Trump Taj Mahal Sold For Pennies on the Dollar
Donald Trump ascends the stairs with his fist raised after the opening of the Trump Taj Mahal Casino Resort in Atlantic City, N.J. on April 5, 1990.
When Carl Icahn announced his wish to sell Atlantic City’s Trump Taj Mahal back in February, Hard Rock International swooped in a month later to divest the billionaire of the shuttered casino. And now, the price of the deal has been revealed.
According to documents filed with the SEC, Icahn got just $50 million for the property, which President Trump built for $1.2 billion in 1990, the AP reports.
When Trump opened up the casino nearly 30 years ago, he called it the “eighth wonder of the world,” and the grand opening even featured an appearance by Michael Jackson who got an exclusive Trump-led tour of the space. About 75,000 spectators were also present to witness the opening of the 4.2 million square feet casino that housed crystal chandeliers worth $15 million, suites that went for $10,000 a day, 3,000 slot machines and 167 gaming tables that could accommodate 17,000 players.
But it wasn’t long before Trump’s company filed for bankruptcy. It happened several times, and after the bankruptcy of 2009, Trump left the company. When Trump Entertainment Resorts went bankrupt in 2014, Carl Icahn acquired the casino but only to close it in October 2016 after failing to reach an agreement with the casino workers’ union. Months later, Icahn officially announced that he wouldn’t invest the $100 to $200 million the casino needs in renovations, citing losses as high as $350 million.
Hard Rock International plans to spend about $400 million remodeling the property, turning it into Atlantic City’s “ultimate entertainment destination” ad a catalyst for the Shore town’s rebirth. The company expects to open the revamped destination in the summer of 2018.
Follow @fabiolacineas on Twitter.
