1 state of new jersey 2 casino control commission 8 … · trump taj mahal associates, llc, and 12...

1 STATE OF NEW JERSEY

2 CASINO CONTROL COMMISSION

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5 PUBLIC MEETING NO. 16-04-13

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9 Wednesday, April 13, 2016

10 Atlantic City Commission Offices

11 Joseph P. Lordi Public Meeting Room - First Floor

12 Tennessee Avenue and Boardwalk

13 Atlantic City, New Jersey 08401

14 10:35 a.m. to 11:15 a.m.

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17 Certified Court Reporter: Darlene Sillitoe

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19 GUY J. RENZI & ASSOCIATES, INC.

20 CERTIFIED COURT REPORTERS & VIDEOGRAPHERS

21 GOLDEN CREST CORPORATE CENTER

22 2277 STATE HIGHWAY #33, SUITE 410

23 TRENTON, NEW JERSEY 08690

24 TEL: (609) 989-9199 TOLL FREE: (800) 368-7652

25 www.renziassociates.com

2Public Meeting 16-04-13 April 13, 2016

www.renziassociates.comGuy J. Renzi & Associates (609) 989-9199

1 B E F O R E :

2 CASINO CONTROL COMMISSION: MATTHEW B. LEVINSON, CHAIR

3 ALISA COOPER, VICE CHAIR SHARON ANNE HARRINGTON, COMMISSIONER

4PRESENT FOR THE CASINO CONTROL COMMISSION:

5 DARYL W. NANCE, ADMINISTRATIVE ANALYST DANIEL J. HENEGHAN, PUBLIC INFORMATION OFFICER

6OFFICE OF THE GENERAL COUNSEL:

7 DIANNA W. FAUNTLEROY, GENERAL COUNSEL/EXECUTIVE SECRETARY

8 TERESA M. PIMPINELLI, SENIOR COUNSEL ELIZABETH F. CASEY, SENIOR COUNSEL

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10 OFFICE OF REGULATORY AFFAIRS: GLENN T. MacFADDEN, SUPERVISOR, LICENSING

11DIVISION OF GAMING ENFORCEMENT:

12 DEPUTY ATTORNEYS GENERAL SARA BEN-DAVID, DEPUTY ATTORNEY GENERAL

13 BRIAN C. BISCIEGLIA, DEPUTY ATTORNEY GENERAL TRACY E. RICHARDSON, DEPUTY ATTORNEY GENERAL

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1 A P P E A R A N C E S :

2 ITEM NO. 11 TERESA PIMPINELLI, SENIOR COUNSEL TRACY E. RICHARDSON, DEPUTY

3 ATTORNEY GENERAL DUANE MORRIS, LLP

4 GILBERT BROOKS, ESQ. FOR: TEI MANAGEMENT SERVICES

5 BROWNSTEIN, HYATT, FARBER, SCHRECK PAUL M. O'GARA, ESQ.

6 FOR: TRUMP TAJ MAHAL ASSOCIATES, LLC AND IEH INVESTMENTS I, LLC

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1 I N D E X

2WITNESS: PAGE:

3 ANTHONY P. RODIO

4 DIRECT EXAMINATION BY MR. BROOKS 37

5 CROSS-EXAMINATION BY MS. RICHARDSON 40

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8 E X H I B I T S

9PETITIONER

10 EXHIBIT DESCRIPTION ID EVD

11 P-1 Management Agreement by and between X X Trump Taj Mahal Associates, LLC, and

12 TEI Management Services, LLC, and EIH Investments I, LLC, dated as of

13 March 1, 2016

14 (Request to redact)

15DIVISION

16 EXHIBIT DESCRIPTION ID EVD

17D-1 Report to the Casino Control X X

18 Commission on the Joint Petition of Taj Mahal Associates, LLC, and TEI

19 Management Services, LLC, for approval of a Management Agreement

20 and other relief by Tracy Richardson, DAG (PRN 0621601)

21 (Request to redact)

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1 AGENDA PUBLIC MEETING NO. 16-04-13

2 APRIL 13, 2016, 10:35 a.m. ITEM PAGE VOTE

3 1 Ratification of the minutes of the March 8 9 9, 2016, public meeting

4 2 Applications for initial casino key 9 10 employee licenses:

5 a) Mark R. Bangis b) Adrianna M. Cuccinello

6 c) Ryan A. El-Halim d) Tabitha A. Levin

7 e) Antonio Maldonado f) Melissa Melchionne

8 g) Marjorie J. Simicich h) Gregory A. Traub

9 3 Applications for resubmitted casino key 10 10 employee licenses:

10 a) Nicholas Berardis b) Tamara K. Brown

11 c) Gina J. Caldarelli d) Steven D. Caldwell

12 e) Dawn M. Celli f) Mario A. DiGuiseppe

13 g) Thomas P. Garay h) Jane L. Goble

14 i) James A. Hodgdon j) Bruce D. Johnson

15 k) Joseph Luca l) Anthony R. Mantione

16 m) Earl A. McClinton n) Salvatore Perna

17 o) Carlos X. Ruales p) Denine M. Shapiro

18 q) Rhonda J. Smiley4 Application of Signe J. Huff for a 10 11

19 resubmitted casino key employee license and for qualification

20 5 Approvals through Delegation of Authority 11 between March 7, 2016, and April 11,

21 2016, pursuant to Resolution No. 13-01-10-16C

22 6 Requests for inactivation of casino key 12 13 employee licenses:

23 a) Derek W. Angle b) Cheryl K. Balerno

24 c) Anthony J. Direnzo d) John K. Disifori

25 e) Michael K. Eddy

Public Meeting 16-04-13 April 13, 2016


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1 CONTINUED AGENDA PUBLIC MEETING NO. 16-04-13

2 APRIL 13, 2016, 10:35 a.m. ITEM PAGE VOTE

3 6 f) Peter J. Ghicondey 12 13 G) Emad K. Ibrahim

4 H) Kathy J. Jennings I) Aqal M. Khan

5 J) Mark A. Lemma K) Wing S. Lew

6 L) Anna Marino M) Albert J. Mastromatteo, Jr.

7 N) Leeza B. Patel-Malinowski O) David J. Polizzi

8 P) Rosalind L. Sanders Q) Cleo M. Whipple-Nady

9 7 Consideration of the lapse of casino 14 15 key employee licenses:

10 a) Sandra H. Becker b) Van C. Bryant

11 c) Barbara L. Bullock d) Dorothy A. Pollock

12 e) Charles M. Roff f) Kevin J. Sullivan

13 g) Armand J. Verratti, Jr. h) Katherine C. Wilcox

14 i) Daniel J. Wilhelm 8 Stipulation of Settlement in the 15 16

15 initial application of Gemma V. Freeman for a casino key employee license (DKT

