Carl Icahn will provide up to $20 million to finance the Trump Taj Mahl, he said in a letter to Trump Entertainment Resorts CEO Robert Griffin on Thursday. Icahn cited a commitment to preserving the jobs of the casino and resort's 3,000 employees while it goes through bankruptcy proceedings.
"Even though I believe that Atlantic City will be great again someday, many people would still argue that it would be a better financial decision for me to let the Taj close and wait to see whether a global settlement can be reached," Icahn wrote in the letter.
Icahn added that he will work with local and national authorities to help the company reach a settlement.
The casino, which loses nearly $10 million monthly, was scheduled to close on Saturday. Icahn owns $286 million of the casino's debt.
The Taj Mahal's future has wavered in recent months, as discussions among the company, authorities, casino workers' unions and Icahn failed to yield a deal to keep it open.
If the Taj Mahal shuttered its doors, it would become the fifth Atlantic City casino to close this year.