No money for Taj Mahal if New Jersey casinos are approved

Multi-billionaire Carl Icahn has declared that he would refrain from investing $100m into the Trump Taj Mahal casino if New Jersey approves casinos in the northern region of the state.

Icahn recently acquired the Taj Mahal in Atlantic City, saving the embattled casino from bankruptcy in the process. However it appears his plans to revitalise the casino may have been scuppered before they’ve properly been put into operation. Icahn told The Associated Press that competition from other casinos in the state will have devastating effects for the city, thus making large investments into his casino worthless.

"Although I had planned to invest up to $100 million in the Taj, just as I made substantial investments at the Tropicana, obviously it would not be judicious to proceed with those investments while gaming in north Jersey is an open issue, and we will have to wait to see the outcome of those proposals," Icahn said.

The business tycoon was aggravated by New Jersey politicians who according to Icahn guaranteed that there would be no casinos in north Jersey.

“When money was invested in Atlantic City, the politicians repeatedly assured that they were committed to Atlantic City's future and that casinos would not be permitted in north Jersey,” he added.

“If these assurances are now broken and Atlantic City is abandoned by politicians in favour of north Jersey gaming, why would anyone ever invest in the great state of New Jersey knowing that the assurances of political leaders in New Jersey mean nothing?"

The entrepreneur said he will still make an immediate investment of $10m to $20m for maintenance and other important requirements for the casino, regardless of the outcome of the referendum in November.