Trump Taj Mahal Set To Be Sold

Trump Taj Mahal

Billionaire investor Carl Icahn stated on Monday he planned to sell his abandoned Trump Taj Mahal casino in Atlantic City, New Jersey, bringing an end to his troubled relationship with the city. Thankfully, the situation of casinos that offer poker isn't this grim.

Icahn, an adviser to  U.S. President Donald Trump, the original owner of the casino, will sell the Taj Mahal rather than invest the $100 million to $200 million it needs to keep going, according to a statement on his website.

Icahn shut down the 26-year-old Taj Mahal in October 2016 after failing to reach an agreement with union employees.

New Jersey legislators accused him of planning to shut the casino down only temporarily in order to reopen it shortly after with lower wages and benefits for employees.

In an attempt to disallow that, New Jersey’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 a period of five years.

That particular legislation was vetoed on Monday by New Jersey Governor Chris Christie, a Republican, who labeled it a “transparent attempt to punish the owner of the Taj Mahal casino."

In a statement later on Monday, New Jersey Senate President Stephen 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 most renowned casinos of Trump's empire. At its peak it had four properties, three of them in New Jersey. Trump eventually lost control of the casinos through a series of bankruptcies with Icahn ultimately surfacing as the sole owner of the Taj Mahal. The casino is currently owned by Icahn Enterprises, the investment firm controlled by Icahn himself.