The Trump Taj Mahal is all about to end up being the Atlantic that is fifth City to shut its doorways for good in 3 years. Its closing will signal end to the Trump casino brand once and for all.
Union members protest outside the Trump Taj Mahal, which will close its doorways on September 4, 2016. Icahn Enterprises says it has lost $100 million on the endeavor.
In the middle of industrial action by members of the Unite Here Local 54 Union, who’ve been picketing the Taj for months, investor Carl Icahn has abadndoned the stricken casino and will shutter it permanently on September 4.
That closure date hits right in the center of Labor Day, which can be a wild coincidence, or it may be a deliberate and final insult to the union, which Icahn blames for derailing his last-ditch attempt to save your self the Taj.
Icahn stepped in to rescue the casino in 2014, when its previous owners, Trump Entertainment, declared bankruptcy. The billionaire raider that is corporate the majority of its $286 million debt, which he had been prepared to convert into equity.
Icahn also said he had been willing to invest $100 million within the property, if, and only if, he had been granted certain concessions by the town. These included the temporary cessation of worker pension and healthcare benefits, which have get to be the focus of the squabble between Icahn Enterprises as well as the casino employees’ union.