Atlantic City’s Trump Taj Mahal casino emerged from bankruptcy Friday after being bought by billionaire investor Carl Icahn.
Icahn, who also owns the Tropicana Casino & Resort in the New Jersey city, purchased the Taj property at a discounted rate by buying its debt from bankruptcy court, The Associated Press reports. The casino filed for bankruptcy in 2014, and Icahn has been financing the casino since that time.
“Although both Atlantic City and the Taj have had a few tough years, today marks the beginning of the turnaround,” he told the paper. “Just a few years ago, Tropicana was in bankruptcy and its fate uncertain, but since emerging in 2010, we have turned that property around and it has become one of Atlantic City’s few success stories. I am confident we can and will do the same for the Taj.”
Trump previously held a 10 percent stake in the casino, but now holds no claim despite his name remaining on the property.
Icahn, a personal friend of Trump, won a lawsuit in January allowing him to side skirt union contracts requiring health care and pensions be provided while the casino faced bankruptcy, The Wall Street Journal reports.
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