Trump Taj Majal is finally sold to Hard Rock International
It was announced today that the Trump Taj Majal Casino in Atlantic City has been sold. Recently all Trump signage was removed due to an option deal which expired.
The sale by Carl Icahn to Hard Rock International and two New Jersey investors is a breath of good news. Not only for Icahn and Hard Rock but for Atlantic City. Only four months ago the casino had been boarded up following a long running labour dispute. 3000 workers lost their jobs when the casino closed.
Jim Allen, Chairman of Hard Rock International said: “We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment. We are 100% convinced Hard Rock Hotel and Casino Atlantic City will be a success.”
It is hoped that many of the original casino workers will be taken on again when the casino reopens during the summer of 2018.
The property, having been de-branded will now be re-branded again at a cost of $300 dollars, including renovations.
Icahn who already owns the Tropicana Casino Resort in Atlantic City said he was extremely happy to be passing the Trump Taj Majal on to new owners. He described it as an optimum outcome.
The deal brings Hard Rock International to Atlantic City for the first time. Being an instantly recognisable brand will be a great asset for Atlantic City in attracting new visitors.
Atlantic City has suffered mixed fortunes aver the years. By the 1960s, it was in a state of disrepair, many of the hotels were being closed and scores of others were being demolished. Only three of the original hotels now remain. Atlantic City Casino revenues fell dramatically.
It was not until 1976 that Atlantic City had a change of fortune when gambling was legalised. Atlantic City had the resources but not the visitors, so it was a cunning plan to legalize gambling.
Atlantic City gambling history was born out of a need to utilise existing development in a place of beauty with rapidly dwindling numbers of visitors.