16 16-003-CK) 9 Stipulation of Settlement in the 18 19

17 resubmission application of Valerie R. Maffia for a casino key employee

18 license (DKT 16-002-CR) 10 Consideration of the request for an 20 25

19 extension of the temporary casino key employee license I/M/O the initial

20 application of Em Pannah for a casino key employee license (DKT 16-0004-CK)

21 Em Pannah, sworn 21 11 Joint Petition of Trump Taj Mahal 27 55

22 Associates, LLC, and TEI Management Services, LLC, for approval of a

23 Management Agreement and other relief (PRN 0621601)

24 Anthony P. Rodio, sworn 3725

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1 (Public Meeting 15-04-13 was commenced2 at 10:35 a.m.)3 MR. NANCE: Good morning. I'd like to4 read an opening statement:5 This is to advise the general public6 that in compliance with Chapter 231 of the7 public laws of 1975 entitled "Senator Bryon M.8 Baer Open Public Meeting Act," the New Jersey9 Casino Control Commission on December 4th,

10 2015, filed with the Secretary of State at the11 State House in Trenton an annual meeting12 schedule. On December 9, 2015, copies were13 mailed to subscribers.14 Members of the press will be permitted15 to take photographs. We ask that this be done16 in a manner which is not distracting to the17 Commission.18 The use of cell phones in the public19 meeting room is prohibited.20 Any member of the public who wish to21 address the Commission will be given the22 opportunity to do so before the Commission23 adjourns for the day.24 Please stand for the Pledge of25 Allegiance.

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1 ITEM NO. 12 (The Flag Salute was recited.)3 CHAIR LEVINSON: Good morning.4 MS. FAUNTLEROY: Good morning.5 Please answer your name when I call it6 for the record, please.7 Commissioner Cooper?8 COMMISSIONER COOPER: Present.9 MS. FAUNTLEROY: Vice Chair Harrington?

10 VICE CHAIR HARRINGTON: Here.11 MS. FAUNTLEROY: And Chairman Levinson?12 CHAIR LEVINSON: Here.13 MS. FAUNTLEROY: Thank you.14 Matters discussed in closed session this15 morning included employee license applications16 as well as litigation in the matters of Edwards17 versus CCC and Askins versus CCC.18 The first matter for your consideration19 is the ratification of the minutes of the March20 9, 2016, public meeting.21 CHAIR LEVINSON: Thank you.22 Is there a motion on these minutes?23 VICE CHAIR HARRINGTON: I move that we24 ratify the minutes of March 9, 2016.25 CHAIR LEVINSON: Thank you.

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1 ITEM NO. 22 Is there a second?3 COMMISSIONER COOPER: I'll second that.4 CHAIR LEVINSON: Thank you.5 Any discussion on this item?6 (No response.)7 CHAIR LEVINSON: All those in favor?8 (Ayes.)9 CHAIR LEVINSON: Opposed?

10 (No response.)11 CHAIR LEVINSON: Motion carries.12 MS. FAUNTLEROY: Thank you.13 The second matter for consideration are14 applications for initial casino key employee15 licenses identified on the agenda as Items 2a16 through h for your consideration.17 CHAIR LEVINSON: Thank you.18 I'll entertain a motion on these eight19 items.20 COMMISSIONER COOPER: Mr. Chairman, I21 move to grant the eight additional casino key22 employee licenses.23 CHAIR LEVINSON: Thank you.24 A second?25 VICE CHAIR HARRINGTON: Second.



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1 ITEM NO. 32 CHAIR LEVINSON: Discussion?3 (No response.)4 CHAIR LEVINSON: All those in favor?5 (Ayes.)6 CHAIR LEVINSON: Opposed?7 (No response.)8 CHAIR LEVINSON: Motion carries.9 MS. FAUNTLEROY: Thank you.

10 Item No. 3 are applications for11 resubmitted casino key employee licenses12 identified as 3a through q, seventeen in total.13 There are no objections for the granting14 of any of them.15 CHAIR LEVINSON: Thank you.16 I'll entertain a motion on these 17.17 VICE CHAIR HARRINGTON: Mr. Chairman, I18 move that we grant the 17 resubmitted casino19 employee licenses.20 CHAIR LEVINSON: Thank you.21 Is there a second?22 COMMISSIONER COOPER: I'll second that.23 CHAIR LEVINSON: Any discussion?24 (No response.)25 CHAIR LEVINSON: All those in favor?

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1 ITEM NO. 42 (Ayes.)3 CHAIR LEVINSON: Opposed?4 (No response.)5 CHAIR LEVINSON: Motion carries.6 MS. FAUNTLEROY: Thank you.7 No. 4, application of Signe J. Huff for8 a resubmitted casino key employee license and9 for qualification as Vice President of Talent

10 for Marina District Development Company, LLC.11 There's no objection to granting of the12 relief.13 CHAIR LEVINSON: Thank you.14 I'll entertain a motion on this matter.15 COMMISSIONER COOPER: Mr. Chairman, I16 move to grant resubmitted key license and17 qualification.18 CHAIR LEVINSON: Thank you.19 Was there a second?20 VICE CHAIR HARRINGTON: Second.21 CHAIR LEVINSON: Any discussion on this?22 (No response.)23 CHAIR LEVINSON: This is a roll call24 vote.25 MS. FAUNTLEROY: Commissioner Cooper?

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1 ITEM NO. 52 COMMISSIONER COOPER: Yes.3 MS. FAUNTLEROY: Vice Chair Harrington?4 VICE CHAIR HARRINGTON: Yes.5 MS. FAUNTLEROY: And Chairman Levinson?6 CHAIR LEVINSON: Yes.7 MS. FAUNTLEROY: Thank you.8 Item No. 5 are approvals through9 Delegation of Authority between March 7, 2016,

10 and April 11, 2016, pursuant to Resolution No.11 13-01-10-16C.12 Mr. MacFadden will review those13 delegations with you, but no action is required14 at this time.15 MR. MacFADDEN: Good morning, Mr.16 Chairman and Commissioners.17 CHAIR LEVINSON: Good morning.18 MR. MacFADDEN: Item 5 consists of three19 individuals who were issued a temporary casino20 key employee license via Delegated Authority21 subsequent to the March 9, 2016. They are:22 Shawn T. Cassatt, Liliana M. Vargas, John D.23 Woods.24 Additionally, Jennifer R. Fipp was25 granted a temporary key with multi-casino

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1 ITEM NO. 62 employee endorsement as well.3 CHAIR LEVINSON: Thank you.4 MR. MacFADDEN: No further Commission5 action is required.6 MS. FAUNTLEROY: Thank you.7 Item No. 6 are requests for inactivation8 of casino key employee licenses identified as A9 through Q on the agenda, a total of 17.

