sight all along.

Philip Bowcock will brush off issues about his inexperience that is relative within gambling industry to assume control as William Hill’s leader. (Image: Daily Telegraph)

Philip Bowcock, formerly the organization’s finance chief, whom is 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 company, 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 business enterprise forward at real speed and we have observed important progress across our online, retail and worldwide companies over that time,’ William Hill’s president, Gareth Davis, stated in a formal statement this week.

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

Always the Bridesmaid

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

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

Meanwhile, even though many of its competitors have consolidated through mergers and acquisitions, 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 created a online gambling superpower.

Parvus Misgivings

William Hill’s proposed merger with Amaya ended up being meant to make a ‘clear international leader across online sports 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 Times sources, it’s thought Parvus has reservations about Bowcock’s abilities, based on his relative inexperience in the gambling industry.

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

‘we am proud to be selected to lead William Hill, a business that an incredible number of customers trust and a brand name 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 group and we are making considerable progress that is operational current months.

‘The team and I are excited by the chance to keep enhancing our position in all our key markets whilst delivering a great experience for our customers.’

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

Ousted prosecutor that is federal Bharara changed the face area of on the web gambling in the United States, and also 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 the job after being taken from the office on the weekend by the White House. (Image: John Moore/Getty Pictures)

Known as a Wall Street crusader who targeted corruption and political immorality, Bharara’s tenure since the chief law enforcer in New York’s Southern District found an end over the weekend after President Donald Trump’s administration terminated his employment. New US Attorney General Jeff Sessions ordered the shooting of all of the Obama-appointed United States attorneys, but Bharara refused to step down voluntarily.

‘I failed to 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 apparently asked Bharara to stay on in his prosecutorial position. But Sessions ended up being ready to do a legal overhaul over the board and clean shop. Late last week, Sessions asked 46 US attorneys to tender their resignations.

American Internet Poker’s Grim Reaper

In 2009, Bharara was appointed by previous President Barack Obama to the high-profile position. Two years later, on April 15, 2011, Bharara and also the Department of Justice seized the internet domain names of PokerStars, complete Tilt Poker, and Absolute Poker/Ultimate Bet in a massive freeze that turned online 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 major gambling websites was on the basis of the illegal Internet Gambling Enforcement Act (UIGEA), the federal law passed in 2006 that managed to make it illegal for payment processors and banks to facilitate deposits and withdrawals relating to gambling networks.

Big-Money Justice

Bharara truly never shunned the limelight, and often went after high-profile instances which had mass headline appeal, including several gamblers that are involving.

Of late, he nailed poker pro Travell Thomas last November in a $31 million fraudulent debt collection scheme, to which Thomas fundamentally pled responsible. Combined with the poker player, Bharara brought down 11 co-conspirators as well. The scenario was billed by the DOJ once the ‘largest financial obligation collection scheme ever prosecuted.’

Another of his efforts that are recent superstar golfer Phil Mickelson and their relationship to notorious recreations bettor Billy Walters. Though no charges have been 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 guidelines, and that the money has been used to bankroll his gambling that is professional career. Walters’ trial is expected to start next week, 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 last August.

The prosecutor also led the research into former US Rep. Anthony Weiner’s (D-New York) ‘sexting’ scandal that involved the congressman giving illicit texting 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 prospect’s top aide.

With respect to the media outlet, Bharara was either a ‘rock star’ prosecutor, or a person who simply had it out for confrontational cases. Their region included Manhattan, so Trump was no stranger to dealing with him.

In addition to seeking massive fraud cases with gambling connections, Bharara prosecuted over 100 Wall Street professionals for insider trading and offenses that are financial. But critics of his leadership say he often went after safer instances for ‘well-orchestrated press conferences and memorable sound bites,’ according to ProPublica writer Jesse Eisinger.