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Trump Taj Mahal to Shut Down After Labor Day Weekend
- Updated: August 4, 2016
The Trump Taj Mahal, originally founded by Republican presidential candidate Donald Trump for a cost of $1 billion, yesterday announced that it will be closing its doors following Labor Day Weekend in early September.
The property is owned by billionaire Carl Icahn’s Icahn Enterprise and operated by Tropicana Enterprises who in a statement blames the shutdown on the ongoing strike by nearly 1,000 workers of the UNITE Here union since the Fourth of July weekend. With no end in sight to the strike, president and CEO of Tropicana Entertainment Anthony Rodio believes there is no “path to profitability,” and that due to the casino bleeding millions of dollars a month the closure is necessary to meet “fiduciary duties to their shareholders.”
Trump Taj Mahal History
The Atlantic City casino has experienced many difficulties ever since construction began in 1983 by Resorts International, who owned the neighboring Resorts Casino Hotel. The budget at the time was set for $250 million with James Crosby, then the international chairman of Resorts International, speculating the property would likely be called the United States Hotel.
The project immediately struggled with construction difficulties. When Crosby passed away in April 1986, Resorts International became a prime target for takeover with Trump beating out other bidders to acquire the company for $79 million in July 1987. At the time, Trump publicly stated he would complete the integrated casino resort in about a year after he was appointed as the chairman of Resorts International.
This was not meant to be, and for a few reasons. According to Atlantic City law, Trump was prohibited from owning more than three casinos. Trump at the time already had his footprint deep in Atlantic City, operating two casinos including the Trump Plaza Hotel and Casino and Trump Marina with Resorts Casino Hotel having become his third casino property.
Meanwhile in 1988, the estimated budget for completion inflated to $930 million with $550 million needed to complete the property. The threat of bankruptcy was on the horizon. After failing to secure financing, …
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