The managers of Atlantic City-based Trump Taj Mahal casino decided to postpone its closure by 8 days. The venue was initially scheduled to close doors on December 12 and now this is expected to happen on December 20 or even later.
Trump Entertainment Resorts announced on Friday that the closing of Taj Mahal was pushed back due to the fact that currently, attempts are being made for it to be saved. Company’s managers seem to be making some progress in their talks with local officials considering the financial aid the casino needs.
Trump Entertainment wrote in a special court filing that the closure may be postponed even further.
As it was announced, the filing was the company’s response to a motion by Hard Rock, one of Taj Mahal’s restaurants. Hard Rock had insisted on being informed whether the casino venue would continue its lease with the dining facility or not.
Last week, Trump Entertainment had seen local officials and they had talked about potential tax relief. Then, local legislature announced that all eight casinos within the territory of Atlantic City will receive some tax assistance.
Furthermore, Taj Mahal’s owner is also having talks with Local 54 of the casino workers’ labor union UNITE HERE, concerning the latter’s appeal of a court order for cost-saving measures.
Trump Entertainment expressed its hopes to receive the needed financial aid and to reach an agreement with Local 54, so as to be able to save its casino.
The company and Carl Icahn, Taj Mahal’s potential buyer, have been discussing ways for keeping the venue open with Atlantic City’s main casino union.
Last week, Senate President Steve Sweeney and Sen. James Whelan presented special legislation, aiming at the introduction of tax bills that would stabilize Atlantic City-based casinos as well as city’s revenue. According to this new legislation, local casinos will have to pay $150 million for each of the first two years. The sum of $120 million will have to be paid for each of the next thirteen years, provided that turnover from gambling activities remains within particular, preliminarily set ranges. The bills in question will be discussed at a special meeting of the local legislature that will be held on Monday, December 8.
As previously commented on, the closure of Taj Mahal means that 3,000 more people are going to lose their jobs. What is more, it will be the fifth local casino to close doors this year.
Trump Entertainment also announced on Friday that it had previously cut some of its employees’ working hours as part of the preparation for the venue’s closure. Yet, the company ensured that they all have been informed about its new closing date.
