Carl Icahn wants to blow up trump and NJ to pay for it. Billionaire and Tropicana Casino owner CARL ICAHN makes the headline once again for what could be seen by many as a shady deal. If you follow the headlines the name Carl Icahn certainly rings a bell. He’s the former administrator of Trump resorts, Plaza and Taj Mahal. In 2016, Icahn made the headlines for attempting to sell the property from the moment he bought them in bankruptcy court. Today, it seems that Icahn is again in hot water as news surfaces. On November 21, the Casino Reinvestment Development Authority confirmed a preliminary certification of a payment of $5.6 million to Icahn. This payment could help pay the cost of demolition of the imploding towers and of the bridge.
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Where is the money coming from?
According to the same source, the fund would come straight from the 1.25% investment alternative tax. The investment alternative is founded by the mandatory tax on casinos gross gaming revenues. The rumor currently is that Atlantic City could have quietly funded other projects around New Jersey in the same genre. But also that Icahn received this payment thanks to its close friendship to President Trump and Governor Chris Christie. Its important to precise that the agreement took place before the election of Frank Gilliam.
Any more major changes on the landscape of AC in 2018?
We all know that the Taj Mahal is safe! You’re probably aware that the Hard Rock bought the Taj Mahal hotel in 2017. But also, that they’ve already started renovating it. So we should quickly see some glitz and glam around this building and online. If you remember at the beginning of 2017 James Murren CEO and Chairman of MGM Resorts International announced a possible joined venture project between Caesars and MGM on the H-Track. So we think work is likely to begin in 2018 should the company reached an agreement. There’s also been a rumor that MGM is starting a sports bar worth $7 million in anticipation of an imminent change in the NJ legislation. As always we’ll keep you informed of any development on these fronts. So bookmark our site!