The Trump Taj Mahal Casino Won't Be ClosingCarl Icahn Takes Over Beleaguered Property |
|
The Trump Taj Mahal casino in Atlantic City will not be closing. That risk is over.
Late last week, a judge approved a plan for billionaire investor Carl Icahn to take ownership of the bankrupt property in a deal worth more than $290 million, according to Bloomberg. Icahn now owns two Atlantic City casinos.
The other is the Tropicana.
“The Taj will remain open,” the U.S. bankruptcy judge said at a hearing in Delaware. “And it will be a successful venture,” he added.
The parent company of the casino, Trump Entertainment, already closed the Trump Plaza casino last year. It was one of a handful of Atlantic City casinos to close in 2014.
Last week’s resolution to the bankruptcy was aided by Icahn and Donald Trump recently agreeing to a deal which allows the Trump name to remain on the casino.
The Taj closed its poker room last month and has plans to re-open it in July.
On Friday, around 300 casino workers took to the streets to protest the Taj restructuring plan, which led to the loss of employee healthcare benefits, according to Philly.com.
The billionaire Icahn is able to save $14.8 million by futher entrenching the casino workers in precarity, according to the repot. The head of the union representing Atlantic City casino workers said that the typical Taj casino worker makes around $23,000 a year. Local 54 president Bob McDevitt added that the Taj’s Icahn era is going to create “a poverty workforce.”
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
