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US – Taj Mahal up for sale following five-year license suspension

By - 22 December 2016

Billionaire Carl Icahn has put the Taj Mahal in Atlantic City up for sale following new legislation brought in by state lawmakers.

New Jersey legislators have approved a bill that would impose a five-year license suspension for anyone closing down a casino after January 2016. The new law would apply to Carl Icahn who shut Atlantic City’s Trump Taj Mahal casino following strikes by workers.
Operators of the four other casinos that have closed in Atlantic City would be except due to the time restriction on the bill.

The bill has been introduced to stop casino operators from manipulating the licensing system by closing casinos down and then doing nothing with the license.

Mr. Icahn slammed the new bill as ‘another absurd antic by that will hurt Atlantic City.’

Union President Bob McDevitt, of Local 54 of Unite-HERE, who told its members to strike against the Taj Mahal in July, said; “This sends a strong signal that the referendum in 1976 that authorised casino gaming contemplated good jobs with benefits. The Legislature is doing a good job in trying to support that social compact.”
Mr. Icahn shut the casino October 10 following strikes in the August in an attempt to restore health insurance and pension benefits to previous levels.

A source close to him said of a potential sale: “He is in dialogue with operators.”

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