Trump Taj Mahal shuts down in Atlantic City

Hotel and casino couldn’t come to a deal with striking workers

New York /
Oct.October 10, 2016 02:04 PM

The last guests have checked out at the Trump Taj Mahal casino in Atlantic City, which closed its doors for the last time Monday morning.

Gamblers were cashing in their chips Sunday night as Trump, who no longer has an ownership stake in the casino, was debating Hilary Clinton in St. Louis, Missouri, CNN reported.

The last guests at the hotel checked out Sunday, and the Taj finally closed its doors just before 6 a.m.Monday.

Carl Icahn, who controlled the casino in its last days, called it a “sad day for Atlantic City” and the Taj’s 3,000 workers. He said he couldn’t come to an agreement with striking union workers and couldn’t keep the flailing casino afloat.

The union, which represents roughly 1,000 Taj workers, hammered out deals with four other casinos just before Independence Day weekend, but Taj workers went on strike July 1.

“Despite our best efforts, which included losing almost $350 million over just a few short years, we were unable to save the Taj Mahal,” Icahn said in a statement Monday.

The Taj opened in 1990 and had troubles from the onset. Trump used junk bonds to finance the property and couldn’t cover the debt payments. The state approved a $65 million bailout in 1990 and the casino filed for bankruptcy the following year.

Trump TRData LogoTINY gave up his position as CEO in 2004 and sold off the casino in 2009 but continued to lease his name to the property’s operating company. He later sued that company to take his name off the casino. [CNN]Rich Bockmann


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
From left: Letitia James, Donald Trump, Eric Trump, Ivanka Trump, Allen Weisselberg, and Donald Trump Jr. (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
NY AG files civil fraud suit against Trump, children and company
NY AG files civil fraud suit against Trump, children and company
From left: Kris Jenner, Donald Trump and the Trump Tower at 721–725 Fifth Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and NYSCEF)
Trump Org sues scandal-plagued school once tied to Kris Jenner
Trump Org sues scandal-plagued school once tied to Kris Jenner
Donald Trump with 21 Vista Drive (Getty Images, Brown Harris Stevens)
Trump’s former Greenwich mansion up for grabs
Trump’s former Greenwich mansion up for grabs
Donald Trump and Allen Weisselberg with Trump Tower
Ex-Trump CFO Allen Weisselberg pleads guilty, will testify against firm
Ex-Trump CFO Allen Weisselberg pleads guilty, will testify against firm
From left: Donald Trump and former Trump CFO Allen Weisselberg (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Former Trump CFO close to plea deal in tax fraud case: report
Former Trump CFO close to plea deal in tax fraud case: report
Blackstone's Jonathan Gray, Fortress Investment's Peter Briger, Harry Macklowe and Donald Trump (Blackstone, Long Arc Capital, Getty Images)
The Fortress real estate hall of fame
The Fortress real estate hall of fame
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...