Atlantic City’s Taj Mahal Casino Safe — For Now
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iStock Editorial/Thinkstock(NEW YORK) — Atlantic City, New Jersey will not witness the shutdown of another of its famed casinos — at least for now.
Despite failing to negotiate on a $100 million settlement deal to save the floundering boardwalk fixture, billionaire investor Carl Icahn assured Taj Mahal employees on Thursday that they could keep the lights on, as he committed a $20 million investment to keep the casino operational throughout its bankruptcy proceedings.
The Taj Mahal casino was slated to shut down at 6 a.m. EST on Saturday.
In an open letter to Trump Entertainment Resorts CEO Bob Griffin, Icahn proclaimed that he took “great pride in [his] ability to successfully rebuild failing businesses,” while subsequently calling the casino operator “one of the most distressed companies I have ever come across in my 50+ years of investing.”
Ultimately, while a wider deal could not be reached to save the casino, Icahn committed in his letter to work with the union and the state-local government on a new deal, but made no assertions that such a deal was formally in the works.
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