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The Aquatic Plant Society – Donald Trump Atlantic City History Defended by New Jersey Governor Chris Christie
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Donald Trump Atlantic City History Defended by New Jersey Governor Chris Christie

Donald Trump Atlantic City History Defended by New Jersey Governor Chris Christie

Donald Trump spent more than 20 years in the Atlantic City casino business, employing a large number of local residents and generating millions in tax income for the state. Dating right back to the early 1980s when he first entered the resort industry, Trump owned and operated three casinos on the Boardwalk in that which was then considered the gambling mecca regarding the East Coast.

In 1990, Donald Trump went all-in on Atlantic City, but today his business dealings are now being criticized by some who hold the billionaire partially responsible for the gambling destination’s dismal current fiscal state. (Image: Charles Rex Arbogast/AP)

Fast-forward to 2016, and the Republican frontrunner for the presidential general election happens to be dealing with backlash, maybe not only for the ultimate fate of his Atlantic City casinos, but in addition for what role he possibly played in the area’s current and ongoing downturn.

A former 2016 GOP candidate who has since endorsed Trump, defended the billionaire on Tuesday, New Jersey Governor Chris Christie.

‘He is a honorable person, and I do not think he is ever been an office-holder in Atlantic City,’ Christie told reporters. ‘ I do not keep in mind Donald being mayor,’ he added, an obvious dig at current AC Mayor Don Guardian, for who the Governor has no love lost.

Trump Taj Mahal Junk Bonds

Criticism of Trump’s Atlantic City record mainly deals with how he funded construction associated with the Trump Taj Mahal. In 1987, Resorts Global was in the process of building the casino resort when its owner James Crosby died at the age of 58, due to complications of serious emphysema.

Crosby’s heirs didn’t feel acceptably skilled to understand task to completion, and finally offered the stake that is controlling of to Trump for $79 million. He promised local officials that the construction would be completed through standard bank loans, plus the Casino Control Commission approved the project. However, the banks got cold foot, and Trump eventually raised capital through junk bonds with high interest levels.

The interest in the mammoth project led to Trump defaulting on payments just 15 months later on and filing for Chapter 11 bankruptcy security.

Trump is repeatedly pressured to guard his time in Atlantic City. Through the first Republican debate in early August, he said his usage of bankruptcy laws is something most businesspersons do at some point, and that sticking the bill to your junk bondholders wasn’t a big deal.

‘These loan providers are not children,’ Trump said on August 6. ‘These are total killers. These are not the nice, sweet little individuals.’


While Trump had the ‘good feeling’ (by his own account) to leave Atlantic City eight years back, the city itself has struggled from the time. Decreasing gaming revenues and property values has developed a shortfall in fees being paid towards the city, but Christie believes spending that is outlandish the section of regional government hasn’t been reigned in properly.

The governor in his second term has threatened to veto any Atlantic City relief bill which comes to his desk that doesn’t also hand over responsibility that is fiscal the state government.

Christie is at chances with State Assembly Speaker Vincent Prieto (D), who wants to impose the PILOT (payment in place of taxes) program to enable struggling casinos to spend a fee that is fixed the town, in place of taxes.

Some type of action should be taken.

‘ If all you see are headlines that Atlantic City is out of money, people may draw a complete large amount of wrong conclusions from that,’ Christie explained. ‘It can impact tourism not just to Atlantic City but to any or all of south Jersey.’

Reno Sparks Nugget Fined $1 Million for Lax Money-Laundering Controls

The Sparks Nugget in northern Nevada happens to be fined $1 million for ‘systematic and egregious’ violation of its anti-money laundering (AML) laws, the Financial Crimes Enforcement Network (FinCEN) stated this week.

Michonne Ascuaga, whom presided over the Reno Sparks Nugget as soon as the violations took spot. She voluntarily resigned from the Nevada Gaming Commission in February over the scandal. (Image: Jeff Scheid/reviewjournal.com)

The violations happened while the casino had been beneath the management of former Nevada Gaming Commissioner Michonne Ascuaga, whom had been forced to resign from the commission board in February when news of research went general public.

