\nWayne Parry, Associated Press <\/p>\n
\tATLANTIC CITY, N.J. (AP) \u2013 Trump Entertainment Resorts says it is closing its newest hotel tower and is no longer issuing credit as it prepares for a Dec. 12 shutdown of the Taj Mahal, its lone remaining casino.<\/p>\n
\tThe company filed a petition last week with the state Division of Gaming Enforcement asking for formal permission to close the casino. The company said it was taking two actions effective Monday, the day the filing was made public: closing the Chairman Tower, the newer of its two hotel towers, and halting the issuance of credit.<\/p>\n
\tThe division has not acted on the petition, a spokeswoman said.<\/p>\n
\tCompany officials did not respond to requests for comment Monday afternoon.<\/p>\n
\tTrump Entertainment has been in talks with its union and state officials on ways to save the casino and its 3,000 jobs. They hinge on the union withdrawing its appeal of a court-ordered cost-cutting plan that terminated the contract with Local 54 of the Unite-HERE union, freeing the company from costly health insurance and pension costs.<\/p>\n
\tThe company has since offered to resume health care coverage for its workers for the next two years, and contribute to a new pension plan the union had indicated its willingness to accept.<\/p>\n
\tTrump Entertainment intends to hand itself over to billionaire investor Carl Icahn, who would cancel the $286 million in company debts he owns in return for ownership of Trump Entertainment. Icahn would invest $100 million into the Taj Mahal, but only if he can get significant state and local tax breaks \u2013 requests that thus far have been rejected at every level of government.<\/p>\n
\tLast week, the company said it had made significant progress in talks with state officials, but did not specify what if any assistance might be in the offing.<\/p>\n
\tThe shutdown petition says the Taj Mahal will close at 5:59 a.m. on Dec. 12, and the final hotel guests have until noon that day to check out. Cars have to be out of the garage by 5 that evening.<\/p>\n
\tThe company also says in the petition it has notified its bars and restaurants that they must prepare \u201cwind-down plans\u201d but has not yet heard back from them. They include the Scores gentlemen\u2019s club; Il Mulino; Trattoria; Sbarro\u2019s; Hard Rock Cafe; and Royal Albert\u2019s.<\/p>\n
\tThe main casino cash cage will remain open until 8 a.m. Dec. 12 to let patrons cash in their final winnings. Slot tickets, marker redemptions and other cage transactions can be made for 30 days after the casino closing.<\/p>\n
\tDonald Trump, who used to control the company, now has only a 10 percent ownership stake.<\/p>\n
\t___<\/p>\n
Posted by:<\/strong> Dr Crapology on December 3, 2014, 3:08 pm<\/p>\n \tHopefully this will allow the remaining casinos to be both competitive and profitable. <\/p>\n \tDoc<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Wayne Parry, Associated Press ATLANTIC CITY, N.J. (AP) \u2013 Trump Entertainment Resorts says it is closing its newest hotel tower and is no longer issuing credit as it prepares for a Dec. 12 shutdown of the Taj Mahal, its lone…<\/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-8376","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\/8376","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=8376"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8376\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}