Icahn: Atlantic City's Taj Mahal Will Almost Certainly Close

MarketWatch Pulse

Carl Icahn believes that Atlantic City's Trump Taj Mahal casino is all but certain to close. In an interview with the Associated Press published late Thursday, the chairman of Icahn Enterprises L.P. said that the struggling property is "quickly running out of money." Icahn had made a deal with Taj Mahal's parent company, the bankrupt Trump Entertainment Resorts, to buy the resort and pour $100 million into it, but expressed regret about getting involved. Trump Entertainment had said that it may have to close the Taj Mahal in November if it can't extract concessions from employees. An employee union has protested such cuts to health care and pensions, for which Icahn blasted the union. Four of Atlantic City's 12 casinos have already closed so far this year as the city deals with increased regional competition. Read more: Atlantic City: How to save the Boardwalk Empire

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