10 Mr. MacFadden will review those with you11 as well.12 MR. MacFADDEN: Thank you.13 Item 6 consists of 17 individuals who,14 in lieu of filing a resubmission application,15 have requested to be placed on the inactive16 list not to exceed five years.17 Staff recommends granting the requested18 relief.19 CHAIR LEVINSON: Thank you.20 I'll entertain a motion on these21 matters.22 COMMISSIONER COOPER: Mr. Chairman, I23 move to grant the requested relief and order24 that the 17 casino key employee licensees be25 inactivated.



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1 ITEM NO. 72 CHAIR LEVINSON: Thank you.3 Is there a second?4 VICE CHAIR HARRINGTON: Second.5 CHAIR LEVINSON: Any discussion?6 (No response.)7 CHAIR LEVINSON: All those in favor?8 (Ayes.)9 CHAIR LEVINSON: Opposed?

10 (No response.)11 CHAIR LEVINSON: Motion carries.12 MS. FAUNTLEROY: Thank you.13 Item 7 is the consideration of the14 lapsing of casino key employee licenses15 identified as 7a through i.16 Mr. MacFadden will take you through17 those matters as well.18 MR. MacFADDEN: Item 7 consists of nine19 individuals who's casino key employee deadline20 has passed and have neither filed the21 resubmission paperwork nor requested to be22 placed on the inactive list.23 CHAIR LEVINSON: Thank you.24 Is there a motion?25 VICE CHAIR HARRINGTON: Mr. Chairman, I

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1 ITEM NO. 82 move that we find that the nine casino employee3 licenses lapsed pursuant to NJAC 19:41A-6.1(f)4 of the regulations.5 CHAIR LEVINSON: Thank you.6 Is there a second?7 COMMISSIONER COOPER: I'll second that.8 CHAIR LEVINSON: All those in favor?9 (Ayes.)

10 CHAIR LEVINSON: Opposed?11 (No response.)12 CHAIR LEVINSON: Motion carries.13 MS. FAUNTLEROY: Thank you.14 MR. MacFADDEN: Thank you.15 MS. FAUNTLEROY: Thank you, Glenn.16 CHAIR LEVINSON: Thank you.17 MS. FAUNTLEROY: Item No. 8 is18 stipulation of settlement in the initial19 application of Gemma V. Freeman for casino key20 employee license.21 Senior Counsel Liz Casey will review22 that matter with you for your consideration.23 CHAIR LEVINSON: Thank you.24 MS. CASEY: Thank you, Miss Fauntleroy.25 MS. FAUNTLEROY: You're welcome.

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1 ITEM NO. 82 MS. CASEY: Good morning, Chairman,3 Commissioners.4 As Miss Fauntleroy said, this is an5 application for an initial key license. Miss6 Freeman was issued a temporary key which -- on7 August 3rd, and her temporary key expires May8 3rd.9 Several financial issues were discovered

10 during the Division's investigation.11 Subsequently the Division and Miss Freeman12 entered into a stipulation of settlement which13 resolves these financial issues.14 Miss Freeman was advised of her right to15 appear today. She does not appear to be16 present.17 Brian Biscieglia is here on behalf of18 the Division.19 CHAIR LEVINSON: Thank you very much.20 MR. BISCIEGLIA: Good morning, Chair,21 Commissioners.22 CHAIR LEVINSON: Good morning.23 MR. BISCIEGLIA: The Division has24 nothing further to add and would ask that the25 stipulation be approved as submitted.

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1 ITEM NO. 82 Thank you.3 CHAIR LEVINSON: Thank you.4 Commissioners, any questions for5 counsel?6 (No response.)7 CHAIR LEVINSON: Hearing none, I'll8 entertain a motion on this matter.9 COMMISSIONER COOPER: Mr. Chairman, I

10 move to approve the stipulation of settlement11 between the Division and Applicant and grant12 the initial application of Gemma V. Freeman for13 a casino key employee license subject to14 compliance with certain financial and reporting15 conditions as provided in the stipulation.16 CHAIR LEVINSON: Thank you.17 Is there a second?18 VICE CHAIR HARRINGTON: Second.19 CHAIR LEVINSON: Any discussion on this?20 (No response.)21 CHAIR LEVINSON: All those in favor?22 (Ayes.)23 CHAIR LEVINSON: Opposed?24 (No response.)25 CHAIR LEVINSON: Motion carries.



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1 ITEM NO. 92 MS. FAUNTLEROY: Thank you.3 Item No. 9 is the stipulation of4 settlement in the resubmission application of5 Valerie R. Maffia for a casino key employee6 license.7 Again Senior Counsel Casey will take you8 through you that matter.9 MS. CASEY: Thank you.

10 Again, this is a resubmission for a key11 license by Miss Maffia. Several financial12 issues were discovered by the Division during13 their investigation. The Division and the14 Applicant entered into a stipulation of15 settlement to resolve those issues.16 The Applicant was advised that she had17 the right to appear today, and she does not18 appear to be here.19 Brian Biscieglia is here again on behalf20 of the Division.21 CHAIR LEVINSON: Thank you.22 MR. BISCIEGLIA: Thank you again.23 The Division has nothing further and24 would ask that the SOS approved as submitted.25 Thank you.

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1 ITEM NO. 92 CHAIR LEVINSON: Thank you.3 Commissioners, any questions for counsel4 on this matter?5 VICE CHAIR HARRINGTON: No.6 CHAIR LEVINSON: Hearing none, I'll7 entertain a motion.8 VICE CHAIR HARRINGTON: I move that we9 approve the stipulation of settlement between

10 the Division and Applicant and grant the11 resubmission application of Valerie R. Maffia12 for a casino key employee license subject to13 compliance with certain financial and reporting14 conditions as provided in the stipulation.15 CHAIR LEVINSON: Thank you.16 Is there a second?17 COMMISSIONER COOPER: Second that.18 CHAIR LEVINSON: Any discussion?19 (No response.)20 CHAIR LEVINSON: Hearing none, All those21 in favor?22 (Ayes.)23 CHAIR LEVINSON: Opposed?24 (No response.)25 CHAIR LEVINSON: Motion carries.

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1 ITEM NO. 102 MS. FAUNTLEROY: Thank you.3 MR. BISCIEGLIA: Thank you.4 MS. CASEY: Thank you.5 CHAIR LEVINSON: Thank you.6 MS. FAUNTLEROY: Item No. 10 is the7 consideration of request for an extension of a8 temporary casino key employee license in the9 matter of the initial application of Em Pannah

10 for a casino key employee license.11 Senior Counsel Teresa Pimpinelli has12 been handling that matter on behalf of the13 Commission.14 CHAIR LEVINSON: Thank you.15 MS. PIMPINELLI: Good morning, Chairman16 and Commissioners.17 CHAIR LEVINSON: Good morning.18 MS. PIMPINELLI: As Miss Fauntleroy19 said, for your consideration is the Applicant's20 request for an extension of his temporary21 casino key employee license which expires22 tomorrow.23 The Division filed a response on April24 11th objecting to the request.25 Mr. Pannah is here on his own behalf,

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1 ITEM NO. 102 and Sara Ben-David and Brian Biscieglia are3 here on behalf of the Division.4 CHAIR LEVINSON: Thank you very much.5 Can you enter your appearance and be6 sworn in by Daryl, please.7 MR. NANCE: Would you please stand?8 Would you please stand and raise your9 right hand?

