Carl Icahn, the owner of the Trump Taj Mahal, has decided to surrender his gaming license in the state of New Jersey. The casino shut down back in October due to issues with unionized workers being on strike.
It was believed that Icahn was going to reopen in the spring of this year with a non-unionized work force, so legislators took matters into their own hands.
A new bill was crafted and passed by the House and Senate that will cease a gaming license for five years if a casino shuts down operations in Atlantic City. The bill places the effect date back to January of last year, with Icahn the only casino owner affected.
Because of this, Icahn has now decided to surrender his license but will not do so quietly. Icahn has added a stipulation to the deed that will ensure the venue is not a casino again, unless a fee is paid in full.
Earlier this week, attorneys for Icahn filed deed restrictions on the property which banned it from being used as a casino unless Icahn has been paid a fee. This restriction seems to be a clear indicator that Icahn wants to be sure that the venue, located on the Atlantic City Boardwalk, will remain closed for quite some time.
The restriction is a way for Icahn to fire back at legislators who approved a measure last month that will impose a five year gaming suspension on any casino owner who shuts down a venue after January 2016. The bill now sits on the desk of Governor Chris Christie, who has yet to announce if he plans on signing the bill or choosing to veto.
It will be interesting to see if the fee amount is released to the public to know just how much an individual would have to pay to be able to not only purchase the casino property but also reopen as a gaming venue.
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