The state of New Jersey has approved an agreement that was made in March to see the Trump Taj Mahal be managed by the Tropicana. It was announced early last month that Trump Taj Mahal Associates and Tropicana Entertainment Inc. had begun a management agreement where the successful Tropicana would begin to manage the Taj Mahal.
Casino regulators of New Jersey approved the agreement yesterday, with both companies being subsidiaries of Icahn Enterprises, with no guarantee that Carl Ichan would be investing any money into the Taj. Icahn had planned to take as much as $100 million and spend it on the Taj, but last month stated he would not be doing so if a state referendum would be on the ballot in November. The referendum would be for the addition of two casinos in the norther portion of the state.
Icahn stated last month that it would not be ‘judicious’ to move forward with such investments in the Trump Taj Mahal while gaming in the northern portion of the state is still an open issue. Icahn stated he would be waiting to see the outcome of such proposals before making a final decision.
The Tropicana will be investing around $15 million for what they are calling ‘pressing needs’ within the Taj Mahal. This would include roof issues and repairing as many as 150 guest rooms that have not been in service.