Carl Icahn, the billionaire businessman who is currently in the process of taking control of the Trump Taj Mahal in Atlantic City, has struck a deal with his longtime friend, Donald Trump, to keep his name above the door.
Despite beaming the name “Trump” across the skyline of AC, the Taj Mahal and its parent company, Trump Entertainment Resorts, now have very little connection the the high profile business tycoon.
Although Mr. Trump still holds a 10 percent stake in the casino company, he no longer controls it and has campaigned to have his name removed from the Taj Mahal as well as the shuttered Trump Plaza. With the threat of a legal hearing looming, the company removed his family name from the Plaza but asked to keep it live at the Taj Mahal.
Initially reluctant, Trump has now relented thanks to a meeting with Icahn. Respecting the casino owner both personally and professionally, Trump feels that Icahn can turn the Taj Mahal into a thriving business once again. Moreover, he feels Icahn can turn it into the type of venue he’s happy to have his named attached to, as reported by ABC News.
“The Trump Taj Mahal, under the right leadership and with the proposed significant reinvestment in the property, can be, once again, a wonderful place for travel and entertainment,” Trump said in a statement.
After thanking his friend for permission to use the Trump brand, Icahn told the media the he hopes his plans to revive the casino will prov successful in the coming months.
“I hope to be able to restore the Trump Taj Mahal to its former glory,” explained Icahn.
Icahn’s takeover is still in progress, but he hopes to complete the deal and resolve all unsettled debts within the coming week.