ATLANTIC CITY - The Donald Trump name will stay in Atlantic City.

Billionaire Carl Icahn reached an agreement Monday with Trump to allow his name to remain on the Trump Taj Mahal Casino.

Trump and daughter Ivanka had sued the owner of the casino, seeking to strip their name from it. The casino is being acquired by Icahn, who has put up $20 million to keep it going through bankruptcy proceedings.

The casino's owner, Trump Entertainment Resorts, which Donald Trump once ran, said in the court filing Monday that the Trump name is "iconic" and "an invaluable asset."

Icahn said he has known Trump for years and respects the brand he built.

"I hope to be able to restore the Trump Taj Mahal to its former glory," Icahn said in a statement.