Trump Taj Mahal Casino Sold For Undisclosed PriceHard Rock International Purchases Iconic Property |
|
Just a few months after closing the iconic Trump Taj Mahal, billionaire Carl Icahn has reached a deal to sell the shuttered Atlantic City casino.
Icahn closed the casino that President Donald Trump opened in 1990 for nearly $1 billion amid a contentious labor dispute. 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.
President Trump’s ownership stake in the casino was wiped out during the bankruptcy.
Icahn, who is a close friend of the president, bought the property for about $300 million through the casino’s Chapter 11 bankruptcy. Icahn is selling the casino to Hard Rock International and a pair of private investors for an undisclosed price, the Associated Press reported.
“We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment,” Jim Allen, chairman of Hard Rock International, said in a statement. “We are 100 percent convinced Hard Rock Hotel and Casino Atlantic City will be a success.”
Hard Rock reportedly plans to spend $300 million renovating and re-branding the Trump Taj Mahal. There’s no word yet on when the casino could re-open.
The casino 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 has increased year-over-year in a decade. Atlantic City gaming win was an all-time high of about $5.2 billion in 2006, but the Great Recession and casino competition from nearby states really hurt the seaside gambling town.
Four casinos there closed in 2014. The Trump Taj Mahal’s closing left the city with just seven casinos. The casino had re-opened its storied poker room in May 2016, but the reboot was short-lived and by October the entire property was closed.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
