Always unpredictable, Carl Icahn has thrown Trump Entertainment Resorts a lifeline. He’s talking about making a $100 million purchase of the failing property, rolling his $286 million marker into equity … but he’s demanding what are described as “sizeable concessions” from 
both Atlantic City and local Unite-Here. The latter’s Robert McDevitt had earlier stated a preference for dealing with Icahn rather than Trump’s Robert Griffin, but he may change his mind shortly, based on what Icahn demands. If history at the Icahn-owned Tropicana Atlantic City is any guide, similar pension concessions will be demanded at the Trop, rolling the employees into a 401(k) instead of the existing pension plan. “Minus the need to pay $38 million in annual debt service, minus the corporate overhead of Trump Entertainment Resorts Inc. and without the drag of ailing Atlantic City sister Trump Plaza, the Taj Mahal could turn a profit,” reports the Wall Street Journal.
The city will be requested to cut the assessed value of the property, shaving $50 million off the property-tax bill. Icahn drives hard bargains so, depending on his terms and on McDevitt’s willingness to capitulate, the Taj could still go dark in mid-November. TER has contended in the past that it’s just a scheme to funnel customers to the Trop. However, with the Taj, Uncle Carl would have casinos at both ends of the Boardwalk. Besides, Icahn’s is the most “george” bid on an Atlantic City casino we’ve seen in years.
* Looking ahead to the November elections (in which casino-related ballot questions appear in six states), Deutsche Bank analyst Carlo Santarelli sees 
no territorial expansions of gambling. He foresees a proposal to add racinos in Colorado going down to defeat, noting that proponents have been vastly outspent by the opposition, led by Pinnacle Entertainment and Isle of Capri Casinos.
He writes, “new supply will come in the form of one off projects and expansion projects in existing markets, with the exception being in Massachusetts … we expect the Golden Nugget Lake Charles, MGM National Harbor, and the recently opened Horseshoe Baltimore to be the most relevant.”
* As though to vindicate Caesars Entertainment‘s radical decision to close Harrah’s Tunica, the August gaming-revenue figures from Mississippi are out and the northern casinos are down 9%. A 5% gain in revenue from the coastal casinos ameliorated the negative impact, making the state -2% year over year.
