March 9, 2015 / 7:50 PM / 5 years ago

Trump agrees to keep name on Atlantic City casino

March 9 (Reuters) - Businessman Donald Trump struck a deal to leave his name emblazoned on the facade of Atlantic City’s Trump Taj Mahal casino, according to a bankruptcy court filing on Monday.

Trump, who no longer controls the casino, sued in August to strip his name off the building, saying it had become so rundown that it was damaging his brand image.

The deal is with bankrupt Trump Entertainment Resorts Inc , which owns and operates the casino, and billionaire investor Carl Icahn, a major lender in the bankruptcy.

The agreement, which must be approved by the U.S. Bankruptcy Court in Delaware, calls for Trump Entertainment to pay Trump about $172,000 to satisfy an outstanding ground lease claim, among other things.

Trump founded the Taj and Atlantic City’s Trump Plaza. He lost control of them when they went bankrupt before, in 2009, but he retained a trademark license agreement that allowed them to keep using his name.

Atlantic City’s casinos have faltered with increasing competition from surrounding states, and the Plaza became one of four casinos to close in 2014. Trump successfully had his name stripped off the Plaza after it closed, but his name remained on the Taj, which is still open.

If the Taj stops operating for more than 90 days, Trump can have his name taken off that casino, too, according to the settlement. (Reporting by Hilary Russ; Editing by Lisa Shumaker)

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