The closure of the Trump Taj Mahal casino is looking more
and more like a reality. On Friday, the casino issued WARN notices for 3,101
employees at the Atlantic City facility. It says the casino could close Nov.
13.
Once the crown jewel of Atlantic City, the Taj Mahal now
faces serious financial struggles and is asking for union concessions. Trump
Entertainment filed for bankruptcy earlier this week and says it will be forced
to close the Taj Mahal if it can't reduce its debt or get unions to agree to
new terms.
Trump Entertainment, the casino's parent company, also
disclosed in WARN notices that eight workers are in danger of losing their jobs
Nov. 13.
The company got a much-needed injection of working
capital when a bankruptcy judge granted it the ability to continue operations
by using money owed to billionaire Carl Icahn, the company's sole secured
lender.
Trump Entertainment has asked unions to give up their
health care plans in favor of a $2,000 credit that could go toward health care
costs. It also asked union workers to substitute pensions for 401(k) plans.
If the Taj Mahal closes, it would be the fifth casino
closure in Atlantic City this year.
Source: Philadelphia
Business Journal
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