Icahn to sell closed Trump Taj Mahal casino in Atlantic City | Reuters

NEW YORK Billionaire activist investor Carl Icahn said on Monday he planned to sell his shuttered Trump Taj Mahal casino in Atlantic City, New Jersey, likely bringing an end to his troubled relationship with the city.Icahn, a special adviser to U.S. President Donald Trump, the original owner of the casino, will sell the Taj Mahal - possibly at a loss - instead of investing the $100 million to $200 million it needs to keep going, according to a statement on his website.Icahn closed the 26-year-old Taj Mahal in October 2016 after failing to reach a new contract with union employees.New Jersey legislators accused him of planning to close the casino only briefly in order to reopen it shortly after with lower wages and benefits for employees

Reuters February 07, 2017 05:45:06 IST
Icahn to sell closed Trump Taj Mahal casino in Atlantic City
| Reuters

Icahn to sell closed Trump Taj Mahal casino in Atlantic City
 Reuters

NEW YORK Billionaire activist investor Carl Icahn said on Monday he planned to sell his shuttered Trump Taj Mahal casino in Atlantic City, New Jersey, likely bringing an end to his troubled relationship with the city.Icahn, a special adviser to U.S. President Donald Trump, the original owner of the casino, will sell the Taj Mahal - possibly at a loss - instead of investing the $100 million to $200 million it needs to keep going, according to a statement on his website.Icahn closed the 26-year-old Taj Mahal in October 2016 after failing to reach a new contract with union employees.New Jersey legislators accused him of planning to close the casino only briefly in order to reopen it shortly after with lower wages and benefits for employees. In an attempt to prevent that, the state's legislature last year passed a bill that would disqualify individuals who closed a casino since January 2016 from holding a gambling license in the state for five years.

That legislation was vetoed on Monday by New Jersey Governor Chris Christie, a Republican, who called it a “transparent attempt to punish the owner of the Taj Mahal casino."Despite the fact Christie vetoed the bill, Icahn railed against the sponsor of the legislation, New Jersey Senate President Stephen Sweeney, a Democrat, on his website on Monday.“I believe other large investors will similarly have no interest in investing significant amounts in Atlantic City or New Jersey as long as Sweeney is in control of the Senate,” he said.

In a statement later on Monday, Sweeney criticized Icahn and Christie's decision to veto.“The only person who will benefit from this veto will be billionaire investor Carl Icahn," said Sweeney. The veto "will allow Icahn to exploit and manipulate bankruptcy laws and casino licensing regulations in ways that would enrich himself at the expense of regular casino workers and the families who depend on them."

The Taj Mahal was once the flagship of Trump’s casino empire, which at its peak had four properties, three of them in New Jersey. Trump lost control of the casinos through a series of bankruptcies with Icahn ultimately emerging as the sole owner of the Taj Mahal. The casino is owned by Icahn Enterprises (IEP.O), the investment firm controlled by Icahn.Trump named Icahn as a special adviser to his administration in December, tasked with helping him overhaul federal regulations. (Reporting By Jennifer Ablan; Editing by Bill Rigby)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.