The mayor of Atlantic City has rejected a tax-break plan pitched by the owners of Trump Taj Mahal Casino Resort, the Associated Press reported on Monday.
The rejection of the plan makes it more unlikely that the struggling casino will be bailed out by an $100 million investment from billionaire businessman Carl Icahn.
“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told the AP. “We cannot afford those demands.”
The report said:
The proposal calls for the city reducing the tax assessments of Trump Plaza, which closed on Sept. 16, from $248 million to $40 million and for the Taj Mahal from $1 billion to $300 million.
Trump Entertainment has said that it could close the Taj in mid-November.
