Trump's Former Atlantic City Casino Sold For Just 4 Cents On The DollarShuttered Taj Mahal Will Reopen Next Year After Makeover |
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The shuttered Trump Taj Mahal casino in Atlantic City was sold for just $50 million back in March, according to a report from the Associated Press that cited SEC documents.
Donald Trump built the casino nearly 30 years ago for $1.2 billion, so the price tag comes out to be just four cents on the dollar. Revel, the $2.4 billion failed casino that closed in 2014, was also sold for four cents on the dollar.
Hard Rock International, owned by Florida’s Seminole Indian tribe, was the buyer on the Taj Mahal. The group plans to reopen the casino next year. It closed in October during a labor dispute.
The casino had re-opened its storied poker room in May 2016, but the reboot was short-lived. With 48 poker tables before its closing, the Taj’s poker room was once the second largest in the city behind the Borgata. The Taj was featured in a number of films, including “Rounders,” in which stars Matt Damon and Edward Norton played a poker session.
In 2014, the last full year the Taj’s poker room was open, it raked $3.57 million, putting it in fourth behind Borgata ($19.87 million), Bally’s ($4.4 million) and Harrah’s ($3.8 million).
Billionaire Carl Icahn acquired Trump’s old casino company through bankruptcy, which wiped out Trump’s last remaining stake in the Atlantic City casino industry prior to his election win.
Some lawmakers in New Jersey’s legislature were pushing a bill to prevent Icahn from reopening the property without a union contract. That bill wasn’t successful, but he still decided to walk away from the casino. Hard Rock said it plans to spend nearly $400 million on renovations to the casino. It will be rebranded as well.
The Taj Mahal was the highest grossing in the city until the opening of Borgata in 2003, but at the time it closed it was the worst performing.
Atlantic City gaming win of $2.6 billion in 2016 was up slightly over 2015, the first time gaming win increased year-over-year in a decade.
Through the first three months of 2017, gaming win of $631.9 million was up nearly six percent compared to the $597.8 million won in the same period in 2016.
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