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Trump, Icahn Vying for Atlantic City Casinos

Lawyers for billionaires Donald Trump and Carl Icahn are in court playing a real-life version of Monopoly over who should control some prized Atlantic City property.

Arguments started Tuesday as two groups try to persuade a federal bankruptcy judge in Camden that their plan and ownership group is the right one for Trump Entertainment Resorts, which is now in bankruptcy.

Trump, who does not currently own the three casinos that bear his name, has joined with the current owners and a group of bondholders.

They're opposed by Icahn and Texas banker Andy Beal. Icahn and Beal say they'd eliminate the company's debt, much of which they own.

Trump's lawyers say the casinos would be hurt if Icahn won because it would take the Trump name off the casinos.

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  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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