New Jersey gaming regulators have approved billionaire Carl Icahn’s takeover of Atlantic City’s Trump Taj Mahal casino.

On Wednesday, the state Casino Control Commission approved Icahn’s plan to rescue the Taj Mahal from bankruptcy court. Icahn, who held $292m of the property’s debt, reached a deal with Taj creditors in February that gave him control of the company. Having already thrown the Taj a $20m lifeline in December, Icahn has promised to spend a lot more whipping the Taj back into shape.

Icahn also controls the Tropicana Casino, giving him one-quarter of AC’s downsized market. But the Taj ranks near the bottom in terms of revenue generation. Trump Entertainment CEO Robert Griffin told the Associated Press that the property could use a $40m makeover, if only to counter the perception that the Taj was living on borrowed time

The Taj still needs to resolve its longstanding dispute with its unionized workers, who are understandably still a bit miffed about the scrapping of their beloved pension and benefit schemes. A federal appeals court is currently weighing whether to restore the benefit plans, leaving the Taj still officially mired in the Chapter 11 file.