10 DR. PANNAH: Good morning, gentlemen.11 MR. NANCE: Sir? Sir?12 CHAIR LEVINSON: You got to be sworn in13 first.14 DR. PANNAH: What is --15 MR. NANCE: Sir, raise your right hand16 so I can swear you in.17 DR. EM PANNAH, having been first duly18 sworn, testified as follows:19 MR. NANCE: Please state your name for20 the record.21 DR. PANNAH: Thank you.22 MR. NANCE: Would you state your name?23 DR. PANNAH: Yes.24 MR. NANCE: Your name?25 DR. PANNAH: Dr. Em Pannah.



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1 ITEM NO. 102 MR. NANCE: Thank you. You may be3 seated.4 CHAIR LEVINSON: Thank you.5 MS. BEN-DAVID: Sara Ben-David on behalf6 of the Division of Gaming Enforcement.7 CHAIR LEVINSON: Thank you very much.8 DR. PANNAH: Good morning.9 CHAIR LEVINSON: Good morning.

10 DR. PANNAH: Gentlemen, gentlemen and11 the Commissioners.12 I am Dr. Em Pannah. I'm working for Taj13 Mahal. I'm also teaching at the University of14 Maryland in cyber security for 16 years.15 In my first prehearing meeting, I was16 advised to bring a statement on my17 contribution. I contribute to my mosque in18 Baltimore. So I was advised to bring a19 statement on my contribution, and I was advised20 to bring the source of money that I used for21 that contribution.22 In my second meeting, I have submitted23 everything. I have submitted an authorized24 statement of my contribution, and I have25 submitted two notarized statement from my

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1 ITEM NO. 102 daughter and son as source of money.3 The gentleman from DGE, he told me that4 I'm made a little big contribution to mosque.5 Yes, I agree. I make a good amount of money,6 so I made a little more contribution. But7 still it is only 13 percent of the -- 218 percent, not 30 percent that I'm allowed.9 Your Honor, when John Hopkins University

10 hired me from Bangladesh in 1990, I had only11 $20,000 family income.12 MS. PIMPINELLI: Excuse me. Excuse me.13 I think we should just limit the14 discussion right now to the request to extend15 the temporary.16 DR. PANNAH: Oh, okay. Okay.17 So I'm requesting, Your Honor, to please18 extend my -- to please extend to work here.19 Otherwise, it will be an unduly punish hardship20 on my family. Because I did everything,21 whatever DGE wanted me to produce, and I did22 that in time. And if anybody check that23 correspondence between them and myself, then he24 or she will see that I even responded. So I25 never killed any time.

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1 ITEM NO. 102 So it happened that it did not complete3 it in time, so I need an extension. So I am4 requesting Your Honor to please give me an5 extension. Otherwise, it will be a financial6 hardship on my family.7 Thank you. Thank you very much.8 CHAIR LEVINSON: Thank you.9 Division?

10 MS. BEN-DAVID: Good morning, Chairman11 and Commissioners.12 CHAIR LEVINSON: Good morning.13 MS. BEN-DAVID: As indicated by Miss14 Pimpinelli, you have our letter dated April15 11th indicating our opposition to the request16 filed by Dr. Pannah for an extension of time on17 his temporary key license.18 Respectfully, I don't see a grounds to19 grant the extension. It is a position of the20 Division that such extensions are available21 only in the absence of adverse information,22 which in this case, there is negative23 information present.24 I would further add that additional time25 will not resolve this matter. It was indicated

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1 ITEM NO. 102 by Dr. Pannah that he has done everything that3 could be done. That, respectfully again, is4 not the case. We have asked him to produce5 substantiating documentation to support these6 deductions that he's taking. He's failed to7 provide it.8 We have further asked him that in the9 absence of that documentation he should

10 amendment the returns. He's refused to do11 that.12 He's provided us with varied13 explanations about these deductions. The14 Division has expended substantial time and15 resources on this matter. Dr. Pannah simply16 should not be allowed to benefit from the delay17 that all of this back and forth has caused.18 I would add, also, that there are19 individuals on the agenda today, for instance,20 that have financial matters that they have21 addressed. And it just isn't fair to those22 individuals who addressed those matters to23 allow Dr. Pannah to extend his temp key when he24 has refused to cooperate with us, essentially.25 Thank you.



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1 ITEM NO. 102 CHAIR LEVINSON: Thank you.3 Commissioners, do you have any questions4 for Mr. Pannah or the Division?5 VICE CHAIR HARRINGTON: No.6 CHAIR LEVINSON: Hearing none, is there7 a motion on this matter?8 COMMISSIONER COOPER: Mr. Chairman, I9 move to deny the requested relief and order

10 that the requested hearing in this matter be11 conducted in an expedited manner.12 CHAIR LEVINSON: Thank you.13 Is there a second on this?14 VICE CHAIR HARRINGTON: I'll second15 that.16 CHAIR LEVINSON: Any discussion?17 (No response.)18 CHAIR LEVINSON: All those in favor?19 (Ayes.)20 CHAIR LEVINSON: Opposed?21 (No response.)22 CHAIR LEVINSON: Motion carries.23 So you can meet with Teresa afterwards,24 and she'll discuss time lines, I think, on the25 expedited conference and hearings.

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1 ITEM NO. 112 MS. PIMPINELLI: Okay.3 CHAIR LEVINSON: Okay?4 MR. BISCIEGLIA: Thank you.5 CHAIR LEVINSON: Thank you.6 MS. FAUNTLEROY: The last item, No. 11,7 Joint Petition of Trump Taj Mahal Associates,8 LLC, and TEI Management Services, LLC, for9 approval of a management agreement and other

10 relief.11 Again, Senior Counsel Teresa Pimpinelli12 will review that matter with you.13 MS. PIMPINELLI: Chairman and14 Commissioners, as Miss Fauntleroy indicated,15 the current matter before you is seeking16 approval of a management agreement and a17 designation that TEI Management is a gaming18 related CSIE.19 I note that there was also a sealing20 request in this matter, which will be addressed21 in a few minutes.22 I submitted to the parties a corrected23 draft resolution. The parties are present --24 or counsel is present at the table, and I would25 just ask that they enter their appearances.

