The Taj Mahal casino in Atlantic City will be able to continue to operate under the Trump name.
Donald Trump and his daughter Ivanka are dropping a lawsuit in which they were trying to remove their name from the troubled casino after reaching a settlement with billionaire investor Carl Icahn, according to the Wall Street Journal. Under the agreement, the Trump Taj Mahal can keep its name as long as it operates as a casino.
The Taj had initially been scheduled to close in December 2014 after Trump Entertainment Resorts, the company Donald Trump launched to run his (now mostly crumbled) Atlantic City gambling empire, filed for bankruptcy. Trump no longer owns or manages Trump Entertainment Resorts, but still has a 10 percent stake in the company. Icahn, who is also the company’s biggest lender, is acquiring the casino in return for the debt he holds.
The Trumps claimed in a lawsuit that they filed last year, that the bankrupt casino wasn’t good enough for the brand name after having fallen into disrepair, according to the newspaper. [WSJ] — Claire Moses