The Ascuaga household went the Nugget for over 50 years, before it ended up being sold to personal investment team Wofhound Holdings in 2013. None for the investigation’s findings relate to the management of the casino under its new owners.

Systematic Breakdown of Compliance

FinCEN, a branch of this Treasury Department, said that the Sparks Nugget willfully chose not to file Suspicious task Reports (SARs) and Currency Transaction Reports (CTRs), an oversight that was in violation of the anti-money laundering provisions of this Bank Secrecy Act (BSA).

The casino also instructed its conformity officer not to connect with the IRS’ Bank Secrecy Act auditors, while a management committee established to see whether to file SARs ‘never held a single meeting.’

The government agency said that the Nugget ended up being guilty of hundreds of bookkeeping violations and AML compliance failures. Since the passing of the BSA in 1970, after which the Money Laundering Control Act in 1986, all US financial institutions have already been obligated to register a CTR to FinCEN for almost any deal over $10,000, as well as to report any apparently suspicious transactions.

BSA eliminated an individual’s right to privacy that is financial declaring that the financial institution would no further be held liable for declaring monetary transactions towards the authorities.

‘Sparks Nugget possessed a systemic breakdown in its compliance system,’ said FinCEN Director Jennifer Shasky Calvery in a statement. ‘Despite the fact it hosted convicted embezzlers and had been repeatedly alerted to suspicious transactions by its own [BSA] compliance supervisor, Sparks saw no need to re-think its (AML) defenses.’

Ascuaga-Wolfhound Case Dismissed

News regarding the FinCEN investigation first came to light in court papers in February, as an ingredient of judicial proceedings brought by the Ascuaga household against the new owners. The Ascuagas advertised they were owed $500,000 underneath the purchase and sale contract of the Nugget to Wolfhound, but that case was dismissed with a judge this week, coincidentally on the day that is same FinCEN made its announcement.

Ascuaga, who had previously been appointed to the Nevada Gaming Commission board by Governor Brian Sandoval ten months before her resignation, claimed she ‘did not purposely hold back information through the governor,’ whose workplace had been unaware of the investigation.

She was resigning, she said, ‘out of deep respect for the Nevada Gaming Commission and never to allow myself to become a distraction that is unnecessary the crucial regulatory oversight work it does.’

Philippine Casinos Targeted by Government Officials Trying to recover Stolen Money Related to New York Fed Heist

The Solaire is 1 of 2 Philippine gambling enterprises taking part in a successful $81 million heist, and government officials are racing to find and clean up the money that is dirty to be in possession of various individuals and entities. (Image: forbes.com)

Two Philippine casinos and their parent companies are being targeted by government leaders trying to recoup the $81 million in taken funds hackers swindled in February from a bank-account held by Bangladesh at the latest York Federal Reserve in Manhattan.

A total of $101 million was successfully withdrawn though $20 million was recovered by Bangladesh’s central bank.

Philippine’s Anti-Money Laundering Council (AMLC) is likely to soon file a case contrary to the Solaire Resort & Casino and Midas Hotel & Casino for their reported roles in launching money that is dirty the nation.

When the AMLC paperwork is completed, the government that is philippine seize assets regarding the casinos should illegitimate money be found. The moms and dad companies regarding the resorts could contest the AMLC actions should they be able to prove that the laundered money had been presented by clean sources and junket operators who have long operated at the casinos.

Wrong Wong

The $81 million heist dates back to February that is early a lot more than two months later detectives are still trying to patch together just how the theft took destination.

Casino junket operator Kim Wong, thought to be one of the orchestrators of the heist, has adamantly denied those allegations. Instead, Wong claims he received notification from the Rizal Commercial Banking Corporation (RCBC) on February 5 saying that a wide range of cash had been deposited into their accounts associated with his junket operations.

Wong testified before the Senate that is philippine that accounts received some $21.5 million from two international customers, who in turn laundered the cash by gambling along with a community of at least 19 people. Wong claims he don’t understand the cash was dirty and thought the high rollers were simply millionaire investors.

