Icahn: I lost almost $100M on Taj Mahal casino

Posted at 8:05 PM, Aug 04, 2016
and last updated 2016-08-04 20:05:50-04

Billionaire Carl Icahn says he lost nearly $100 million on his takeover of Atlantic City's Trump Taj Mahal casino.

Icahn decided Wednesday to close the struggling casino after Labor Day.

It has been the target of a strike by Atlantic City's main casino workers' union since July 1.

Icahn says the Taj Mahal is a business, not a charity, and his company's board does not want to put good money after bad in a venture that loses millions of dollars a month.

Atlantic City will have seven casinos after the Taj Mahal closes.