The state of New Jersey’s Division of Gaming and Enforcement (DGE), has confirmed on Thursday confirmed that Carl Icahn, the owner of Trump Taj Mahal will finally surrender the casino’s license.
Carl’s decision does not come as a surprise having on several occasions said that he would actually shut down the gaming complex because he was not making real money casino gambling sites, a fortune.
In the past couple of months, Carl, who is a close ally to president-elect Trump, threatened to close down the casino and never to reopen it, but many AC residents could not believe a word following his close relationship with Donald Trump.
In October 2016, Icahn shut down Taj Mahal saying that he was nervous of the thousands of dollars his resort was losing each month.
In a recent piece to the press, Carl said that he has no intentions of reopening the gaming complex.
“I’m not in any way bluffing about Trump Taj Mahal. Following several months of industrial unrest, perpetuated by the Unite-Here union of the Local 54, about healthcare benefits and worker pension loss, I will be forced to close down the Taj Mahal for good and never to think of reopening it again,” Carl said.
According to Carl, all the blame would be laid on the picket lines established by the union. He added that, with the union’s pickets, it would be extremely difficult to realize any profits.
On Tuesday, DGE said that Mr. Icahn had requested the regulator to allow the enterprise surrender the license to another developer who is willing to take up the challenge and risks that might come thanks to the union.
The DGE’s announcement comes at a time when there is a lot of suspicion as to whether and how Icahn Enterprises is planning to reopen the gambling complex as a completely non-unionized asset.
In a recent report to DGE, Icahn Enterprises complied with the required regulations, which include securing gambling equipment, unopened liquor, and business records. Besides, the casino is said to have taken necessary steps in paying casino winnings that had not been claimed, and the reduction of the security staff to a ‘warehouse mode.”
The Restriction Deed
Icahn’s failure to reopen the Taj Mahal would be as a result of the bill that was brought before the house by Steve Sweeney, the Democratic Senate President, who argued that no casino owner who had previously shut down his gaming complex should be allowed to reopen it, leave alone to own it.
However, the bill has not been approved to become a law because Chris Christie, the Governor, is yet to assent to it.
Taj Mahal’s Checkered Past
Trump Taj Mahal’s past is wanting since it opened its doors to the public in 1990, then owned by Donald Trump. Back then, it was an amazing gaming complex.
However, 12 months later, the resort was declared bankrupt. The pattern repeated in 2014 and five years later in 2009.
Following the 2009 Taj Mahal’s bankruptcy, Donald sold the resort. Again, 5 years later, the same predicament befell the gaming complex, forcing Icahn Enterprises to purchase it.
Nearly 2 years later, Icahn was forced to close the resort following an uproar by the union who demanded their rights.