Billionaire Carl Icahn is considering spending $100 million to save the Trump Taj Mahal casino from closing.

However, Icahn's proposal is contingent on big givebacks from a local union, steep tax breaks from Atlantic City, and $25 million in funds from a state agency.

In a filing to a bankruptcy court, the Taj Mahal's parent company, Trump Entertainment Resorts, presented a letter from Icahn's attorney saying the billionaire would consider bailing out the casino if the debt he owns in it were converted to equity that would give him ownership.

Icahn, who bought Tropicana several years ago in a similar manner, wants the city to drastically reduce the Taj's taxes, the union to give up pension and health insurance, and a state redevelopment agency to provide $25 million.