Taj Mahal casino out of bankruptcy, into Icahn’s hands

ATLANTIC CITY, N.J. (AP) — Atlantic City’s Trump Taj Mahal casino emerged from bankruptcy Friday and was taken over by billionaire investor Carl Icahn, who now owns two of the city’s largest casinos.

Trump Entertainment Resorts exited from Chapter 11 protection and became a wholly owned subsidiary of Icahn Enterprises LP.

The move also extinguished the last remaining 10 percent ownership stake of Republican presidential candidate Donald Trump in the casino company, even though the Trump Taj Mahal will continue to bear his name.

Icahn has been keeping the casino afloat since it filed for bankruptcy in Sept. 2014.

He recently won a key court ruling upholding the company’s elimination of health insurance and pension benefits for unionized workers.

Icahn also owns Atlantic City’s Tropicana casino.