Billionaire Carl Icahn is considering spending $100 million to save Atlantic City's Trump Taj Mahal casino from closing.
But that proposal is contingent on big givebacks from the union, steep tax breaks from Atlantic City, and $25 million in funds from a New Jersey agency.
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In a filing to a bankruptcy court, the Taj Mahal's parent company, Trump Entertainment Resorts, presented a letter from Icahn's attorney saying the billionaire would consider bailing out the casino if the debt he owns in it were converted to equity that would give him ownership.
Icahn, who bought Atlantic City's Tropicana several years ago in a similar manner, wants the city to drastically reduce the Taj's taxes, the union to give up pension and health insurance, and a state redevelopment agency to provide $25 million.