Trump Taj Mahal Set to Officially Close Next Month

US gambling laws - GamingZion

The iconic casino and entertainment center is preparing to finally close its doors to the public, after the necessary papers were signed last Friday.

The decision was made to close down the business after it didn’t receive the sought after state incentives and couldn’t find any serious investors, despite there being numerous rumors of a possible takeover by some distinguished parties. Gambling news reports that following the signing of the court documents on Friday, the casino will become the fifth out of 12 establishments in Atlantic City to cease its operations.

The revised reorganization plan was filed in Delaware bankruptcy court, where the representatives of the Trump Entertainment Resorts stated that its board has issued a green light to shut down the long-standing casino by December 12th. The organization has threatened to close by that specific date if the union didn’t retract their appeal of the now infamous court-ordered cast-savings plan.

The date for closure is approaching fast unless some new developments emerge

• Taj Mahal set to close by December 12th

• 3,000 workers are about ot lose their jobs die to the casino’s closing

• Casino investor Carl Icahn previously planned to invest $100 million into Taj Mahal

Although the owners of the casino tried to circumvent the casino’s closing by reaching out for help, they were still unable to find the means to achieve that aim. The local government was asked for help by providing the necessary state tax breaks, however they couldn’t reach an agreement that would have benefitted both of the parties involved. This helped speed up the process which eventually lead to the Taj Mahal receiving a closing date of December 12.

Trump Entertainment Resorts told the New Jersey Division of Gaming Enforcement how it plans to wind down the scale of operations of the Taj Mahal and to finally close it on or around the specified date, according to US mobile betting sites. Attorneys representing the firm issued a statement indicating the intentions of the debtors. “The debtors have initiated appropriate steps to cease operations at the Taj Mahal consistent with that time frame.”

When the company leaders were sought for an answer by the media, they didn’t appear willing to provide their views on the current heated matter. The prospects now look bleak for everyone involved in the once lucrative business in Atlantic City. However, the workers of the casino are the ones set to suffer the most as the industry does not seem to be getting any better and will therefore result in them finding it difficult to land other similar employment.

Many people will become unemployed because of the casino’s closure

The union is still involved in a process of appealing a bankruptcy court order which is in effect terminating its collective bargaining deal and the firm’s pension funding obligations. In addition, the fact that New Jersey officials are granting to hand over the all-important tax breaks does not spell anything good for all the parties in the near future. As a result of all these problems, the Taj Mahal is preparing to let go of around 3,000 workers.

Many of these employees who have enjoyed certain periods of prosperity with the Taj Mahal, will now be joining around 8,000 other casino workers who have also suffered job losses due to the dire economic conditions in Atlantic City. Since the year has started there have been no positive developments, but has only seen more and more people become unemployed.

Mayor Don Guardian expressed his sympathies with all the people who are suffering because of the current situation, but that the Trump Entertainment Resorts must be held accountable to US gambling laws like everyone else. He said, “I want them to know that the city of Atlantic City did everything they could to help keep the Trump Taj Mahal open. However (the company and its officials) still must pay their fair share of taxes, just like our residents do.”

Carl Icahn was previously touted as the potential new owner of the Taj Mahal

The firm that is charge of the Taj Mahal was previously linked with selling the casino to billionaire investor Carl Icahn, who has a great deal of experience in buying and successfully managing numerous gaming centers. He was willing to buy Taj Mahal and invest $100 million into the property, but only if the casino would was able to get $175 million on state and local tax breaks. However, now that deal may be compromised.

President of the Local 54 of the Unite-HERE casino workers union, Bob McDevitt, commented on Icahn’s proposed move for the establishment. “We are all waiting for Mr. Icahn to step up and become part of the solution and stop pointing fingers, threatening and demanding. For once maybe he could do the right thing instead of trying to bully everyone.”

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