[toc]Billionaire Carl Icahn is attempting to sell the shuttered Trump Taj Mahal in Atlantic City, according to media reports on Wednesday.
The news on the Trump Taj Mahal
More from the Post:
Carl Icahn is in talks with fellow casino operators about selling control of the recently shuttered Trump Taj Mahal, The Post has learned. …
“He is in dialogue with operators,” a source close to the situation said Tuesday.
As the post reports, these discussions come close on the heels of the New Jersey legislature passing a bill targeting Icahn and the Trump Taj Mahal. The bill’s purpose is to prevent casinos in AC that close from reopening — with a casino license — within five years.
There had been some speculation that Icahn closed the Taj and hoped to open again to bypass an impasse with the local union. The bill would prevent that scenario from happening, if enacted into law.
It’s not clear if Gov. Chris Christie will sign the bill into law.
The Trump Taj Mahal timeline
Here is the recent history of one of the iconic AC resorts, which first opened in 1990:
- February 2016: The deal for Icahn to take control of the Taj wraps up, closing a process that dated back to 2014.
- June 2016: Several AC casinos avoid labor strikes, although the Trump Taj Mahal is not one of them.
- August 2016: The Taj plans to close because of the ongoing labor strike.
- September 2016: The Taj files paperwork to formally close the casino.
- October 2016: The Taj closes its doors.
- November 2016: Several top executives from the Taj jump to TEN Atlantic City (formerly Revel).
What’s next for the Taj?
The plans of Christie on the casino license bill could be key. If Christie indicates he plans to veto it, it may cool Icahn’s desire to get out of the Taj.
However, the majorities that passed the bill in the Assembly and the Senate might mean a veto could be overridden. Some also believe the bill, as written, would be unconstitutional in New Jersey.
Also of note: President-Elect Donald Trump named Icahn a “special adviser to the president on overhauling federal regulations,” according to the Wall Street Journal and other media outlets on Wednesday.