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\tPersonal note from Pit Boss. When Nick@Nite and I went in there last week, the place was nearly empty and you can see the dread on the workers faces. It was sad to see all those people that may have been working there for years, worried about what will happen.<\/em><\/p>\n \tThe bankrupt parent company of Trump Taj Mahal says the casino-hotel is still on track to close unless multiple parties \u2014 from workers to lenders to government officials \u2014 make major concessions. No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":" Personal note from Pit Boss. When Nick@Nite and I went in there last week, the place was nearly empty and you can see the dread on the workers faces. It was sad to see all those people that may have…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8083","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8083"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8083\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\tIn recently-filed court papers, Trump Entertainment Resorts said it needs steep givebacks from its main labor union, property-tax relief from Atlantic City, a payout from the state or other goverment authority and a cash infusion from its first-lien lender to avoid closing the Taj on Nov. 13, taking about 2,000 full-time casino-hotel employees with it. The company filed for bankruptcy protection earlier this month.
\n\tTo stay afloat, Trump Entertainment says it needs to stop making health and welfare payments to a union fund and have members of Local 54 of UNITE-HERE obtain coverage through the Affordable Care Act. The company also wants to stop making pension payments and give workers 401(k) plans instead.
\n\tBut those concessions alone aren\u2019t enough to keep the Taj open, the company says.
\n\tTrump Entertainment says it also needs a $25 million contribution from the Casino Reinvestment Development Authority or another government agency to fund capital improvements at the casino-hotel, $100 million in equity capital from the company\u2019s first-lien lender and forgiveness of $288 million in first-lien debt, according to court papers.
\n\tCourt filings suggest the first-lien lender \u2014 companies controlled by investor Carl Icahn \u2014 is open to the plan provided Trump Entertainment obtains the union and government concessions.
\n\tA spokesman for Trump Entertainment declined comment.
\n\tA spokesman for Local 54 did not respond to a request for comment.
\n\tIf the Taj closes, Atlantic City’s stock of casinos will be slashed from 12 to seven this year. Atlantic Club Casino Hotel, Showboat Casino Hotel, Revel Casino-Hotel and Trump Plaza Hotel and Casino all closed earlier this year.<\/p>\n
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