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aug
12

Trump Taj Mahal Closing in October

Tags: Atlantic City, Donald Trump, Trump Taj Mahal.
Posted on Friday, August 12, 2016 by "T".

While the Trump Taj Mahal Casino has been the highest grossing casino in Atlantic City for more than two decades, it has been badly hit by difficult times, especially after the Borgata opened in 2013. Billionaire Carl Icahn bought the casino two years ago and after investing $100 million on it, the casino is scheduled to shut down this October.

The Trump Taj Mahal was opened by Donald Trump in 1990. Although it still bears the name of the US Republican presidential candidate, the business now belongs to his friend and fellow billionaire, Carl Icahn. Icahn told the Associated Press that he lost close to $100 million on the Taj Mahal in the last 18 months. This includes cost on keeping the business afloat during bankruptcy court before even owning the place. He said he can no longer support a casino that is losing millions every month.

"It was a bad bet," he said. "How much good money do you throw after bad?"

Icahn closed the poker room last year and reopened it three months ago. While its reopening created some fanfare, the cost of refurbishments and promotions failed to bring in the punters, placing the Taj Mahal as the latest casualty in the once booming casino business in Atlantic City.

The shutdown reduces the number of casinos operating in Atlantic City down to seven. The number of job losses from the shutdown will be around 3,000; this in addition to 8,000 workers who lost employment when four other casinos closed in 2014.

The loss in revenue was mostly due to the explosion of casinos and poker rooms elsewhere. Whereas Atlantic City once monopolized casinos within the region, easing restrictions in other areas of the country meant that the draw towards Atlantic City has been taken away, including potential revenues of its casinos.

Source: https://www.highstakesdb.com/7090-trump-taj-mahal-to-close-in-october-despite-recent-large-investment.aspx

 


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12 comments for "Trump Taj Mahal Closing in October"

 doubletop7778/12/2016 9:09:35 AM GMT
This has got to be one of the most famous Casinos' in the world and to see it closing down is quite a shock. They must have made billions in its heyday but all good things come to an end
 DaCapo718/12/2016 9:18:14 AM GMT
A lot of big Casinos open every day overall in the World and that was a surprise, that this big Casinio was closed. And it was interesting that they don´t sell their license, because all Casinos are big money machines.
 pinotte8/12/2016 2:56:19 PM GMT
Years ago Atlantic City and Vegas were almost the only one in the casino market and then the boom came and the Indian opened some plus the other states also wanted a slice of the money pie of casino revenu.

Then the offer became so big that the first one to pay the prize was Atlantic City where many casino were forced to close loosing money.

The future will tell how many of them will survive. Smile
 Ingrind338/12/2016 7:34:51 PM GMT
I always hear stuff on the news that a lot of stores don't sell enough to make a good profit due to the online competition and it is also possible that a lot of people spend their money online instead of going to the casino. Maybe you have 30/70% less customers as a business. There are a like a million sites to choose from and nothing can beat the offline experience but they surely have to offer exciting entertainment and/of free goodies. Anyway some original stuff people really would like to come for. rien ne va plus.
 pochui8/12/2016 8:26:29 PM GMT
that's what you call friendship... when your good pal, amigo, dude you can trust your wife to sells you a business that is actually a business that instead of making some dollaros is losing 100 millions or so a year. even to a billionaire that's an expensive toy to keep. indeed a bad bet by icahn.
 Mober8/12/2016 10:08:16 PM GMT
He knew better and sold the casino when it was the right time.
Even casinos have crisis, and its not las vegas there.
A casino closes down and 3000 people lose their jobs. Where did all these people work
in the first place.
Maybe thats why it went out of business lol.
 vic758/12/2016 11:14:48 PM GMT
Too many dealers standing around twidling there thumbs the bigger question is what do the bookies have Mr. Trump/ N1 Idiot winning the election this November I am guessing 5.25 Agree Agree
 bowie19848/12/2016 11:24:04 PM GMT
Let me help you with the correct reading: Icahn told the Associated Press that he laundered close to $100 million through the Taj Mahal in the last 18 months...
Rich people keep being rich by not spending their money onto things they deem not worthy. He is not stupid either. Wish I could take a look at his company's tax returns.
 demodawggy8/13/2016 12:49:50 AM GMT


... Big Smile< I just can't emphasize just HOW ....MUCH hearing or reading ANYthing about that orange-goo-filled used condom Donny Trump irritates me.... Confused

... Big Smile< He's gotta be the most repulsive pos little 9 year old smarmy school-girl I've ever seen...!

... Big Smile< I'd like to see Pippy Longstocking,...or maybe the Wendy's Girl kick the livin' $h!t out of that moron... Thumbs Down Evil Confused
 crankmuppet8/13/2016 11:23:19 AM GMT
Posted by demodawggy:


... Big Smile< I just can't emphasize just HOW ....MUCH hearing or reading ANYthing about that orange-goo-filled used condom Donny Trump irritates me.... Confused

... Big Smile< He's gotta be the most repulsive pos little 9 year old smarmy school-girl I've ever seen...!

... Big Smile< I'd like to see Pippy Longstocking,...or maybe the Wendy's Girl kick the livin' $h!t out of that moron... Thumbs Down Evil Confused


Or maybe Ralph Kramden's fist meeting that puckered arsehole of a mouth he's always flapping, dripping shite, flatulence and a whole lot of hot-air.

http://biggeekdad.com/2016/02/trump-meets-the-honeymooners

ZippedDonald "Make American Hate Again" Drumpf Zipped


 Mober8/13/2016 10:42:42 PM GMT
I havent actually met anyone that likes him. It must be one of the people that gets
disliked by first impression. Only by looking at him Smile
Now imagine him being a president of the us.
That will be another joke. One of many so far, from the same series.
 Tony_MON7ANA8/15/2016 10:34:17 AM GMT
The Trump Taj Mahal Casino is (was) owned by Trump Entertainment Resorts. Trump Entertainment Resorts has filed for Chapter 11 bankruptcy protection numerous times. The board of directors at Icahn Enterprises L.P., a parent company of Trump Entertainment Resorts, finally made the right decision to shut down the casino after years of losses.

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