Trump Taj Mahal To Stay Open For Now, But What About Bally’s?
Along the boardwalk, the owners of Trump Taj Mahal say that casino will stay open through a threatened November 13th closing date. Over on the marina side of town at a press conference, questions arose about the long term future of Bally's.
Trump Entertainment Resorts is dropping its threat to close the Taj Mahal casino on November 13th, however the company said it still cannot guarantee the Taj Mahal won't close by the end of the year. Trump Entertainment has been pursuing a long-shot rescue plan to re-finance the company and transfer ownership to billionaire Carl Icahn, but the plan hinges on getting $175 million in state assistance that state Senate President Steve Sweeney has already ruled out. Last Friday a bankruptcy judge granted the company's request to terminate health care coverage and pension contributions for the Taj Mahal's 3,000 workers. The company said it would have closed the casino in a couple weeks had the ruling gone against it.
Meanwhile, the CEO of Caesars Entertainment said a new $125 million meeting center his company is building will help Atlantic City, but he then refused to say whether his company is done closing casinos here. Gary Loveman seemed to put Bally's on notice when he said, "The challenge in Atlantic City is not simply revenue but cost. Given the balance of revenue we enjoy at Bally's, we need to make money there." When asked if Caesars Entertainment might close another property, he said, "I can't comment on something that might happen in one to five years."