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1 ITEM NO. 112 CHAIR LEVINSON: Thank you.3 Please enter your appearance.4 MR. O'GARA: Paul O'Gara, Brownstein,5 Hyatt, Farber, Schreck for TTMA and IEHI, LLC.6 CHAIR LEVINSON: Thank you.7 MR. BROOKS: Good morning, Chairman8 Levinson. Gil Brooks from the firm of Duane9 Morris appearing on behalf of TEI Management

10 Services.11 CHAIR LEVINSON: Good morning.12 MS. RICHARDSON: Good morning, Chairman13 and Commissioners. Tracy Richardson, Deputy14 Attorney General, for the Division of Gaming15 Enforcement.16 CHAIR LEVINSON: Thank you very much.17 As Teresa stated, I understand there are18 exhibits and a sealing request.19 Daryl?20 MR. NANCE: Chairman, Commissioners, the21 premarked exhibits are as follows:22 The Petitioner submitted one exhibit,23 premarked as P-1. P-1 is a management24 agreement by and between Trump Taj Mahal25 Associates, LLC, TEI Management Services, LLC,

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1 ITEM NO. 112 and IEH Investments I, LLC, dated as of March3 1st, 2016.4 The Division of Gaming Enforcement5 submitted one exhibit premarked as D-1. D-1 is6 a report to the Casino Control Commission on7 the Joint Petition of Trump Taj Mahal8 Associates, LLC, and TEI Management Services,9 LLC, for approval of a management agreement and

10 other relief, by Tracy Richardson, DAG.11 CHAIR LEVINSON: Thank you.12 We'll hear on the parties on the sealing13 request.14 Mr. O'Gara?15 MR. O'GARA: Yeah. Two sealing16 requests. One with respect to the agreement17 and one with respect to the report.18 CHAIR LEVINSON: P-1 and D-1. Is that19 it?20 MR. O'GARA: Right. Each of them I21 reviewed with Ms. Richardson. We submitted22 them to your counsel. It's all information23 which I believe is clearly protected by 74(1).24 Largely, it's forecasted numbers or actual25 confidential numbers, Mr. Chairman.



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1 ITEM NO. 112 CHAIR LEVINSON: Thank you.3 Mr. Brooks?4 MR. BROOKS: I have nothing further to5 add. And just would request that the relief be6 granted for the same reasons as articulated by7 Mr. O'Gara.8 CHAIR LEVINSON: Thank you.9 Miss Richardson?

10 MS. RICHARDSON: The Division has11 reviewed all the proposed redactions to P-1 and12 D-1 and has no objection.13 CHAIR LEVINSON: Thank you.14 MS. RICHARDSON: Thank you.15 CHAIR LEVINSON: Commissioners, any16 questions on the sealing request?17 (No response.)18 CHAIR LEVINSON: Hearing none, is there19 a motion on the Petitioners' request for a20 sealing request?21 Anyone? I'm just kidding.22 VICE CHAIR HARRINGTON: I move that we23 agree to the sealing request.24 CHAIR LEVINSON: Thank you.25 Is there a second?

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1 ITEM NO. 112 COMMISSIONER COOPER: I'll second that.3 CHAIR LEVINSON: Any discussion on this?4 (No response.)5 CHAIR LEVINSON: All those in favor?6 (Ayes.)7 CHAIR LEVINSON: Opposed?8 (No response.)9 CHAIR LEVINSON: Motion carries.

10 Is there any objection to moving the11 redacted P-1 and D-1 into evidence?12 MR. O'GARA: I have none, Chairman.13 CHAIR LEVINSON: Okay.14 MR. BROOKS: No objection.15 CHAIR LEVINSON: Thank you.16 MS. RICHARDSON: No objection.17 CHAIR LEVINSON: Thank you.18 I guess your opening statements Mr.19 O'Gara.20 MR. O'GARA: Yeah. I -- the Petition is21 a Joint Petition because it's -- obviously we22 have two parties, and they have separate23 counsel.24 On June the 10th, 2015, you approved the25 change of ownership structure of TTMA which

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1 ITEM NO. 112 essentially simply mirrored the confirmed plan3 of reorganization. The net result of that plan4 was that IEHI, LLC, is a hundred percent equity5 owner of the Taj Mahal and its lender. IEHI,6 LLC, is indirectly owned by IEP. IEP is the7 owner of Tropicana Entertainment, 66 and8 two-thirds percent owner of Tropicana9 Entertainment.

10 And with that approval, you imposed11 certain conditions. And those conditions have12 been satisfied with the exception of those, one13 of which has been extended regarding a capital14 plan, and operation plan in light of the fact15 that there's been a -- going to be a proposed16 management company come in to do some of that.17 And after your approval, it took a bit18 of time to satisfy the conditions that were in19 the bankruptcy, but there came a point in time20 on February 20, 2016 -- 26th, in fact -- when21 they were satisfied and the plan was22 consummated, went effective.23 And thereafter on March the 1st, there24 was a management agreement entered between a25 wholly-owned subsidiary of Tropicana Atlantic

33

1 ITEM NO. 112 City, TEI, Tropicana -- and TTMA. That's the3 agreement that's before you.4 I submit to you, Chairman, and Mr.5 Brooks will elucidate it further, that it6 satisfies all the requirements of the Act. It7 specifically gives complete control of the8 casino floor to the management company.9 It's for of sufficient durational term.

10 And, most importantly, and what I think you11 look at when you're trying to address this, is12 kind of the more difficult question is, this13 ten-percent requirement, that there be some14 kind of -- which one can assume that the15 legislators intention was that the person who's16 managing it has something at risk in this17 thing. You know, that they have some skin in18 this game. That they're, you know -- and I19 think it's probably one of the more20 self-evident propositions that satisfies it.21 Because in the end, the managed property is 10022 percent owned by the same person who owns23 two-thirds of the entity which is managing it.24 You'd probably have a harder time finding a25 more congruent interest in success than you



34

1 ITEM NO. 112 would when you have that. It's not ten3 percent. It's significantly greater.4 We would ask that you, after reviewing5 this and hearing what's presented, that you6 would approve the agreement so that they can7 begin the efforts under the agreement and TEI8 can begin to manage this property and,9 hopefully, bring it back to where it belongs.

