ATLANTIC CITY, N.J.—The name on the side of the building still says “Trump,” but Atlantic City’s Taj Mahal casino is now owned by a different billionaire—Carl Icahn.
The Trump Taj Mahal casino emerged from bankruptcy Friday and was taken over by Icahn, the billionaire investor who now owns two of the city’s largest casinos. (He also owns Atlantic City’s Tropicana casino).
Trump Entertainment Resorts exited from Chapter 11 protection and became a wholly owned subsidiary of Icahn Enterprises LP.
The move also extinguished the last remaining 10 percent ownership stake of Republican presidential candidate Donald Trump in the casino company, even though the Trump Taj Mahal will continue to bear his name.
Trump had not owned or had anything to do with the casino company since 2009 aside from the 10 percent stake in return for the use of his name.
“The Taj is one of Atlantic City’s signature properties,” said Icahn, who acquired the Tropicana in a similar fashion from bankruptcy court by buying up its debt at a steep discount, and eventually taking it over.
“Although both Atlantic City and the Taj have had a few tough years, today marks the beginning of the turnaround,” he said. “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.”
