Sep 29, 2014 3:30 PM
AP: Mayor nixes tax break for Taj Mahal casino
The Associated Press
ATLANTIC CITY, N.J. (AP) Atlantic City's mayor says he can't offer massive tax breaks that the owner of the Trump Taj Mahal and would-be owner Carl Icahn are demanding to keep the casino open.
Mayor Don Guardian tells The Associated Press that the city's finances are too stressed to grant the request.
Billionaire Icahn is considering spending $100 million to save the Taj Mahal casino from closing.
But the offer comes with considerable strings attached: Icahn is willing to consider the bailout "if and only if" he gets big givebacks from the casino workers' union, steep tax breaks from Atlantic City and county, and $25 million in funds from a New Jersey agency.
Trump Entertainment Resorts is threatening to close the Taj Mahal in November without major concessions and additional financing.