The Trump Taj Mahal will close after Labour Day as owner Carl Icahn exits Atlantic City, according to the Associated Press.
This is the end of a long fight for Icahn, who purchased the Taj Mahal out of bankruptcy back in March. Donald Trump opened the casino 26 years ago but took it into backruptcy, mostly leaving Atlantic City in 2009. Trump then retained a small stake in the casino in exchange for the use of his name.
Icahn says that he spent $100 million trying to revive the Trump Taj Mahal, but was he was stymmied, in part, by the longest strike in Atlantic City history, which started on July 1.
“It was a bad bet,” Icahn told the Associated Press. “How much good money do you throw after bad?”
Casino workers wanted was a restoration of pension benefits and health insurance that were promised to them during bankruptcy proceedings before Icahn took over. Icahn offered them fewer benefits, and workers found that unacceptable. Now 8,000 jobs will be lost.
“What is my obligation? I give hundreds of millions to charity, but this is a business; it’s not a charity. They look at this as my responsibility, and I’m a bad guy if I don’t give them what they want,” Icahn said.
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