Taj Mahal casino in Atlantic City can keep Trump name

Donald and Ivanka Trump reached a deal with billionaire investor Carl Icahn in bankruptcy court

TRD New York /
Mar.March 10, 2015 08:35 AM

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

 
 
 

Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
Gov. Andrew Cuomo with Judge Lawrence Marks and Judge Daniele Chinea (Getty, Linkedin, iStock)

Flip-flop on eviction ban extension highlights state’s chaotic response

Flip-flop on eviction ban extension highlights state’s chaotic response
Eviction filings have fallen in several major cities after a second federal eviction moratorium came into effect early September. (iStock)

Eviction filings fall after Trump moratorium: study

Eviction filings fall after Trump moratorium: study
From left: Joe Biden, Starwood Capital's Barry Sternlicht, Blackstone's Stephen Schwarzman and Donald Trump (Getty; iStock)

Where real estate’s investment giants stand on Biden vs. Trump

Where real estate’s investment giants stand on Biden vs. Trump
President Donald Trump and HUD Secretary Ben Carson (Getty; iStock)

Trump’s fair housing repeal roils multifamily developers

Trump’s fair housing repeal roils multifamily developers
New York Attorney General Letitia James and President Donald Trump (Getty)

NY AG sues Trump for favoring projects over environment

NY AG sues Trump for favoring projects over environment
Trump’s crackdown on TikTok and WeChat could further chill Chinese investment in U.S. real estate.

TikTok, Clarice: Why the government’s moves against Chinese firms could hurt real estate

TikTok, Clarice: Why the government’s moves against Chinese firms could hurt real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...