The future of the Trump Taj Mahal appears stable, at least for the next year. This past weekend, Carl Icahn agreed to provide $20 million in financing to keep the Trump Taj Mahal operational during bankruptcy. The casino was scheduled to close on December 20.
When the deal was announced, parties failed to reveal how long the financing would keep the property open. According to a report in Reuters, the financing package could keep the Taj Mahal open for the next year. The downside is that if the package fails to get the casino out of bankruptcy, there may not be a backup plan.
Heading into December, the future of the Trump Taj Mahal looked bleak. Trump Entertainment had less than two months of cash on hand and Icahn was unable to get any assistance in keeping the casino open. Now the company has pulled off a Christmas miracle and will keep the casino open for the next year.
The future of the Trump Taj is in the hands of the bankruptcy court. According to the Reuters report, should the financing be approved by January 9, the casino will likely stay open through the winter until business picks up in the summer.