December closure will result in further unemployment
The troubled Trump Taj Mahal Casino Resort in Atlantic City filed court papers Friday advising a December 12 closure date – the fifth AC land casino this year to shut down.
The court filing is a revision to the casino's bankruptcy plan submitted earlier to a court in Delaware during its bitter litigation with employee unions over cost-cutting measures necessary for it to survive.
After winning the initial court case the unions threatened to go on appeal.
Another factor influencing the casino owner's decision has been the failure of the state to meet their appeals for state and local tax breaks to enable he enterprise to stay open.
With the union appealing the court's order that terminated its collective bargaining agreement and the company's pension funding obligations, and New Jersey local and state officials refusing to grant tax concessions, the Taj Mahal's 3,000 workers will be out of employment just before the Christmas holiday season, boosting the unemployment count in Atlantic City this year to 11,000.
Mayor Don Guardian said that he had great sympathy for employees who would lose their jobs, and he wanted them to know that the city had done as much as it could to avert the shutdown.
However, he said, the company was still required to pay its fair share of taxes, like all residents.
Online Casino News Courtesy of Infopowa