Taj Mahal Gets to Keep Trump Name

Donald Trump and his daughter Ivanka have agreed to drop the lawsuit which would remove their name from the troubled casino after they had reached the deal with Carl Icahn, a billionaire investor. Under the agreement, Taj Mahal can keep its name as long as it operates as a casino The Wall Street Journal reported.

Even though the Trump family claimed that they don’t want to be related to the property and Atlantic City, Icahn and Trump managed to reach an agreement that will see the Trump name stay on the casino. Donald expressed his satisfaction due to the reached deal, explaining that Icahn is someone who he respects both privately and professionally.

Carl Icahn, American businessman, activist shareholder and investor, is one of the company’s biggest lenders and he is acquiring the casino in return for the debt owed to him.

Taj Mahal received $20m from Icahn to continue with the business through the bankruptcy process and it was estimated that amount should be enough cash to keep it open through the end of 2015. Trump no longer runs or controls Taj Mahal even though he still has 10 percent stake in the company. He made it clear that he is not related to casinos or Atlantic City and explained that two Trump Entertainment casinos in need of restitution certainly damaged the Trump brand.

Atlantic City has lost Trump Plaza on September 16th in 2014 and Donald Trump filed a lawsuit after Plaza closed, seeking to have his name removed from the resort. The Trump Entertainment Resorts have removed Trump name from most of the Plaza but his name is outlined in dirt or rust in many spots.

Even though he doesn't have much to do with the Taj Mahal any more, he still believes that with the right leadership, it can be once again a wonderful resort to visit.

Taj Mahal, built at the total cost of nearly $1 billion has opened in 1990 with Michael Jackson performing during the ceremony and it was the largest casino in the city until the opening of Borgata in 2003. Taj filed for the bankruptcy on September 10 2014 and even set the date of closing but Icahn put in efforts to help with the bankruptcy.

Maybe wealthy businessman will be able to restore the Trump Taj Mahal to its former glory even though the future of the troubled casino is currently hanging in the balance.

Photos: nerdpoker.com, hollywoodreporter