Icahn is Selling the Taj Mahal Casino in Atlantic City
Wednesday, December 21st, 2016
Carl Icahn is currently in talks with casino operators about selling the control of the recently shuttered Trump Taj Mahal.News of the talks came out 24 hours after state legislatures blocked any chance for the activist investor to reopen the casino with workers that are not in any unions. Two days ago, the state Assembly voted to pass a bill that will suspend the gaming license of any operator who has decided to shut down his venue after January.The bill has already approved by the state Senate, but it is not known if Governor Chris Christie will sign it or not.Icahn had failed to create a new contract with the union and on the 10th of October closed the casino. He hoped that shutting the casino would make the union accept lower salaries.If Icahn sells the Taj Mahal, it might sidestep the bill, which will create an opportunity for a new owner to reopen the venue with non-union workers.According to Icahn, the law may be unconstitutional since it is retroactive. Moreover, if Chris Christie vetoes the bill, it might be overridden if there are enough votes. Christie has not signalled what he intends to do with it.Icahn is open to speaking, but he does not want to negotiate through the press. He added that about 40% of the 1,000 employees are currently unemployed. He also declined any comment on the possible sale talks.