The saga with the Taj Mahal Casino Resort continues. Those who keep up with the events and the setbacks the venue is currently experiencing, know that it may close in the middle of November.
The previous owner, Donald Trump, demands the removal of his name from the exterior of the casino but the Trump Entertainment Resorts authorities are not too happy about it. Meanwhile the billionaire Carl Icahn is trying his best to save the casino by turning its debt into ownership.
However, the latest news about the casino are somehow a bit more optimistic. The casino authorities got a relief from the complicated situation. The closure of the casino was officially postponed. A few days ago, a local judge decided to allow the managers to terminate the union contract between the casino and the employees. An official warning towards the casino owners was made and, according to it, the casino would close unless the New Jersey’s authorities make some compromises. The union workers were asked to sacrifice their health care and pension benefits.
The authorities decided that the casino won’t be closed at least until the end of November but the official closure is not likely to be announced until the end of the year.
Last Friday, Kevin Gross, the bankruptcy judge, allowed Trump Entertainment Resorts make the contract with the union workers invalid, which will undoubtedly make the employees discontent and lead to new protests. As a matter of fact, the next protest is scheduled for the upcoming Friday, 24 of October.
Carl Icahn is expected to save the venue from closure and invest $100 million into it. Actually, the well being of the entire corporation depends on the billionaire.
The venue also asked for financial support from the government and the CEO Robert Griffin announced that from now on all the efforts will be concentrated on the establishment of a stable relationship with the “elected officials”.
Icahn requested a tax relief and additional financial support from the Casino Reinvestment Development Authority but his request was rejected and the authorities defined his plan for saving the casino as unlikely to succeed. Icahn went too far in his demands and asked for tax credits and grants. However, these programs are not compatible with the gambling rules and regulations, which will make the authorities reconsider the existing laws.
In case things don’t go according to the initial plan, Taj Mahal will be the fifth Atlantic City-based casino to close its doors for players. The Court’s decision, however, may cause unnecessary hassle to the employers of the other casinos. The owners may consider the termination of the union contract of Taj Mahal as a perfect opportunity to ask for the same.
Time will tell what the fate of the casino will be. For the time being, players are enabled to visit it and take part in their favorite gambling activities.
