The Atlantic City skyline — Courtesy: Casino Reinvestment Development Authority/Bob Krist
By Real Estate NJ
The owner of the shuttered Trump Taj Mahal in Atlantic City is reportedly seeking to give up its gaming license, a move that comes as lawmakers push to impose a five-year suspension on the operator in the wake of the casino’s closure.
Published reports Tuesday said Trump Taj Mahal Associates LLC has notified state gaming regulators of its intention to surrender the license. One of the reports, by The Press of Atlantic City, said the company also has proposed a deed restriction that would prohibit its use as a gaming facility if the property is sold.
The lavish resort closed in October after a long-running stalemate between the management company and the local casino workers union. Billionaire investor Carl Icahn, who now owns the property, reportedly told the Associated Press that the casino is not for sale, despite the deed restriction.
News of the filing emerged Tuesday, the same day that state lawmakers approved legislation that would suspend the gaming license of anyone who shuttered a casino after January 2016. While four other Atlantic City casinos have closed in recent years, the Taj Mahal is the only one to take place within the past year.
The bill is now awaiting action by Gov. Chris Christie.
For more, see Tuesday’s story by The Press of Atlantic City.
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Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.