New Jersey Passes Casino License Bill Targeting Trump Taj Mahal Owner

[toc]New Jersey’s legislature passed a bill on Monday that could stop possible maneuvering by Carl Icahn to reopen the shuttered Trump Taj Mahal.

The latest on the NJ casino bill

The NJ Assembly approved a bill regarding casinos that close in Atlantic City, preventing them from reopening within five years while still retaining their casino license.

Here is the summary of S2575:

Disqualifies casino license applicant for five-year period if person substantially closed casino property in State; revokes license; reinstates license eligibility under certain circumstances.

The bill passed the Assembly 60-17. It passed the Senate 29-6 in October. The bill still needs to be approved by Gov. Chris. Christie.

Impact on Trump Taj Mahal

The bill is aimed squarely at the Trump Taj Mahal, which closed its doors in October amid a labor dispute.

The bill applies only to casinos that closed this year or later; a total of five casinos have closed in AC since 2014. The city is undergoing a state takeover as it deals with financial issues resulting from a loss of casino revenue.

The legislation is aimed at a possible attempt by the Taj Mahal to be reopened by billionaire owner Icahn without having to negotiate with the resort’s unionized casino workers.

The bill, if enacted into law, would force the property either to stay closed or reopen with union workers.

A fight in court for NJ?

Icahn seems poised to fight if the bill is enacted; here is more on the legislation from the Associated Press:

He says the bill is unconstitutional, would discourage investment in Atlantic City, and make it virtually impossible to reopen the casino should he decide to do so in the future.

Some Trump Taj Mahal executives have already been picked up by the former Revel Casino. It will be called TEN Atlantic City, if and when it reopens.

Revenue for AC casinos was down in November without the Taj Mahal, but is up when only current casino operators are considered.

Image credit: Jon Bilous / Shutterstock.com

About the Author

Warren Jones

Aside from his role as editor at LegalSportsReport.com, Warren Jones writes extensively about the legal online gaming and US online poker industries, having played poker recreationally for his entire adult life. He has also covered sports for The Washington Post and the D.C. Examiner, among others.