Trump Name Stays With Taj Mahal Casino After Deal With Icahn

(RTTNews) - Billionaire investor Donald Trump has reached a deal with peer Carl Icahn to retain his name on the troubled Trump Taj Mahal Casino in Atlantic City, according to reports.

Trump Taj Mahal casino would exit bankruptcy without a name change, in a deal revealed by the investors in a bankruptcy court.

The Trump Taj Mahal casino is owned by Trump Entertainment Resorts, a company not owned by Donald Trump, but bears his name owing to his past association with the casino. The casino is being acquired by Icahn, who had invested $20 million in its operations amid bankruptcy proceedings.

Trump and his daughter Ivanka filed a lawsuit against Trump Entertainment Resorts to prevent it from removing his name.

The Trumps said that under Trump Entertainment, the two Atlantic City casinos fell into disrepair, thereby damaging their personal brand. The deal with Icahn would ensure that the company retain its rights to monitor the hotel to make sure it's brought up to their standards.

Last November, Trump Entertainment Resorts said it would shut down if a local New Jersey union stopped pursuing an appeal of a court-ordered cost savings program.

In December, just days before possible closure of the casino, the sides reached a deal, and concomitantly, Icahn saying he would pay $20 million to acquire Trump Entertainment Resorts. Icahn's acquisition of the casino involves a debt swap deal.