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Icahn Helps Save Trump With $20M Loan

National Hotel
Icahn Helps Save Trump With $20M Loan

Billionaire Carl Icahn will loan $20M to the Trump Taj Mahal in Atlantic City to keep the hotel and casino from going out of business. The Taj Mahal announced last month during a labor dispute that it would close on December 12. The financier and activist investor expects his cash infusion to keep the Taj Mahal open until the summer, the New York Post reported.

Icahn's move will save about 3,000 jobs at the struggling casino as Atlantic City continues to be buffeted by changing gambling patterns and other woes. However, it will leave union workers without health or pension benefits after Icahn walked out of talks with union negotiators late last week.