Icahn Strikes Again
If you were the owner of an enormous, empty casino in a struggling resort town filled with other large, vacant properties (including another one owned by you), and a buyer – wafted in on the wind of political change – comes along, you’d take them up on that offer, right? Probably a lot of people would dust their hands off at that point and leave, but if you’re Carl Icahn, you get down to business trying to wring every last drop out of that property that you no longer own. The Press of Atlantic City’s Christian Hetrick has this great piece looking at the Taj’s tax appeals against the city. The state’s Department of Community Affairs, now in charge of AC’s finances, says it is in negotiations. The purchase price of the Taj was not disclosed, which in finance land means it was not significant, or under $100 million. Is Icahn really just trying to squeeze more money out of the Jingoli and Morris families?
Atlantic City police confiscated 62 guns from a boardwalk store owner on Monday, reports Lynda Cohen at BreakingAC.com. The guns looked and felt real and the city passed an ordinance in 2014 that outlawed the sale of toy or imitation guns. You should also read this neat story about Pleasantville officers who are trained to look for hidden compartments inside cars.
Dog Beach, aka Malibu Beach Wildlife Management Area, aka that stretch along the Longport causeway before you get to the Ocean City bridge turnoff, has been saved! And, Ocean City is stepping up with a mind-boggling $23,800 a year to keep the beach clean. Bill Barlow has the story for Newsworks.
In the rest of the day’s news, Pink will play a beach concert in AC this year, the new Egg Harbor Township Walmart is looking for 300 employees, and candidates for governor have some property tax proposals. All that and more below: