Billionaire Carl Icahn is considering spending $100 million to save the Trump Taj Mahal casino in Atlantic City from closing, but the offer comes with considerable strings attached. Icahn is willing to consider the bailout "if and only if" he gets big givebacks from the casino workers' union, steep tax breaks from Atlantic City and the county, and $25 million in funds from a New Jersey agency.
In a filing to a bankruptcy court, the Taj Mahal's parent company, Trump Entertainment Resorts, presented a letter from Icahn's attorney saying the billionaire would consider bailing out the casino if the debt he owns in it were converted to equity that would give him ownership. Icahn, who bought Atlantic City's Tropicana in 2010 in a similar manner, wants the city to drastically reduce the Taj's taxes, the union to give up pension and health insurance, and a state redevelopment agency to provide the $25 million.