Trump Taj Mahal: 'Last Ditch Effort' To Stay OpenCasino Pushes Back Closing Date To Dec. 20 |
|
One of Atlantic City’s iconic casinos has moved back its scheduled closing date to Dec. 20 in what it says is a “last ditch effort” to not be the fifth brick-and-mortar casino in the seaside town to close this calendar year.
According to the AP, Trump Taj Mahal said in a bankruptcy court filing on Friday:
“The debtors continue to make progress with respect to various efforts that are critical to the success of these chapter 11 cases and their ability to keep the Taj open, and therefore it remains possible that the current proposed closing date for the Taj…will be further extended [past Dec. 20].”
A bill was introduced into the New Jersey legislature last week that would provide tax assistance to the eight remaining Atlantic City casinos. The Taj also wants help from Atlantic City itself, but that doesn’t appear to be on the table right now.
The remaining Atlantic City casinos “would make payments in lieu of taxes totaling $150 million in each of the first two years, followed by $120 million a year for the next 13 years as long as gambling revenue stays within certain ranges,” according to the AP.
The Taj has said it wants $175 million (for itself) in government aid to stay open.
Billionaire Carl Icahn is looking to buy the Taj if certain financial stipulations are met. Icahn, who also owns the Tropicana, owns a huge amount of the casino’s current debt.
He did say in October that the Taj will “almost certainly” be closing this year.
Trump Entertainment reportedly is still negotiating with its beleaguered union of casino workers who weeks ago saw a court order result in their pension and healthcare plans being terminated. Since then, many have had their hours cut. Trump Entertainment Resorts CEO Bob Griffin recently compared the president of the union to notorious Russian dictator Joseph Stalin.
Trump Entertainment claims that shedding the union contract saves it $14.6 million a year. The union is appealing the bankruptcy court’s decision to dissolve the contract.
The Taj has been featured in a number of movies, including the poker cult classic “Rounders,” in which stars Matt Damon and Edward Norton play a session in the casino’s poker room. With 48 tables, the room is the second largest in Atlantic City behind the Borgata.
Roughly 3,000 people work at the Trump Taj Mahal and if it closes 11,000 casino workers in total will have lost their jobs this year. Atlantic City started the year with 12 casinos.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
