The Trump Taj Mahal in Atlantic City, New Jersey, is losing money and is likely to close, US businessman and investor Carl Icahn has told AP.
"Frankly, several of my advisers have told me that if the city and the state did not come up with the money (to save the casino), they'd be doing me a large favour," Icahn said.
"Even if we get the concessions from the city and the state, we're going to lose a lot of money. Everybody thinks I'm trying very hard to do this. I'm not."
In order to justify taking over the Taj and keeping it open, Icahn wants $175m in government tax reductions and grants along with the end of pension and healthcare payments to employees.
If he wins those concessions, Icahn would convert his $190m in debt into 55 per cent ownership of Trump Entertainment and inject another $100m into the company.
Trump Entertainment has dropped its November 13 deadline to close the Taj, its last remaining casino, but CEO Bob Griffin says it still might close this year.
Source: Fantini Report
