Investing.com -- Billionaires Donald Trump and Carl Icahn reached a deal on Monday to keep the Trump name on the famed Taj Mahal casino in Atlantic City.
Trump along with his daughter Ivanka filed a lawsuit against the entertainment company which owned the casino to prevent it from removing the billionaire's iconic name. Icahn, the billionaire investor, has spent $20 million to keep the casino in operation during its bankruptcy proceedings.
"I am happy to have reached a deal with Carl, someone who I have great respect for both personally and professionally," Donald Trump said in a statement. "The Trump Taj Mahal, under the right leadership and with the proposed significant reinvestment in the property, can be, once again, a wonderful place for travel and entertainment."
Last November, Trump Entertainment Resorts (a company that Donald Trump does not own but still bears his name) announced it would shut its doors if Unite Here Local 54, a local New Jersey union, did not drop its appeal of a court-ordered cost savings program. Weeks later, the sides reached a deal on December 18 – two days before a deadline imposed by the entertainment company that would have closed the casino. On the same day, Icahn helped keep the casino afloat by announcing he would pay $20 million to acquire Trump Entertainment Resorts.
The casino opened in 1990, after Trump settled a prolonged battle with Merv Griffin for the Atlantic City property.