{"id":43387,"date":"2017-01-04T15:00:41","date_gmt":"2017-01-04T23:00:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=43387"},"modified":"2017-01-04T13:53:19","modified_gmt":"2017-01-04T21:53:19","slug":"carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/","title":{"rendered":"Carl Icahn to Surrender Trump Taj Mahal License, Will Not Reopen Atlantic City Casino"},"content":{"rendered":"

Unofficial Donald Trump\u00a0regulatory advisor Carl Icahn<\/a> will surrender the casino license for the Trump Taj Mahal in Atlantic City, according to the New Jersey Division of Gaming Enforcement (DGE).<\/p>\n

\"Carl
Billionaire Carl Icahn was not bluffing when he threatened to close the Taj Mahal in Atlantic City for good, nor does he intend to reopen it as a non-unionized property, per a filing with the New Jersey regulator. (Image: Chip East\/Bloomberg via Getty)<\/figcaption><\/figure>\n

Icahn shuttered the Taj in October, following months of industrial action by Local 54 of the Unite-HERE union<\/a>. The union was protesting the loss of worker pensions and healthcare benefits, but Icahn Enterprises said the casino was losing millions of dollars a month.<\/p>\n

He blamed that reality on the union’s picket lines outside the casino, and said the company could \u201cno longer see a path to profitability.\u201d<\/p>\n

The DGE said on Tuesday that Icahn Enterprises had petitioned the regulator for permission to give up its license on December 22. The announcement puts to bed the suspicion, widely held within the union, that Icahn shuttered the Taj so that he could then reopen it as a non-unionized business.<\/strong><\/em><\/p>\n

According to the Associated Press, Icahn Enterprises said in the DGE filing that it had complied with all regulations on \u201csecuring unopened liquor, gambling equipment and business records; [had] made provisions to pay off unclaimed casino winnings; and [had] reduced its security staffing to \u2018warehouse mode.\u2019\u201d<\/p>\n

Deed Restriction on Casino Reopening<\/h2>\n

In December, the New Jersey legislature passed a bill designed to punish Icahn<\/a> for closing the Taj and to prevent him from reopening it: now a moot point.<\/p>\n

\n

The bill, introduced by Democratic Senate President Steve Sweeney, seeks to disqualify operators from holding a casino license for a property they have closed. It has yet to be signed into law by Governor Chris Christie, who has the power to veto the measure.<\/p>\n<\/div>\n

Icahn Enterprises has also applied to the state Superior Court for a deed restriction prohibiting any future owner from reopening the property as a casino, unless an unspecified fee is paid.<\/p>\n

Checkered History<\/h2>\n

The Trump Taj Mahal opened 1990 at a cost of $1 billion and was promptly declared the \u201ceighth wonder of the world\u201d by the current president-elect. It was bankrupt a year later, and then again in 2004, and 2009, when Trump sold the casino to a group of venture capitalists, who collectively became known as Trump Entertainment.<\/p>\n

Icahn, the holder of the majority of the Taj\u2019s debt, stepped in to rescue the casino from the brink when Trump Entertainment declared bankruptcy in 2014. He said he would convert the debt into equity and invest in the beleaguered property, but only if the city granted him the right to put a temporary halt on workers\u2019 benefits, causing the union uproar to ignite.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unofficial Donald Trump\u00a0regulatory advisor Carl Icahn will surrender the casino license for the Trump Taj Mahal in Atlantic City, according to the New Jersey Division of Gaming Enforcement (DGE). Icahn shuttered the Taj in October, following months of industrial action by Local 54 of the Unite-HERE union. The union was protesting the loss of worker […]<\/p>\n","protected":false},"author":42,"featured_media":43401,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,10,18,61,1],"tags":[],"acf":[],"yoast_head":"\nCarl Icahn Surrenders Trump Taj Mahal License, Atlantic City Casino Done<\/title>\n<meta name=\"description\" content=\"Carl Icahn has no plans to reopen Atlantic City's Trump Taj Mahal, despite rumors among the union to the contrary.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carl Icahn Surrenders Trump Taj Mahal License, Atlantic City Casino Done\" \/>\n<meta property=\"og:description\" content=\"Carl Icahn has no plans to reopen Atlantic City's Trump Taj Mahal, despite rumors among the union to the contrary.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-04T23:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-01-04T21:53:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"864\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/\",\"url\":\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/\",\"name\":\"Carl Icahn Surrenders Trump Taj Mahal License, Atlantic City Casino Done\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\",\"datePublished\":\"2017-01-04T23:00:41+00:00\",\"dateModified\":\"2017-01-04T21:53:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Carl Icahn has no plans to reopen Atlantic City's Trump Taj Mahal, despite rumors among the union to the contrary.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-surrenders-trump-taj-mahal-license-atlantic-city-casino-done\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\",\"width\":1536,\"height\":864,\"caption\":\"Activist investor Carl Icahn. 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