Billionaire investor Carl Icahn appears to be hedging his bets on Atlantic City’s Trump Taj Mahal.
The Taj could be shutting down as early as next month. But the Icahn Enterprises majority shareholder is considering providing a bridge loan to the owner of the Taj, according to the New York Post.
If issued, the debtor-in-possession financing would buy Icahn and Trump Entertainment Resorts time to see how their bankruptcy battle with union workers plays out before moving forward with a $100 million rescue package, sources told the Post. But Icahn needs to make a decision by the end of the month – when the company expects to run out of cash.
Icahn has already pumped $286 million into the boardwalk property, making him the casino’s biggest lender.
Either way, Icahn says he won’t back out of a deal he made with Trump Entertainment to acquire the Taj. [NYP] – Christopher Cameron