10 CHAIR LEVINSON: Thank you.11 MR. O'GARA: Thank you.12 CHAIR LEVINSON: Mr. Brooks?13 MR. BROOKS: Thank you, Chairman14 Levinson.15 I would indicate that in connection with16 that, most of the arguments that Mr. O'Gara has17 talked about we join in and, of course, a lot18 of that has been addressed in the Division19 report.20 The two things that we're looking for in21 terms of relief that I think are just a little22 bit discretionary in terms of what the Division23 has to look at and the Commission has to look24 at in terms of today is the request for the25 waiver of -- or finding that we have satisfied

35

1 ITEM NO. 112 the ten-percent requirement. Mr. O'Gara has3 articulated the reasons for that.4 Again, because of the interests that are5 aligned here and the inter -- interactions and6 interrelationships, I think that we can7 certainly satisfy at least the spirit of what8 was intended in terms of that provision.9 With respect to the licensure issue,

10 we're asking for relief on the requirement that11 TEI Management Services obtain a casino12 license. The Act was amended in 2011 to allow13 for a lessor form of licensure, the CSIE14 license, and we're requesting that relief in15 this case. I think that's appropriate, largely16 for the reasons articulated in the Division17 report. There is certainly control here.18 Enough control to satisfy the requirements for19 a management agreement under Section 82B but --20 and C. But also in connection with this, there21 is a significant event of the owner. The owner22 has a casino license. And, accordingly, I23 think the lessor form of licensure is24 appropriate in this case, particularly since,25 again, with the interrelationships, you have a

36

1 ITEM NO. 112 situation where the folks that are involved3 here on TEI Management Services are also4 licensees and involved as qualifiers with the5 license holder at Tropicana.6 So with that, I would indicate that I7 have with me here today Tony Rodeo, who is the8 president and CEO of TEI Management Services9 and Bill Murtha who is the Executive Vice

10 President and General Counsel and Secretary of11 TMI Management Services, and we're prepared to12 present testimony in from Mr. Rodio in support13 of our application.14 CHAIR LEVINSON: Thank you.15 Miss Richardson?16 MS. RICHARDSON: Thank you.17 As set forth in the Division's report,18 based on that information and information that19 you will hear today, it's the Division's view20 that there's adequate information to find that21 the Management Agreement meets the statutory22 requirements of Section 82 of the Act and also23 that would be appropriate to exercise the24 option provided to the Commission in Section 8225 to designate TEI Management Service as --

37

1 TONY RODIO - DIRECT2 Services as a casino service industry3 enterprise licensing.4 Thank you.5 CHAIR LEVINSON: Thank you.6 Mr. O'Gara, Mr. Brooks? Your first --7 MR. O'GARA: I don't have -- TTMA8 doesn't have any witnesses.9 CHAIR LEVINSON: You're good?

10 MR. BROOKS: Chairman Levinson, we'll11 call Tony Rodio.12 CHAIR LEVINSON: Thank you.13 Good morning, Mr. Rodio. You're going14 to be sworn in by Daryl, please.15 MR. NANCE: Please stand and raise your16 right hand.17 ANTHONY P. RODIO, having been first duly18 sworn, testified as follows:19 MR. NANCE: Please state your name for20 the record.21 MR. RODIO: Tony Rodio.22 MR. NANCE: Thank you.23 MR. BROOKS: Thank you, Mr. Rodio.24 DIRECT EXAMINATION BY MR. BROOKS:25 Q. For purposes of the record, could you



38

1 TONY RODIO - DIRECT

2 state your position with TEI Management Services?

3 A. I'm the president and CEO of TEI

4 Management Services as well as Tropicana

5 Entertainment.

6 Q. I want to draw your attention to the

7 March 1st, 2016, Management Agreement entered into

8 by -- or between TEI Management Services and Trump Taj

9 Mahal Associates. Assuming the Management Agreement

10 is approved by the Commission, could you describe for

11 the Commission some of the initial matters that the

12 management team will address.

13 A. Reviewing the existing operating plan,

14 operating strategies, marketing strategies, in

15 particular, as well as the capital needs of the

16 facility and developing updated budgets and strategies

17 based upon our initial review.

18 Q. Could you describe to the Commissioner

19 Commission any initial plans contemplated by the

20 parties in initial capital expenditures?

21 A. Yeah. The property has already received

22 approval to spend $15 million initially to fix some

23 pressing issues that we think are critical to get

24 corrected by the summer. Those include, there are

25 about 150 -- maybe little bit more than that -- rooms

39

1 TONY RODIO - DIRECT2 that are out of service that require some improvements3 made to them so that they can be put back into4 service. And those will be addressed. There's some5 leaks on a variety of the different roofs. Most6 notably, the Etess Arena as well as the Xanadu Theater7 and the top of the Chairman Tower. And it's critical8 if we get those corrected.9 And we've also received approval to

10 purchase 250 additional -- or new slot machines that11 will be in service by the beginning of the summer.12 Q. Again assuming the Management Agreement13 is approved by the Commission, can you share generally14 the goals of the management team in terms of business15 operations at Taj Mahal?16 A. Certainly the goal is to improve the17 operations. Stabilize of the property and improve the18 operations. I liken the situation that we're walking19 into here very similar to what I walked into in 201120 when I became the President of Tropicana Atlantic21 City. The property had emerged from bankruptcy. The22 place was in need of physical improvements. You know,23 there hadn't been a lot of capital deployed. The24 employee morale was horrible. And the customer base25 was shrinking. All those same things exist today at

40

1 TONY RODIO - CROSS2 that time Taj Mahal. And it's our goal, as I said, to3 make it turn around similar to what we did at4 Tropicana and address each of those quickly.5 MR. BROOKS: Thank you. Chairman, I6 have no further questions.7 CHAIR LEVINSON: Thank you.8 Miss Richardson?9 CROSS-EXAMINATION BY MS. RICHARDSON:

10 Q. Good morning Mr. Rodio.11 A. Morning.12 Q. Have you had an opportunity to review13 the proposed conditions that would be required of TEI14 Management if the Commission grants the relief that's15 requested today?16 A. Yes. Yes, I have.17 Q. Do you see any issues with compliance18 with any of those conditions?19 A. No, not at all.20 Q. Thank you.21 MS. RICHARDSON: No further questions.22 CHAIR LEVINSON: Thank you.23 Mr. Brooks, anything else?24 MR. BROOKS: No. No redirect. Thank25 you.

41

1 TONY RODIO2 CHAIR LEVINSON: Okay. Thank you.3 Commissioners, do you have any questions4 for the witness?5 COMMISSIONER COOPER: Good morning.6 THE WITNESS: Good morning.7 COMMISSIONER COOPER: First, thank you8 for being here this morning.9 You just mentioned $15 million to

10 address some initial --11 THE WITNESS: Uh-hum.12 COMMISSIONER COOPER: -- issues.13 THE WITNESS: Right.14 COMMISSIONER COOPER: Are you able to15 share with us -- and I know we're waiting for16 other things to be approved. But can you share17 some other plans for this property which,18 looking at my notes, was built in 1990?19 THE WITNESS: At this point, no.20 Because we just haven't done enough of an21 in-depth analysis of the property and what the22 needs are. You know, similar to what we did at23 Tropicana -- and, again, I think it's a perfect24 analogy. The things that we did at the25 Tropicana was first to secure the integrity of



42

1 TONY RODIO2 the building. And there's a lot of money that3 was deployed that really the customer doesn't4 see. Things like -- you just expect to be in5 good condition. Like I said roofs and6 elevators and escalators. And I think it's7 critical to address those things first. And8 then once you have the integrity of the9 building -- building secured, then I think you

10 look to begin to add additional amenities and11 things like that. But those plans, it's just12 too preliminary to tell you what those would13 be.14 COMMISSIONER COOPER: Okay.15 THE WITNESS: But we would employ the16 same strategy, as I said, that we did at the17 Tropicana.18 COMMISSIONER COOPER: Okay. Thank you19 very much.20 THE WITNESS: You're welcome.21 VICE CHAIR HARRINGTON: Good morning.22 THE WITNESS: Good morning.23 VICE CHAIR HARRINGTON: I have a couple24 of questions.25 I know that you don't require -- or this

43

1 TONY RODIO

2 agreement will not require a key employee

3 license. But we have information about the

4 home office employee. And if there is a home

5 office employee that the casino key license

6 would be required. Can you give me an example

7 of the kinds of the personnel that that might

8 represent?

