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Business

Icahn lending $20M to Trump Taj Mahal to avoid shutdown

By
Josh Kosman
Published Dec. 18, 2014, 4:10 p.m. ET

Carl Icahn said he is lending the bankrupt Trump Taj Mahal $20 million to save it from shutting down Saturday.

That saves 3,000 jobs, for now.

On Thursday, the billionaire backed out of an earlier negotiated four-year deal with the Atlantic City casino’s main union and its workers.

The union workers, who have been without a contract since Sept. 15, will now have no company health care or pension benefits, sources said.

Icahn believes the $20 million cash infusion will give the Taj enough money to operate until summer.

By then a Delaware appeals court should rule whether a lower court ruling giving Icahn the right to toss the expired collective bargaining agreement stands.

The shareholder activist on Wednesday orally agreed to give Unite Here Local 54 most of the benefits it sought, including reinstating work rules making it hard for him to outsource.

But Icahn, who spent Wednesday evening hosting his company’s annual holiday party, largely left the talks to his lawyers and did not crunch the numbers until Thursday morning, sources said.

He then concluded the Taj would go bankrupt again within a year without the cuts and promised state tax breaks.

“Carl woke up and changed his mind,” a source said.

Unite Here Local 54 president Bob McDevitt said, “We thought that we had come to an agreement with all parties that would resolve all of the issues with the Taj Mahal.”

“We signed it, and the Trump CEO signed as well,” the union boss said. “At noon [Thursday], we were told that Carl Icahn had gone back on his commitment and would not enter into the agreement.”

Icahn said in a Thursday letter to bankrupt parent company Trump Entertainment he would still “commit to work collaboratively with the State, the City and the Union to try to forge a global settlement that will bring real stability to the Taj and its employees.”

Separately, Unite Here will be negotiating soon with four of Atlantic City’s seven other casinos, all of whose union contracts expire March 15.

Icahn hopes the casinos will band together and win concessions the union was not willing to make to keep the Taj open, a source said.

Four of Atlantic City’s 12 casinos closed this year.

Presently, Icahn owns all the $292 million of senior loans in Trump Entertainment, which also includes the closed Trump Plaza Hotel and Casino.

Part of the Unite deal that Icahn rejected would have forced the Taj in its next union contract to abide by contracts signed with other Atlantic City casinos in a “me too” scenario.

“There is no way that $20 million will last a couple months with no business,” a skeptical Taj non-union worker said.