Icahn sells Trump Taj Mahal to Hard Rock, partners

Atlantic City resort shuttered in October

New York /
Mar.March 02, 2017 09:20 AM

Billionaire investor Carl Icahn agreed to sell the shuttered Trump Taj Mahal Casino Resort in Atlantic City to an investor group led by Hard Rock for an undisclosed price.

Hard Rock said the group plans to spend $300 million on the acquisition and renovation of the property.

“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” Icahn told the Wall Street Journal. He is now focusing on the Tropicana, the other Atlantic City casino he owns.

Despite the name, the the Trump Taj Mahal no longer has any financial ties to Donald Trump. The developer took over construction of the project in 1987 and almost lost the casino after it filed for bankruptcy in 1991. Trump sold his stake in the property in 2009. The casino shut down in October. Icahn, who said the casino lost several hundred million dollars in recent years,  couldn’t come to terms with striking union workers. He also feuded with New Jersey State Senate leader, Democrat Steve Sweeney.  [WSJ] — Konrad Putzier


Related Articles

arrow_forward_ios
2544 Valentine Avenue in the Bronx (Photo via Black Bear Capital Partners)

Bronx rent-stabilized multifamily portfolio nabs $186M loan

Bronx rent-stabilized multifamily portfolio nabs $186M loan
CBRE CEO Robert Sulentic (iStock)

CBRE lowers SPAC IPO valuation target to $350M

CBRE lowers SPAC IPO valuation target to $350M
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
The mall was already beset by 18 years of starts and stops (Getty)

Can the American Dream mall survive the pandemic?

Can the American Dream mall survive the pandemic?
Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

Retail foot traffic tanks on Black Friday

Retail foot traffic tanks on Black Friday
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
arrow_forward_ios

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

Loading...