9 THE WITNESS: I apologize because I'm

10 not a hundred percent sure on what you're

11 referring to. Can you --

12 MR. O'GARA: If I could, Commissioner.

13 There are provisions in here and in the

14 conditions of the --

15 VICE CHAIR HARRINGTON: Agreement, yeah.

16 MR. O'GARA: -- Division about who would

17 have to be a multi-casino endorsement who

18 didn't. There are going to be people that work

19 at TEI Services, LLC, who will be at the Taj

20 Mahal, who will be physically located at the

21 Taj Mahal.

22 VICE CHAIR HARRINGTON: Uh-hum.

23 MR. O'GARA: And they'll be performing

24 those services on the payroll of the Taj, but

25 they are employed by this entity. There are

44

1 TONY RODIO2 some people in what's called the home office3 which is, in fact, Tropicana Entertainment.4 Tropicana Entertainment, unlike a lot of5 companies, is largely headquartered here. So6 your CFO is here. Your CEO is here. They are7 not in Las Vegas. There may be some of those8 employees who do work that affects Trop. They9 stay at the other Trop properties and also

10 affects the Taj. Those are the people who11 would be called "home office" employees. And12 to the degree they require a multi-casino13 endorsement, when they do it, we'll apply for14 it and get the endorsement. It's kind of using15 the assets without forming a separate services16 company, which if you're not familiar with it,17 can become quite a nightmare.18 THE WITNESS: I apologize. I wasn't19 sure of the technical aspect of the question.20 But just in practical terms, from my21 standpoint, there will be individuals that will22 work -- that work for Tropicana that will be23 responsible just for things at Tropicana.24 There will be people at the Taj Mahal that are25 strictly responsible for the Taj Mahal, and

45

1 TONY RODIO2 there are there will be a group of employees,3 myself included, that will -- that will, you4 know, oversee and manage aspects of both5 entities.6 VICE CHAIR HARRINGTON: Okay. Thank7 you.8 THE WITNESS: I'm not sure if that9 answers your technical question, but.

10 VICE CHAIR HARRINGTON: Okay. And let11 me just say I appreciate the fact you are based12 in Atlantic City and not Las Vegas. And, you13 know, that when we talk about multi-casino14 licensure, we're talking about two places in15 Atlantic City, so.16 My only other question is to key off17 Commissioner Cooper's which, is to -- so you18 have a commitment for a $15 million initial19 investment. I know from some press reports20 that there is sort of an intention to hold off21 on the $100 million that had been discussed22 some -- again, through press reports earlier in23 the year. If you -- do you anticipate that if24 the $15 million is expended that you might sort25 of approach some more investment before next



46

1 TONY RODIO2 year?3 THE WITNESS: That's certainly a4 possibility. And I think that it's my job, my5 role to -- to put forth proposals that provide6 for good return. And like any other prudent7 business, and we need to be able to show that.8 Obviously, the uncertainty of North Jersey9 shows some question into how much should be

10 deployed and what should be deployed. And I11 don't think we're different -- we being12 Tropicana and Taj Mahal -- than any of these13 other six licensees in New Jersey or in14 Atlantic City right now. I -- it would be15 unwise to have a capital plan that doesn't take16 into consideration the prospect of two17 additional casinos in North Jersey. And we18 will take that approach. We will put together19 a capital program under the scenario that there20 is gaming in North Jersey and a separate one if21 there isn't. And I think that every one of the22 licensees will really take that same attitude.23 VICE CHAIR HARRINGTON: Okay. Thank24 you. That's it for me.25 CHAIR LEVINSON: The 150 rooms that are

47

1 TONY RODIO2 being renovated, are they being renovated soon?3 Is this going to be within the next --4 THE WITNESS: Oh, yeah. The work will5 be commencing very soon, and they will be on6 the market for the summertime.7 CHAIR LEVINSON: Okay.8 THE WITNESS: Some sooner. Some of them9 have smaller issues. It's a variety

10 of different issues.11 CHAIR LEVINSON: It's not a room12 renovation. It's getting a room usable.13 THE WITNESS: No. For example, the14 Chairman Tower, which is the newer tower, the15 roof leaks. So the suites that are at the top16 of that tower, there's peeling and chipping on17 the ceilings. And those -- I don't remember18 how many suites are at the top of that tower,19 but none of those are --20 CHAIR LEVINSON: Gotcha.21 THE WITNESS: -- occupied?22 CHAIR LEVINSON: I just wasn't sure on23 $15 million on 150 rooms is going to get you24 there.25 THE WITNESS: No. It's a lot of things

48

1 ITEM NO. 112 that need to be fixed to be able to sell the3 room. But it's not a major renovation to any4 one room.5 CHAIR LEVINSON: Okay. Thank you very6 much.7 Commissioners, do you have any8 questions? Any more questions for the witness?9 (No response.)

10 CHAIR LEVINSON: Thank you, Mr. Rodio.11 You can step down. Thank you.12 THE WITNESS: Thank you.13 CHAIR LEVINSON: Commissioners, any more14 questions for counsel?15 (No response.)16 CHAIR LEVINSON: Counsel, do you have a17 closing?18 MR. O'GARA: No. Just ask that you19 grant the relief that was sought, please.20 CHAIR LEVINSON: Thank you.21 Miss Richardson?22 MS. RICHARDSON: Thank you, Chairman and23 commissioners.24 The Division also recommends that the25 Management Agreement be approved in accordance

49

1 ITEM NO. 112 with the statutory requirements of Section 82.3 We also urge the Commission to permit4 TEI Management Services to be a casino service5 industry enterprise license applicant because6 of the controls that are imposed that are7 pursuant to the terms of the agreement.8 Thank you.9 CHAIR LEVINSON: Thank you, Miss

10 Richardson.11 If there's nothing further, before us12 today is the Joint Petition of Trump Taj Mahal13 Associates and TEI Management Services14 requesting approval of the Management Agreement15 pursuant to NJSA 5:12-82C and a ruling that TEI16 Management as a manager of Trump Taj Mahal does17 not need to obtain a casino license and should18 instead obtain a licensure of casino service19 industry enterprise, pursuant to NJAC 5:12-87c20 (7) and 5:12-92a.21 Last June the Commission approved the22 reorganization of Trump Taj Mahal, Trump23 Entertainment Resorts, and affiliated entities24 and found the various entities and natural25 persons qualified. The plan gave investor Carl



