Carl Icahn Gives Up NJ Casino Licence - Under One Condition

Recently, New Jersey introduced a bill into their state legislature that would prevent Carl Icahn from holding onto his Trump Taj Mahal license. Now, Icahn has agreed to give up his Taj Mahal license, but he doesn’t want anybody else using the property as a casino either.

According to Philly.com, Icahn petitioned the state Division of Gaming Enforcement for permission to surrender the license. Additionally, his company filed a deed in state Superior Court to prevent any future owner of the property from using it as a casino – unless they pay a fee.

Icahn closed the Trump Taj Mahal on Oct. 10 after a lengthy battle with union workers over healthcare and pension benefits. The Local 54 of the Unite-HERE union wanted these benefits restored, but a bankruptcy court terminated them.

Workers eventually went on strike, and Icahn decided to close the casino after announcing that he’d lost over $100 million trying to keep the establishment open.

The union suspected that he might try to reopen the casino in the spring, which is why New Jersey State Senate President Steven Sweeney filed legislation that would force Icahn to give up the license.

It appears that the billionaire will do so voluntarily, but he also wants to make sure that nobody can open a casino in its place.

In the process, Ican’s Trump Taj Mahal believes it has secured unopened liquor, gambling equipment, and business records; made plans to pay unclaimed casino winnings; and reduced its security staffing to “warehouse mode.”

Opened in 2014 by President-elect Donald Trump, the Taj Mahal was dubbed “The Eighth Wonder of the World.” But the first-ever $1 billion casino resort was plagued by financial problems, and Trump eventually had to surrender a majority share through bankruptcy court.

Trump had nothing to do with the casino by the time Icahn took over. But, as mentioned before, Icahn ran into problems with the workers’ union after saving the casino from bankruptcy.

In October, the Trump Taj Mahal became the fifth casino to close in Atlantic City in the last two years.

This leaves seven casinos in Atlantic City, which has helped stabilize the market.

As for the Taj Mahal, Sweeney’s legislation would prevent Icahn or anybody else from using the property as a casino. The bill is intended to punish Icahn, although Gov. Chris Christie hasn’t given any indication that he’s in favor or against the measure.