NJ lawmakers to approve bill against Icahn

new jersey

If it gets approved, the measurement would come into effect after January 2017.

The bill would set a five year suspension to those who shut down a casino from January 2017.

US.- Lawmakers from New Jersey introduced a bill earlier this year that would impose a five year ban for anyone who closes a casino in the state. If it gets approved, the measurement would come into effect after January 2016.

Steve Sweeney, Democratic state Senate President, introduced the bill that also looks to give the New Jersey Division of Gaming Enforcement (NJDGE) the authority to revoke the license of a closed casino. Sweeney said that the purpose of this bill is to prevent the owners from sitting on the licenses indefinitely. “Casino owners should not be able to misuse bankruptcy laws and gaming regulations in order to warehouse a license or take money out of the pockets of casino workers and strip them of benefits simply because they refuse to come to a labor agreement with their employees.”

If it gets passed, the bill would fall into the Governor Chris Christie’s hands. According to Icahn, who wrote an open letter to his former employees, this bill is unconstitutional and it would discourage possible investments in Atlantic City. He also said that it would be impossible for him to open a new casino if he decides to do it in the future. Sweeney said that the bill is also aimed at fighting those owners who get granted a license and don’t act on it for years.