Trump Taj Mahal Casino Emerges From BankruptcyPoker Room Still Closed At Well-Known Atlantic City Property |
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A casino in Atlantic City with the brand name of the leading Republican presidential candidate officially had a new owner as of last week.
The Trump Taj Mahal emerged from bankruptcy Friday and is now wholly owned by billionaire Carl Icahn, according to a report from the Associated Press. Icahn also owns the Tropicana in Atlantic City, which he acquired under similar circumstances.
Though Trump is no longer a 10-percent owner in the Taj Mahal, the casino will keep his name. The Chapter 11 bankruptcy protection resulted in Trump Entertainment Resorts becoming a wholly owned subsidiary of Icahn Enterprises LP, the AP reported. Icahn was able to acquire the casino, which opened in 1990, for under $300 million.
“Although both Atlantic City and the Taj have had a few tough years, today marks the beginning of the turnaround,” Icahn said. “Just a few years ago Tropicana was in bankruptcy and its fate uncertain, but since emerging in 2010, we have turned that property around and it has become one of Atlantic City’s few success stories. I am confident we can and will do the same for the Taj.”
The Taj closed its poker room a little over a year ago and hasn’t yet re-opened it. With 48 tables, the Taj’s poker room was once the second largest in the city behind the Borgata.
“We would like you to pardon our progress while exciting changes are in the works. A sincere thank our [sic] loyal players for your patronage and friendship,” the webpage for the casino’s poker room reads.
Trump Entertainment closed its other casino, Trump Plaza, in 2014. The Taj was also facing the threat of closing for good, but Icahn stepped in to save it.
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