Icahn sells Trump Taj Mahal to Hard Rock, partners

Atlantic City resort shuttered in October

TRD 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
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
McDonald’s on 220 West 42nd Street (Getty, iStock)

McDonald’s closes Times Square flagship

McDonald’s closes Times Square flagship
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
Mayor Bill de Blasio (Getty)

Desperate landlord gets de Blasio’s sympathy, not much else

Desperate landlord gets de Blasio’s sympathy, not much else
arrow_forward_ios

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

Loading...