Home' Trinidad and Tobago Guardian : July 16th 2014 Contents A19
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Trump Entertainment Resorts Inc
plans to close one of its two Atlantic
City casinos in September, putting
about 1,000 people out of work in
the seaside New Jersey resort town.
Employees were notified yester-
day that the company is reviewing
options for the Trump Plaza Hotel
and Casino and plans to shutter it as
soon as September 16. That would
leave the Atlantic City-based com-
pany with one property in the mar-
ket, the Trump Taj Mahal. The East
Coast gambling hub is withering
amid growing regional competition.
The Atlantic Club closed in January,
Caesars Entertainment Corp plans
to shut the Showboat on August 31,
and Revel, the US$2.4 billion mir-
rored-glass casino that was sup-
posed to usher in a resurgence for the
city, is searching for a buyer while in
"The big issue for this region is
that you ll have 6,000 to 8,000 peo-
ple who will now be unemployed,"
assemblyman Vincent Mazzeo, a
Democrat who represents Atlantic
City in the state legislature, said in
an interview. (Bloomberg)
Contractors with fixed priced contracts are
supposed to protect themselves from likely
price increases, said Mikey Joseph, president
of the Contractors Association of T&T.
"Jerlean John, head of Urban Development
Corporation of T&T (Udecott), had said Udecott
would not be entertaining price increases,
which is that if there is a fixed price contract,
no one can help you as you are at the mercy
of the client.
"To protect yourself against that, what a
contractor is supposed to do is when you are
tendering on a project, if you know the project
is going to take three years, you look at trends
and you would see that every 18 months,
Trinidad Cement Ltd (TCL) increases the cost
of cement by five per cent or six per cent or
whatever increases take place and you put
measures in place to deal with that," he said.
In June, TCL raised its prices.
TCL stated: "TCL Premium Plus, which
accounts for 95 per cent of local market share,
will be adjusted by nine per cent, which is
equal to a five cent increase per pound from
$0.53 to $0.58, VAT inclusive.
"Ordinary Portland Cement (OPC), which
is used by approximately five per cent of the
market, will move by 15 per cent."
TCL justified the price hike by saying: "These
price movements have resulted from continual
increases in major cost components over the
past 18 months, but moreso over the past six
months when there has been a steady rise in
the price of equipment spares, raw materials,
freight rates and supplier services."
Joseph said based on the cement prices
increases, without any other factors involved,
he does not see any project having more than
a two per cent cost increase.
"With the cement price increase alone and
you look at all aspects of your projects, I do
not see any project having more than a two
per cent price increase.
"But two per cent is a lot if your profit
margin in is ten per cent," he said.
Joseph said contractors must be "prudent"
and exercise good "risk management."
"You definitely are going to get price increase
and look at what portion of your product would
not be completed and apply the necessary cost
protection measures to deal with that. Most
of us tend to take from time to time.
"Sorry, but contractors, if they do not protect
themselves, would get no recourse except if
they definitely cannot complete their job and
the client is willing to sit and listen to them,"
Dan Persad, president of the Quarrying Asso-
ciation of T&T, told the Guardian that TCL s
price hike will not have a direct impact on
those in the quarrying industry.
"We get the material and do make not the
actual cement, so that will not directly impact
"But TCL s rise in prices will have an overall
impact on the building and construction indus-
try. Those that do the building will be impact-
ed," Persad said.
The offshore exploration for oil in
areas being contested by neighbouring
Venezuela is being faced with setbacks.
Natural Resources and Environment
Minister Robert Persaud in making this
revelation said this is linked to the expul-
sion and temporary seizure of the
Malaysian seismic research vessel, RV
Teknik Perdana, by Venezuela s Navy
Persaud in responding to questions
from the Parliamentary Sectoral Com-
mittee on Natural Resources, on Monday
said Guyana is now depending on an
eventual resolution in its favour.
"However, we are engaged in the com-
panies who might be affected and we
have remained optimistic that those mat-
ters will be resolved in a manner that
will allow us to continue and proceed
with those activities," he said.
Concerning activities outside of that
particular zone "where we had difficulties
with Venezuela, those activities have not
been hampered in any way, and they in
fact are proceeding apace," the minister
Persaud also stated that applications
are being processed for additional com-
panies interested in oil exploration and
this information will be shared with the
The minister also revealed that the
Esso Exploration initiative in collaboration
with Shell is on stream and the com-
panies have commenced work. (CANA)
Trump Plaza to close, costing Atlantic City 1,000 jobs
to expect increases
TTCA head on TCL price hike:
Guyana offshore oil
exploration faces setbacks
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