Atlantic City's Trump Taj Mahal Casino exited bankruptcy this week and had its ownership transferred to billionaire Carl Icahn, who had been financing the casino since it filed for bankruptcy in 2014.
Icahn is getting a pretty good deal, purchasing the casino at a discounted price and winning a court case that saw the dissolution of pension and health insurance benefits for the casino's employees. The case was a major sticking point for Icahn, who said that he would abandon the casino should the benefits remain in place.
Although the casino holds his name, businessman Donald Trump will not hold any equity in the Taj Mahal. Trump had held a 10% stake in the company in return for licensing his name after he sold his ownership of the site in 2009.
Commenting on the matter Mr. Icahn said, "Although both Atlantic City and the Taj have had a few tough years, today marks the beginning of the turnaround. Just a few years ago, Tropicana was in bankruptcy and its fate uncertain, but since emerging in 2010, we have turned that property around and it has become one of Atlantic City's few success stories. I am confident we can and will do the same for the Taj."
Trump Entertainment CEO Mike Mellon added: "The company and its employees are excited to have weathered through these tough times and look forward to the return of Trump Taj Mahal to its prominent position in the Atlantic City market."