Icahn, who is poised to buy the Trump Taj Mahal casino-hotel, is ponying up $20 million so it can remain open while bankruptcy proceedings play out.
Judge Gloria Burns has granted a request by Revel Entertainment to cancel the $110-million sale to Toronto-based Brookfield Asset Management.
Straub had offered $95 million for the Atlantic City property. A hearing is scheduled for Friday to consider the motion.
The owners of Atlantic City’s Trump Taj Mahal have pushed back the scheduled closing date for the casino.
“Maybe another newspaper? I don’t know. We’ll deal with that next week,” said Bart Blatstein, who had hoped to put a casino in the former Inquirer building on North Broad Street.
LIVE! Hotel & Casino received the second casino license in Philadelphia.
“Anyone with common sense sees that the gaming industry has changed wholly over this last year,” said councilman John McBlain.
The Pennsylvania Gaming Control Board has called a special meeting for November 18th to announce who, if anyone, will get the second casino license in the city of Philadelphia.
Early next month, gamblers who want to try their hand at poker will be able to have a seat inside Philadelphia’s first poker room.
Judge Kevin Gross is being asked by billionaire investor Carl Icahn, who holds most of the Taj Mahal’s debt, to dissolve union contracts and pension plans as one condition of taking over the place and keeping it running.
This time, New Jersey lawmakers see a loophole, planning to partially repeal the state ban and allow casinos and racetracks to proceed without regulation.
Florida developer Glenn Straub, the only other major bidder in the auction, complained that the auction process, in its final hours, was rigged against him.
A Canadian asset management company that won a bankruptcy court auction for the failed Revel casino hotel in Atlantic City plans to reopen it as a casino.
Atlantic City mayor Don Guardian discussed his long-term goals for the shore town that has been wracked over the past few weeks by consolidation in the casino industry.
As expected, workers at the Trump Taj Mahal casino-hotel in Atlantic City have received formal warning that their jobs may be gone by mid-November.