Wong came back the staying $5.46 million still in his possession to the AMLC week that is last. Detectives believe $63 million regarding the total $81 million ended up being channeled through the Solaire and Midas casinos via junket operators while an outstanding $17 million remains unaccounted.

AMLC officials suspect payment remittance processor Philrem Service Corp. might be in control of the $17 million, but the company denies claims that are such.

Philippine officials are urging the 2 casinos to return monies they are holding for the thieves that are suspected return any earnings stemming from the heist.

Bangladesh Waiting

Though Wong handed over a lot more than $5 million last week, Bangladesh still hasn’t received a penny, or should we say taka.
‘The turnover will need a time that is little but we have been using AMLC for expediting the procedure,’ Bangladesh Ambassador to your Philippines John Gomes told Filipino news source Rappler this week.

Wong claims he will pay another $9.75 million still in his control within the next 15 to 30 states. The Philippine junket operator is seemingly trying to scrub his arms of the dirty money, but it remains to be viewed if he was merely caught within the middle of a multimillion-dollar unlawful operation, or if he had been in cahoots with the criminal hackers.

Untangling the complicated international crime is progressing slowly, and it surely will be a lot more months before the complete revelation into the way the scheme operated is completely known.

Panama Papers China Connection Reflects Double Standard on Macau Anti-Corruption Measures

The Panama Papers continue to show that the seafood rots from the head down. China’s alleged drive that is anti-corruption delivered the revenues of Macau tumbling for 22 consecutive months, but now the latest revelations could send Asia’s ruling Communist elite into a tailspin.

Panama Papers outs Chinese Communist leaders: President Xi Jinping’s brother-in-law had been called in the papers that are controversial. In most, eight top politicians that are chinese been implicated, causing blackout attempts by officials on Western news coverage. (Image: davidComurren.co.uk)

The scandal can be so threatening to its ‘do when I do’ stance that Beijing moved this week to block Western news outlets’ coverage of the leaked Mossack Fonseca Panama law firm database as I say, not.

In particular, any sources to companies owned in offshore tax havens by the leaders that are chinese being censored.

Politburo Hides Wealth

The Panama Papers unveil that relatives of eight of China’s lucky88slotmachine.com top politicians purchased overseas companies to hide wealth, including three associated with the seven-member Politburo Standing Committee, the country’s most body that is powerful.

The list includes President Xi’s brother-in-law, the daughter-in-law of propaganda chief Liu Yunshan, plus the son-in-law of vice-premier Zhang Gaoli.

Xi’s much-publicized anti-corruption crackdown was launched amid warnings that the theft of public funds by corrupt Communist Party officials, problem that had become endemic, could destroy the Party through the inside out.

Censorship in Overdrive

Most of the VIP high rollers from the mainland had been actually crooked Communist Party officials playing with stolen general public monies. These VIPs once accounted for 60 % of Macau’s profits, and Beijing’s squeeze in the junket industry, which introduced these players en masse, hit the gaming region’s bottom line badly.

Now the Panama Papers threaten to undermine Xi’s anti-corruption crackdown, and the nation’s censors have actually gone into overdrive, blocking use of web sites that might carry the damaging news.

‘we think there’s a fear and a sensitiveness among Communist celebration leaders that this reveals the degree to which the governmental and economic elite are therefore closely intertwined and so far above your average citizen in terms of wealth,’ Sarah Cook, a China specialist from the Freedom House advocacy group, told the UK’s Guardian this week.

‘This kind of blows a big hole in that effort because it exposes how the top political leaders and their families are, at the least, super, super rich; even if this money was obtained legitimately, which of course is a huge question mark too,’ she said.

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The Aquatic Plant Society
The Aquatic Plant Society is dedicated to promoting the science and aesthetic of the Planted Aquarium. We are committed to a responsible and environmentally conscious pursuit of the hobby, and invite all to share in and add to our knowledge.