Ican Will Sell Shuttered Trump Taj Mahal Casino

Opened in 1990 and dubbed the Eighth Wonder of the World, the Trump Taj Mahal casino is an interesting chapter in Atlantic City history. But that chapter came to a close this past fall, when billionaire Carl Icahn shut the Taj Mahal down. Still shuttered, the casino is now for sale. Icahn, a special adviser […]

trump-taj-mahal-saleOpened in 1990 and dubbed the Eighth Wonder of the World, the Trump Taj Mahal casino is an interesting chapter in Atlantic City history. But that chapter came to a close this past fall, when billionaire Carl Icahn shut the Taj Mahal down. Still shuttered, the casino is now for sale.

Icahn, a special adviser to President Donald Trump, who launched the casino in 1990, said that he won’t invest another $100 million to $200 million to keep the casino going. As CNBC reports, he’s open to selling the building at a loss in order to recoup some of the money he’s poured into it.

Icahn shut the 26-year-old Taj Mahal down in October 2016, when he failed to reach a new deal with the labor union. He’s been accused of trying to close the casino briefly, then reopen it to offer lower wages and benefits to non-unionized hires. Whether this was truly Ican’s plan or not, the idea is off the table since he’s looking for a buyer.

The New Jersey state legislature tried passing a law recently to prevent Icahn from acquiring another casino license for at least 5 years. Governor Chris Chrisite vetoed it, saying the legislation was a clear attempt to punish Icahn.

taj-mahal-closingBut this highlights the tension that’s surrounded Icahn’s ownership of the casino ever since taking over. Icahn slashed Taj Mahal worker benefits to save the struggling casino some money. But the employees’ union battled to restore health insurance and pension funds, leading to a strike last summer.

The strike was the final straw for Icahn, who’d been losing money with the Taj Mahal casino ever since assuming ownership in 2014.

If the Trump Taj Mahal is sold, it will erase Donald Trump’s final stamp on the city. He once owned three New Jersey casinos, but ultimately lost control of them all after multiple bankruptcies. Icahn purchased the Taj Mahal by putting $100 million into the property. However, the casino never provided him with a profit in the struggling Atlantic City economy.

 

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