New Jersey

Billionaire Investor Carl Icahn's Tropicana Gets Go Ahead to Manage Trump Taj Mahal

New Jersey casino regulators have approved billionaire Carl Icahn's Tropicana casino to manage his newest Atlantic City casino, the Trump Taj Mahal.

But they did so Wednesday with no guarantee that Icahn will invest the $100 million into the Taj Mahal that he has long promised before a statewide referendum on adding two new casinos in northern New Jersey was authorized for this November.

Icahn has said he won't be able to invest the money into the Taj Mahal if the referendum is approved and there is in-state competition to Atlantic City's casinos.

Tropicana president Tony Rodio says the company will invest $15 million right away to fix pressing needs at the Taj Mahal like leaky roofs and fixing up 150 hotel rooms that have been out of service.

Copyright AP - Associated Press
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