The New Jersey Senate has approved a measure that would punish billionaire Carl Icahn for shutting down the Trump Taj Mahal casino by prohibiting him from holding a casino license for it for five years.
The bill would only apply to Icahn, even though four other Atlantic City casinos have shut down since 2014.
Icahn’s Atlantic City management team says the bill is unfair and unconstitutional, making it virtually impossible to reopen the Taj Mahal should they decide to do so.
Tony Rodio, who ran the Taj Mahal for Icahn, says the bill will scare away future investment in Atlantic City if government interjects itself into the collective bargaining process.
Democratic Senate president Steve Sweeney says the bill will prevent Icahn from sitting on the licenses of closed casinos indefinitely.