American investor Carl Icahn has taken control of the Trump Taj Mahal in Atlantic City this week following a ruling in a Delaware Bankruptcy court.
Icahn was the primary creditor of the casino, as the property owes him more than $290 million. His efforts have kept the casino open during its Chapter 11 bankruptcy proceedings. The casino's current plan to exit bankruptcy includes allowing Icahn to convert the debt owed to him to shares in the company.
Moving forward Icahn said that he plans to renovate the Taj Mahal, updating the interior and features of the properties. He has pledged more than $82.5 million in cash to help complete the bankruptcy process.
The ruling could still face hurdles though, as a labor union still could appeal the bankruptcy court's ruling and Icahn could lose control of the casino.
Casino Listings will update this story as more developments arise.