50

1 ITEM NO. 112 Icahn total ownership interest of Trump3 Entertainment Resorts, the parent company, in4 exchange for the debt he held in that company.5 The Commission has also made a number of6 other findings and granted relief subject to7 certain conditions. The reorganization plan8 became effective last month. Now, Mr. Icahn,9 through TEI Management, wants to bring a new

10 management team to the Taj with the insight,11 experience, and financial support to attract12 new visitors to the Taj and strengthen its13 financial position.14 Under the Casino Control Act, every15 agreement for the management of a casino must16 be in writing, including certain mandatory17 components and be approved by this Commission.18 In addition, the agreement must provide19 for the following: That each party in the20 agreement hold a casino license or a casino21 service industry enterprise license;22 Number two, that the casino manager own23 at least ten percent of the casinos licensee's24 equity securities;25 Three, that the Management Agreement be

51

1 ITEM NO. 112 for the complete management of all the casino3 space and provide for the sole and unrestricted4 power to direct casino gaming operations;5 Four, that the agreement be for a long6 enough term that ensures reasonable continuity,7 stability, and independence in the management8 of the gaming operation;9 And, lastly, that each party to the

10 agreement be jointly and individual liable for11 all acts, omissions, and violations of the12 Casino Control Act by either party to the13 agreement regardless of the knowledge of the14 act, omission, or violation of or any15 provisions of the agreement to the contrary.16 I have reviewed the Management17 Agreement, considered the Division's report and18 the testimony presented today. And I am19 satisfied that each party of the Management20 Agreement will be licensed in accordance with21 the Act.22 Given that Icahn entities own Trump Taj23 Mahal Associates and TEI Management, the24 ten-percent equity ownership requirement25 clearly is satisfied.

52

1 ITEM NO. 112 The agreement is for the complete3 management of the Taj and provides TEI with the4 power to direct its casino gaming operations5 for a minimum of a period of five years.6 Further, each party to the agreement7 will be jointly and individually liable as8 required.9 I am satisfied that the Management

10 Agreement complies with all the relevant11 statutory requirements.12 Let me turn to the issues -- the issue13 of what kind of license TEI needs. The14 Commission has the discretion to decide whether15 TEI needs a casino license or casino service16 industry enterprise license. Given the facts17 in this case and subject to certain conditions,18 I believe the request to hold a casino service19 industry enterprise license should be granted.20 While TEI will have the required control over21 Taj casino operations, that control is not22 unlimited in a number of important and23 sensitive areas.24 Further, the Division has reviewed the25 filing extensively and have recommended,

53

1 ITEM NO. 112 subject to several conditions, that the3 Commission grant this request.4 Prior to the reorganization, the Trump5 Taj Mahal was on life support. In September6 2014, it sent layoff notices to more than 3,0007 employees and prepared to close its doors. But8 that shutdown was averted when Mr. Icahn9 stepped up and agreed to fund operations until

10 the reorganizational plan went into effect.11 After providing that lifeline, Mr.12 Icahn's management team are posed to -- is13 poised to breathe new air -- new fresh air in14 the Taj Mahal. I expect that this property,15 which many industry analysts have written off a16 couple of years ago, will become a vibrant17 competitor in which is now a smaller Atlantic18 city gaming market.19 If we look down the Boardwalk, we can20 see Mr. Icahn's acquisition of the Tropicana21 clearly enhanced the quality and the customer22 fell of that property. He was willing and able23 to invest in Tropicana to make it more24 attractive, more competitive, and more25 profitable. And his investments there has paid



54

1 ITEM NO. 112 off. The Taj Mahal is now in need of that kind3 of attention to ensure that it is a first-class4 facility and returned to its competitive5 position.6 I look forward to Mr. Icahn replicating7 his Tropicana successes at the Taj.8 So unless there's any further questions9 from my fellow Commissioners, and based on the

10 entire record, including the testimony put11 worth forth today, I move that we adopt the12 draft resolution and find that the Management13 Agreement complies with the requirements of14 NJSA 5:12-82c(7) and (10) is approved subject15 to the conditions set forth in detail in the16 draft resolution and that TEI Management shall17 be required to obtain casino service industry18 enterprise license pursuant to NJSA 5:12-92a,19 also subject to the conditions contained in the20 draft resolution.21 Do I have a second?22 VICE CHAIR HARRINGTON: I'll second23 that.24 CHAIR LEVINSON: This is a roll call25 vote.

55

1 ITEM NO. 112 MS. FAUNTLEROY: Commissioner Cooper?3 COMMISSIONER COOPER: Yes.4 MS. FAUNTLEROY: Vice Chair Harrington?5 VICE CHAIR HARRINGTON: Yes.6 MS. FAUNTLEROY: And Chairman Levinson?7 CHAIR LEVINSON: Yes.8 MS. FAUNTLEROY: Thank you.9 CHAIR LEVINSON: Thank you very much.

10 MR. O'GARA: Thank you.11 MR. BROOKS: Thank you.12 CHAIR LEVINSON: I got to start saying13 CSIE instead of CSI.14 MS. FAUNTLEROY: In accordance with15 Resolution 15-12-09-03, the next closed session16 shall be held on Wednesday, May 11, 2016, at17 9:30 a.m. in the Commission offices.18 I will note that there is a potential19 that that meeting will be moved in light of20 State budgetary hearings, but we will21 appropriately notify the Secretary of State and22 all interested parties when that date is23 rescheduled.24 CHAIR LEVINSON: Thank you.25 This is the public participation portion

56

12 of the meeting. Anyone from the public wish to3 be heard?4 Hearing a lot but not seeing anybody.5 (Laughter.)6 CHAIR LEVINSON: Is there a motion to7 adjourn?8 COMMISSIONER COOPER: I'll make that9 motion.

10 CHAIR LEVINSON: Second?11 VICE CHAIR HARRINGTON: Second.12 CHAIR LEVINSON: All those in favor?13 (Ayes.)14 CHAIR LEVINSON: Meeting adjourned.15 Thank you.16 (Public Meeting 16-04-13 was adjourned17 at 11:15 a.m.)1819202122232425

57

12 C E R T I F I C A T E345 I, DARLENE SILLITOE, a Certified Court6 Reporter and Notary Public of the State of New7 Jersey, certify that the foregoing is a true8 and accurate transcript of the proceedings.9

10 I further certify that I am neither11 attorney, of counsel for, nor related to or12 employed by any of the parties to the action;13 further that I am not a relative or employee of14 any attorney or counsel employed in this case;15 nor am I financially interested in the action.161718 ------------------------19 DARLENE SILLITOE, CCR20 License No 30XI01023002122 Dated: April 18, 201623 My Notary Commission Expires24 December 9, 201925 ID No 50006932


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