Billionaire American investor Carl Icahn has gained control of Atlantic City’s Trump Taj Mahal casino after the Chapter 11 bankruptcy for Trump Entertainment Resorts was approved in Delaware by Judge Kevin Gross.
Donald Trump and Icahn made a deal that allowed Trump Entertainment to continue using the Trump name.
Trump Entertainment, owner of the Trump Taj Mahal, currently owes Icahn more tha $290 million.
Judge Gross ruled that Icahn would exchange the debt for ownership of the company’s stock.
Icahn plans to spruce up the casino, keeping it open and preventing the job losses of 3,000 people.
Icahn will put up $82.5 million to get the company through bankruptcy; however the labor union is still fighting a federal case claiming that Taj Mahal employee contracts have expired, which would see them lose their jobs.
Should the union’s appeal be successful, pension and healthcare costs may be owed and Icahn will have the option to back out of the agreement.
pinkxxx
9 years ago
Sr. Newbie
The casino has been around for ages. Its time for a facelift and a lot more. I personally wouldn't have kept the name . Along with sprucing it up should have revamped it into a new innovative casino . Id be afraid the stigma would stay with the place. Time will tell , if it continues to do poorly wouldn't be surprised a...
The casino has been around for ages. Its time for a facelift and a lot more. I personally wouldn't have kept the name . Along with sprucing it up should have revamped it into a new innovative casino . Id be afraid the stigma would stay with the place. Time will tell , if it continues to do poorly wouldn't be surprised a new name and look launched .
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jade
9 years ago
Super Hero
Donald Trump has been in the middle of bad management more than a few times, not to mention that bad hair piece lol...... Maybe this new American investor can see this casino through the worst. I doubt after everything he has gone through that he will snub the employees that have spent years of their lives trying to make...
Donald Trump has been in the middle of bad management more than a few times, not to mention that bad hair piece lol...... Maybe this new American investor can see this casino through the worst. I doubt after everything he has gone through that he will snub the employees that have spent years of their lives trying to make this casino a success. I wish them all the best in Atlantic City.
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catapultaudio
9 years ago
Jr. Member
If Icahn can afford to put up over $80 to buy the place then surely he could come up with a way for the employees not to get screwed out of their pension and healthcare money too? I can't really believe this place ever went bust anyway, has to be a case of bad management?!
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