By John Kapetaneas
@JohnKapetaneas
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Dec 19, 2014 7:58am
Morning Money Memo …
"Atlantic City will not witness the shutdown of another of its famed casinos … for now. Despite failing to negotiate on a $100 million settlement deal to save the floundering boardwalk fixture, billionaire investor Carl Icahn assured Taj Mahal employees that they could keep the lights on, as he committed a $20 million investment to keep the casino operational throughout its bankruptcy proceedings. The casino was slated to shut down at 6 a.m EST on Saturday. In an open letter to Trump Entertainment Resorts CEO Bob Griffin, Icahn proclaimed that he took “great pride in [his] ability to successfully rebuild failing businesses,” while subsequently calling the casino operator “one of the most distressed companies I have ever come across in my 50+ years of investing.” Ultimately, while a wider deal could not be reached to save the casino, Icahn committed in his letter to work with the union and the state-local government on a new deal, but made no assertions that such a deal was formally in the works."