Atlantic City will be yet another casino short as Carl Icahn files a petition to begin the closure process.
Since 2014, Atlantic City has really been under pressure to do well in regards to the gambling industry. From land based venues to starting online casino and poker game play, the city has to earn revenues to help with the struggling industry. Four casinos shut down that year and now another casino is set to close its doors.
The city has struggled so much so that legislators have thought to try and take over the financial situation of the city. That has yet to take place but still seems to be on the table thus far. For now, other casinos may see a new influx of visitors in the coming months as the Trump Taj Mahal owner has now filed a petition to shut down the venue.
Filing a Petition
To be able to shut down a casino venue in Atlantic City, the owner must file a petition for approval. The New Jersey Division of Gaming Enforcement must be alerted of the plans to close and then give approval before anything can be done. Carl Icahn has now filed such a petition within the DGE and the group has approved the closure of the venue.
The venue will shut down at 6am on October 10th with a slow down set to begin by the end of the month. As many as 1,000 unionized workers have been on strike within the venue for months now, since starting their strike on the first of the month. The group of employees have been trying to force the owner to provide pension and health benefits that were taken away in 2014 after Icahn was granted permission to do so when he assumed ownership, which was done during bankruptcy processes.
Back in August, it was announced that negotiations were taking place within the United Here union had suddenly reached an impasse. The property would be closing on Labor Day. It seemed that Icahn was not going to be willing to give in to any negotiations by the company. However, the venue did not close and since Icahn had yet to file a petition for closure, it was believed by the workers that maybe the venue would not be shutting down.
Specifics of the Shutdown
Despite the month long wait, Icahn has now revealed his plans with specifics in place. Table game operations will begin to stop on the 26th of September with hotel guests being told to check out by the 9th at noon. On the 10th of October, players will have the option to turn in chips and gaming vouchers until 8am which is two hours after the venue will close officially.
If players do not turn in vouchers or chips by this time, the Tropicana will be set up to cash in such items. The Tropicana owns this venue via the Trump Entertainment Resorts and will be creating an area for cashing in.
What Happens Next?
For now, we know that the Trump Taj Mahal will begin to wind down their services starting at the first of the month. Specific details were put in the petition so that the Division of Gaming Enforcement knows just what will take place as the venue closes down. One would imagine that Trump Entertainment Resorts will be pushing to gain the patrons at the Tropicana but customers of the Taj may decide to move on to other gaming venues altogether.
We shall just what happens to Atlantic City in the coming weeks when the casino is shut down and only seven remain in operation.