Carl Icahn Pledges $20 Million to Save Taj Mahal Casino
A lucky hand for Atlantic City's Taj Mahal. Billionaire investor Carl Icahn is pledging $20 million to help keep the casino open indefinitely, eliminating a plan which would have closed the casino on Saturday. Icahn has reportedly promised Trump Entertainment Resorts that he will provide enough money to keep the casino open throughout bankruptcy proceedings. In a letter to Trump Entertainment's CEO, Icahn says, 'Many people would still argue that it would be a better financial decision for me to let the Taj close and wait to see whether a global settlement can be reached, but I cannot be so callous as to let 3,000 hardworking people lose their jobs.' According to the Associated Press, the union is pressing an appeal of an October bankruptcy court order that terminated health insurance and pension coverage for Taj workers. The company plans to hand itself over to Icahn, but only if he gets substantial tax breaks. Bills that would have given Icahn those big breaks were yanked from the state Legislature on Thursday.
