A Philadelphia developer says he and billionaire investor Carl Icahn have resolved a legal restriction allowing the former Showboat casino in Atlantic City, New Jersey, to operate as a non-casino hotel.
Developer Bart Blatstein bought the former casino and reopened it this year as a stand-alone hotel. Icahn owns the Trump Taj Mahal casino next door.
Blatstein tells The Associated Press that Icahn agreed to “a minor consideration” that doesn’t involve payment in return for resolving the claim.
At issue was a 1988 legal covenant requiring the Showboat not be used for anything other than a casino.
That document scuttled Stockton University’s attempt to turn the casino into a satellite campus. The university sold the casino to Blatstein, who’s mulling future plans for it.
Icahn hasn’t commented.