If you thought you had heard the last of Atlantic City’s Trump Taj Mahal, think again. The now-defunct casino and resort is due to receive a new lease on life following its sale to Hard Rock International.
Many players are used to seeing the Trump Taj Mahal’s name in the headlines, and often for the wrong reasons. We remembers the Taj for what it was, and we explore its future possibilities.
Trump Taj Mahal – Colourful Casino History
When the construction of Trump Taj Mahal first began in 1983, it was owned by Resorts International, and was being developed on a US$250 million budget.
When the head of Resorts International died in 1987, Trump bought a US$79 million stake in the company and was appointed its chairman.
The budget soared to US$930 million, and less than a year later, Resorts International faced bankruptcy. In late 1988, TV producer Merv Griffin purchased the company, and sold the Taj Mahal to Trump for US$273 million.
Trump Taj Mahal finally opened its doors on 2 April 1990, with the claim that it was the world’s largest casino. The casino underwent prepackaged bankruptcy the following year, and was eventually sold to Trump Hotels and Casino Resorts for US$890 million in 1996.
In 2014, Trump Entertainment Resorts filed for bankruptcy, and threatened to close Trump Taj Mahal. This prompted a backlash from workers, and the involvement of billionaire investor Carl Icahn.
A year later, the US Department of the Treasury completed a money laundering investigation into the Trump Taj Mahal, and fined the casino US$10 million for repeated contraventions.
In February 2016, Trump Entertainment Resorts became an Icahn Enterprises subsidiary, and the casino was placed under the management of Tropicana Entertainment. Donald Trump was no longer the owner.
The casino was shut down on 10 October 2016; a move that left 3000 people unemployed.
Hard Rock Steps In
On 1 March 2017, Hard Rock International bought Trump Taj Mahal from Icahn Enterprises. The company is based in Florida, and oversees the Seminole Indian tribe’s casinos and resorts.
The company plans invest a few hundred million dollars in revamping the casino as the Hard Rock Hotel and Casino Atlantic City. The re-opening is planned for summer 2018.
Not everyone has the patience to wait until then. Thank goodness for online casinos that offer a wealth of games, promotions, and more, right?