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Icahn presses casino union to help save the Taj
Billionaire investor Carl Icahn on Friday urged Atlantic City's largest casino workers union to help save the Taj Mahal.
The activist investor tweeted:
The tweet linked to a message on Icahn's website that said:
NOW IS NOT THE TIME TO FIGHT. NOW IS THE TIME TO STOP AND ASK,
WHAT CAN I DO TO HELP SAVE THE TAJ?
The union had no immediate comment on its website, and no one answered the phone at its headquarters before business hours Friday morning.
A judge has terminated union's contract with the bankrupt casino, which employee 3,000 workers. The union, Local 54 of the Unite-HERE, has been fighting attempts to save pensions and health insurance coverage for employees.
Read More Judge voids TajMahal casino union contract
The canceled contract will save Trump Entertainment Resorts (Grey Market: TRMYQ) $14.6 million a year, according to The Associated Press. The company says the cancellation is needed to transfer ownership to Icahn, who plans to invest $100 million into the Taj Mahal.
Trump Entertainment had threatened to close the Taj-the last of the three Atlantic City casinos it once owned-on Nov. 13. But now that it has the union concessions, the company says it will keep it open at least through the end of November.
Read More Taj Mahal casino workers dreading insurance loss
Four other casinos-the Revel, the Trump Plaza, the Showboat and the Atlantic Club-have shut down in the struggling New Jersey resort town this year.
-The Associated Press contributed to this story.
