Trump Entertainment Resorts, which operates the struggling Trump Taj Mahal casino and hotel in Atlantic City, New Jersey, emerged from bankruptcy and was taken over by billionaire investor Carl Icahn.
The 2,000-room casino-hotel will continue to bear the name of the billionaire presidential candidate, but Donald Trump will no longer have a 10% stake in the resort company, according to the Associated Press.
The operator, which also owned the shuttered Trump Plaza Hotel & Casino in Atlantic City, filed for bankruptcy protection in 2014 amid a decline in revenues and disputes with its unionized casino workers.
Icahn has talked about investing up to US$100 million in the casino, following an approach he took with the Tropicana, another struggling Atlantic City casino that he took over and now calls a “success story.”