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Billionaire Carl Icahn must really want to get his hands on Donald Trump's Atlantic City casinos, he's upped the amount of money he is willing to spend to win. Last month I mentioned that Icahn joined banker Andy Beal in his battle against Donald Trump and a group of noteholders led by Marc Lasry. Icahn made a deal to buy a majority of the outstanding first-lien bank debt from Beal, who holds $486 million in liens on the casinos. Now according to a statement filed in U.S. Bankruptcy Court, Icahn Partners has agreed to spend another $125 million to prop up Trump Plaza Hotel and Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel Casino.Trump Entertainment filed for Chapter 11 protection last February but had been struggling for far longer. Icahn must really believe that the Trump casinos are a smart bet in the long run. He has performed similar rescue acts in Las Vegas before, buying hotels and casinos and then later selling them for big profits. Atlantic City had experienced a resurgence in recent years with the addition of new luxury casinos but the last year has seen a decrease in tourism due to the economy and the rise of other casinos in Pennsylvania and other neighboring states.
In the proposal Icahn would spend $45 million in immediate financing with a guarantee to provide another $80 million if he is unable to raise $225 million from other investors through a rights offering. Previously Trump bondholders offered $225 million for the casinos, with Donald Trump holding a 10 percent stake in the new company. The company's board supported that plan but Icahn's new bold move may end up turning some heads.
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