The Trump Taj Mahal in Atlantic City will not get a name change after a deal was reached between Carl Icahn—who is seeking to acquire the casino through bankruptcy—and Donald Trump.
Trump and daughter Ivanka Trump have sued Trump Entertainment to remove their name from the troubled casino saying the company had not kept the property up and was hurting the brand. Though Trump Entertainment bears his name, Donald Trump only has an about 10 percent interest in the company.
“I am happy to have reached a deal with Carl, someone who I have great respect for both personally and professionally,” Donald Trump said in a press release. “The Trump Taj Mahal, under the right leadership and with the proposed significant reinvestment in the property, can be, once again, a wonderful place for travel and entertainment.”
Icahn is seeking to take over the casino in a protracted bankruptcy fight and has promised to invest $100 million into the property.
Meanwhile, in a court filing in the Trump’s suit, Trump Entertainment said the Trump name is “iconic” and “an invaluable asset and point of differentiation of the company.”
The deal with Icahn allows the Trumps to monitor the hotel and ensure their brand standards are being met. The agreement also calls for Trump Entertainment to pay Trump about $172,000 to satisfy an outstanding ground lease claim.
The case had been stopped in the courts, but a federal judge ruled last month that the Trumps could move forward with their lawsuit in state court. Trump Entertainment Resorts had appealed that decision last week.
Trump Entertainment had already removed Trump signs from the closed Trump Plaza casino and will now move to remove “any and all vestiges” of the name including sports where dust or rust still spell out the name.
The agreement has to be approved by a federal bankruptcy court judge in Delaware.
