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Icahn pledges $20 million to keep Taj Mahal Open For Now

Friday December 19,2014 : PRINCIPAL CREDITOR TO KEEP ATLANTIC CITY CASINO AFLOAT
 
Icahn pledges $20 million to give troubled land casino Taj Mahal yet another reprieve from closure.
 
Atlantic City's struggling Taj Mahal casino resort has been handed another last-minute reprieve from shuttering by principal creditor Carl Icahn, who on Thursday pledged $20 million to stave of closure in the immediate future.
 
The casino, unable to meet its obligations, had been due to close this Saturday after union negotiations and a bankruptcy court hearing failed to find solutions
 
In his pledge, Icahn promised Trump Entertainment Resorts that he will provide enough money to keep the casino open throughout the bankruptcy proceedings.
 
The Associated Press news agency reported that Icahn wrote to Trump CEO Robert Griffin:
 
“Many people would still argue that it would be a better financial decision for me to let the Taj close and wait to see whether a global settlement can be reached. But I cannot be so callous as to let 3,000 hardworking people lose their jobs.”
 
Icahn is on record as saying there are numerous reasons for him to walk away from the Taj Mahal.
 
“Trump Entertainment Resorts Inc. is one of the most distressed companies I have ever come across in my 50-plus years of investing,” he wrote.
 
“The company’s hometown of Atlantic City is in the midst of an unprecedented crisis. Intense competition from surrounding markets is steadily eroding gaming revenues for the city’s casinos. At the same time, relative to those surrounding markets, the costs of operating a casino in Atlantic City continue to escalate.
 
"As a result, four local casinos shuttered in 2014, and a once vibrant Atlantic City institution, your Taj Mahal, loses almost $10 million every month.”
 
Icahn is nevertheless hoping that he can make an acquisition deal on the Taj work if he can achieve tax breaks from the state government and cooperation from the workers' union



Gambling News :

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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