Taj Mahal casino closing; Icahn says he lost almost $100M

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Billionaire Carl Icahn says he lost nearly $100 million on his takeover of Atlantic City's Trump Taj Mahal casino.
 
 
 
Icahn says the Taj Mahal is a business, not a charity, and his company's board does not want to put good money after bad in a venture that loses millions of dollars a month.
 
Earlier Wednesday, the union said no negotiations were scheduled with the casino that Donald Trump opened in 1990 but which now belongs to the Republican presidential nominee's friend and fellow billionaire Icahn.
 
The central issue in the strike iwa the union's demand for restoration of health insurance and pension benefits. A bankruptcy court judge had allowed the casino's former owners to eliminate those benefits in 2014.
 
Atlantic City will have seven casinos after the Taj Mahal closes.
 
Mayor Don Guardian released this statement after the announcement: "It's unfortunate and disappointing that no resolution was found to keep the Taj Mahal open with the hopes of making it profitable again.  My thoughts and prayers are with the hard working men and women who will be losing their jobs after Labor Day.  Although these are still tough economic times, Atlantic City has been resilient for over 160 years and we will continue to do so, as we rise to meet any challenge ahead of us."
 
Meanwhile, a footwear magnate and a racetrack operator are behind a new effort to persuade New Jersey voters to approve casinos in the northern part of the state.
 
Former Reebok chairman Paul Fireman and Meadowlands Racetrack operator Jeff Gural are backing TV, radio and digital ads that ask voters to approve a proposed constitutional amendment expanding gambling.
 
The amendment that proposes opening two casinos in northern Jersey is on the November ballot. Fireman and Gural have each proposed building new gaming venues in that part of the state.
 
The "Our Turn NJ" ad campaign includes a 30-second television spot that says New York and Pennsylvania have "stolen billions of our gaming revenue" and asks residents to vote yes on expansion.
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