Billionaire may come to rescue of Trump Taj Mahal
-
-
-
-
Specators hold Puerto Rican flags on the Ben Franklin Parkway during the 2014 Puerto Rican Day Parade in Philadelphia. (Brad Larrison/for NewsWorks)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Billionaire Carl Icahn is considering spending $100 million to save the 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 state agency.
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.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
Former Wildwood mayor accused of official misconduct, tax evasion in new 7-count indictment
According to the N.J. Attorney General's Office, Pete Byron abused his position to request a job from a city attorney, then failed to pay state taxes on that job's earnings.
5 hours ago
Pa., N.J. to receive millions for solar energy projects that will benefit residents with low income
The solar projects will lower energy bills for overburdened residents of the Philadelphia region, federal officials say.
15 hours ago
‘A chance to tell their own stories’: New documentary tackles environmental racism in Camden
In a documentary premiering Monday, Rutgers-Camden students spotlight the environmental issues faced by residents of the city.
17 hours ago