The Trump Taj Mahal in Atlantic City could remain open, following new tax stabilisation legislation that is making its way through state legislature.
Atlantic City mayor Don Guardian believes that the bills should be enough to prevent the Taj Mahal from being the fifth casino to close in the city this year, as they will give prospective billionaire owner Carl Icahn most of what he has requested in talks.
Guardian said: “I do believe this legislation is going to save the Taj from closing. It's exactly what the proposed new owner has been asking for."
It was announced last week by owners Trump Entertainment Resorts that the casino will close on 20 December and that its 3,000 employees would lose their jobs if a deal could not be reached to save it.
Should the casino go out of business, it would mean that a total of 11,000 Atlantic City casino employees will have lost their jobs this year, with only seven of the 12 casinos that were open at the start of the year remaining in operation.
Icahn, who wishes to invest $100m into the Taj Mahal, is looking to expand his investments in Atlantic City, as he also owns Tropicana Casino and Resort, which was also on the verge of bankruptcy when he acquired it.