One day after the head of Trump Entertainment Resorts implored Carl Icahn to keep Atlantic City's Trump Taj Mahal casino hotel open, the billionaire agreed Wednesday to do so, the New York Post reported.
"The state, city, and the union have all abandoned us," Bob Griffin, Trump Entertainment's CEO, wrote to Icahn Tuesday. "You are our last hope to find a solution that will keep the Taj open and save these 3,000 jobs."
Icahn, who intends to take over the company, agreed to nearly all of the demands of Unite Here Local 54, the Post reported, citing sources close to the negotiations.
The union was expected to formalize a deal with management by Thursday morning, the paper reported.
Without an agreement, the Taj Mahal was scheduled to close at 5:59 a.m. Saturday. It would have become the fifth of Atlantic City's 12 casinos to close this year.
Griffin said the bankrupt casino is losing $10 million a month.
A financial assistance package for Atlantic City's eight casinos and the city's municipal finances is making its way through the state legislature. It would let casinos make reduced payments in lieu of taxes (PILOT) for 15 years, help pay down Atlantic City's debt, and prohibit the casino tax appeals that have wreaked havoc with city finances in recent years.
Assemblyman Chris Brown (R., Atlantic) introduced a proposal Wednesday that would eliminate the PILOT program while freezing Atlantic City taxes for five years at 2014 levels on all taxable property, including casinos.