APNewsBreak: Icahn promises $20M to keep Atlantic City's Taj Mahal casino open indefinitely

Industries Associated Press

Billionaire investor Carl Icahn is pledging $20 million to keep Atlantic City's Taj Mahal casino open indefinitely.

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In a letter obtained Thursday by The Associated Press, Icahn promised Trump Entertainment Resorts that he will provide enough money to keep the casino open throughout bankruptcy proceedings.

It had been scheduled to close at 6 a.m. Saturday.

Icahn calls Trump Entertainment one of the most financially distressed companies he's ever seen, but he says he wants to save the jobs of the Taj Mahal's 3,000 workers.

The company plans to hand itself over to Icahn, but only if he gets substantial tax breaks.

Bills that would have done so were yanked from the state Legislature on Thursday.

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His announcement came shortly after the casino workers' union said Icahn had backed out of a deal concerning its future operations.