SAT, 29TH APR 2017

In-Depth Analysis for the gaming industry

NEWS 21 December 2016
Icahn may sell Trump Taj Mahal
By Nicole Abbott
Carl Icahn is allegedly discussing the possibility of selling Trump Taj Mahal with fellow casino operators.

The investor had failed to reach a new contract with the union and closed the 26-year-old casino in October, hoping this would force the union to accept lower wages.

However, the state Assembly has recently voted 60-to-17 to pass a bill that suspends the gaming license of any casino owner who shut down a casino after January 2016 for five years, unless the owner decides to negotiate with the casino worker’s union.

This removed any chance Icahn might have had to reopen the casino with non-union workers, and just 24 hours after the bill was passed, rumours of talks to sell the casino began to arise.

Icahn brought Trump Taj Mahal out of bankruptcy in 2015 after acquiring the casino in February. Since then, the investor has allegedly lost approximately $200m on his investment.

If Icahn is able to sell the Taj Mahal, it would sidestep the proposed bill and allow a new owner to reopen the casino with non-union workers.

RELATED TAGS: Land-Based | Industry | Legal & Regulatory | Casino
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