Greek Gambling Reform Coming to a Dead End [...]
Taj Mahal Doesn’t Want Trump’s Name Taken Off
- October 22, 2014 By Oliver Young -
Atlantic City’s Trump Taj Mahal Resort Casino has to meet a list of many demands if it doesn’t want to close its doors next month. One if the most successful businessmen in the US, Donald Trump, sued the casino at the beginning of August this year and wants his name taken off of it. Trump Plaza and Trump Taj Mahal were once owned by Donald Trump, but the infamous celebrity said that his family business is suffering and the image of his brand has been damaged because of this situation.
However, Trump Taj Mahal refused to have the name of Trump taken off of the casino and argued that a lawsuit from Donald Trump at this moment will further damage the bankruptcy process of Trump Entertainment, the parent company of the casino, of which Tramp reportedly still owns a small percentage.
The Licensing Deal Can Be Terminated
Last Monday Ivanka Trump, the daughter of Donald Trump, said that the company running the casino didn’t live up to the standards that they had originally agreed upon and that the licensing deal can be ended.
Trump argues that the bankruptcy of the casino is hurting his brand, but the casino says that there is no actual evidence that the Trump family and the brand have been actually hurt by still having their name on the casino.
According to Trump Entertainment those that are in debt face many challenges and “the last thing these chapter 11 cases can afford is the significant expense, distraction and uncertainty of state court litigation over whether the debtors can preserve the very name under which they do business.”
Workers Left in the Cold
A week ago, a federal bankruptcy judge in Delaware ruled in favor of Trump Taj Mahal and voided the casino’s contact with the union of workers. This means that about 3,000 people will be left without health insurance and other important benefits. In addition, the casino is currently looking for help from working families to help it get back its operations. Associated Press reported that Trump Taj Mahal wants $175 million from the state and local government to help it stay afloat before multi- millionaire Carl Icahn buys the property and bails it out. If the casino doesn’t get what it wants, it will probably close down on November 13, 2014.
Trump’s name was taken off from Trump Plaza last month by Trump Entertainment. However, the company wants to keep Taj open. That is why it is fighting for the name.
“We do want to keep Taj Mahal open and to provide our loyal customers with first class gaming experience. We can also safe about 3,000 jobs in this very difficult Atlantic City economy,” said the CEO of Trump Entertainment Robert Griffin.
If Taj Mahal indeed closes, Atlantic City will only have seven casinos running by the end of 2014. New Jersey state officials provided help to Revel Casino, one of the most expensive casinos in Atlantic City. Revel was recently bought for $110 million which is nothing compared to the $2.4 billion it cost to build.