Trump Taj Mahal Casino in Atlantic City will remain open for the time being, despite the failure of a deal to save it.

Billionaire and prospective owner Carl Icahn says he cannot agree to the deal, which would provide the venue with $100m in capital, but will put up the necessary $20m to take the venue through bankruptcy proceedings, after it had been set to close on 20 December.

Unite Here Local 54, the union which represents the workers of the casino, has refused to drop its appeal against a court order that would void their health and pension deals, after failing to strike a compromise with owners Trump Entertainment Resorts.

That would have left the casino with no chance of survival, before Icahn stepped in with a pledge to provide the funding it needs to remain open.

The Taj Mahal would have been the fifth Atlantic City casino to shut down this year, following the previous closures of the Atlantic Club, Revel, Showboat and Trump Plaza.

Icahn will continue to work with the union, state and city in his attempts to save the casino, and has argued that despite the property losing $10m a month, he “cannot be so callous as to let 3,000 hardworking people lose their jobs”.