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mar
7

Hard Rock Purchases Trump Taj Mahal for $300 million

Tags: Atlantic City, Hard Rock International, Trump Taj Mahal.
Posted on Tuesday, March 07, 2017 by "T".

Once upon a time, the Taj Mahal was tagged as the flagship of Trump's casino empire. Icahn has agreed to sell it now as he whittles down his gambling-related holdings. Hard Rock International said that it plans to renovate and soon reopen the recently-closed Trump Taj Mahal casino situated in Atlantic City, New Jersey, and they have purchased it for $300 million, including the cost of the property.

The Hard Rock group is a casino and restaurant operator controlled by the Seminole Tribe of Florida, and they will be the majority owner of the re-branded Hard Rock Hotel & Casino Atlantic City, in partnership with the Morris and Jingoli families.

Hard Rock purchased the property last week from billionaire Carl Icahn, who is carving down his holdings in the gambling industry. Now, the new owners are planning to do a full remodeling and rebranding project of the property, which is situated on 17 acres along the Atlantic City boardwalk.

According to chairman of Hard Rock International Jim Allen, they figured the renovation would create about 3,000 local jobs. The remodeled place is targeted to be opened by next year's spring or summer season, "The market had growth in 2016. The Taj is a product that has longevity."

Since 2014, 5 out of 12 of Atlantic City's casinos have closed, as newly built competition from neighboring states have taken the large chunk of casino goers from what was once called the East Coast's sole gambling hub. Gambling revenue citywide increased to 1.5% to $2.6 billion last year, which is the first increase in 10 years, boosted by online gambling which was introduced in 2013.

Taj Mahal Background
In early 2015, Icahn Enterprises LP obtained the Taj Mahal casino via a bankruptcy court restructuring and therefore has closed the property in October right after failure to reach agreements with protesting workers over wage and benefits.

Icahn already owns the Tropicana casino in Atlantic City via Tropicana Entertainment Inc. He said, "After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City."

The sale did not include the Trump Plaza casino (also closed) which was nearby. Icahn said he intends to sell that too. According to Bloomberg Billionaires Index, the 81-year-old Icahn is worth about $20.2 billion.
The Taj Mahal was considered the flagship of Donald Trump's casino empire in its heyday. It was the biggest casino you would see in Atlantic City when it first opened in 1990; however, the expenses used to built the resort became a burden on the business and Trump's casino were all closed after a series of unfortunate bankruptcies. President Trump is no longer associated with these properties.

The Taj Mahal closed on October 10 amid a strike by union members. The closing rendered 2,100 people out of work. Senate President Stephen Sweeney, D-Salem, Gloucester, Cumberland said, "This deal is welcome news, not just for the 2,000 union workers who can look forward to greater job security and a hopefully healthier working relationship with management, but also for the greater Atlantic City region as a whole."

Of course, after the renovation, the property will no longer bear Trump's name, but Hard Rock's chairman stated that the first president hail from the casino industry might be given a special invitation to the reopening. Allen said, "If Trump wanted to attend any of our properties, we'd be honored."

Hard Rock Background
Hard Rock International closely operates 172 cafes, 24 hotels and 11 casinos across 74 countries. The Morris family is headed by Jack Morris, CEO of Edgewood Properties in Piscataway, New Jersey. The Jingoli family is led by Michael D. Jingoli and Joseph R. Jingoli, Jr., whose holdings include DCO Energy and Jingoli Construction which are also located in New Jersey.
Hard Rock, which is on a roll when it comes to introducing new hotels and restaurants as well as casinos, said it will also pursue online gambling in New Jersey.

Just this February, Hard Rock has been reported by Reuters that they're looking to buy up to 60% stake in a Japanese casino resort, as the Asian country has finally approved the bill legalizing the operation of casinos.

Source: http://www.pressofatlanticcity.com/news/hard-rock-to-buy-trump-taj-mahal-site-will-remain/article_52f77eb5-9a94-57d2-993f-7a0684410971.html

 


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19 comments for "Hard Rock Purchases Trump Taj Mahal for $300 million"

 Gerimantas3/7/2017 7:11:13 PM GMT
I remeber I first heard about trump taj mahal when I watched apprentice reality show with donald trump, who now is president of united staes of america. I am not big businessman but I think this was a well known brand, so if new owners had chance why not keep it?
 Mober3/7/2017 8:38:38 PM GMT
Maybe they got it now since it may get some more value with the latest developments.
300 million is quite something.
They are also a company that has the potential of course to make a profit out of it, very soon.
And it will boost the local economy also with the jobs that will create.
 pochui3/7/2017 9:27:06 PM GMT
i kinda have a fat grin on my face when hearing that company, especially gambling orientated company is owned by the tribe... a picture from the smokes of weed arises... indians sitting around the fireplace, roasting a couple of guinea pigs and talking about buying taj mahal for $300 millions...
 Robbo19903/8/2017 4:55:01 AM GMT
Not sure if its smart, unless 300mill is well under the original price. there have been a few big developments in Atlantic city go for well below cost. Its a area that has struggled in the current decade, and with places like japan and the phillipines opening up along with every city in America having a casino or two I find it hard to see how it will return to its glory years
 doubletop7773/8/2017 9:48:18 AM GMT
I know that $300 million is a heck of a lot of money but it does seem a reasonable price for such an iconic casino. I think that they will get their money back in the next few years
 pajalnick3/8/2017 12:17:30 PM GMT
Three hundred million is certainly very big money but if you use this casino wisely (and it seems to me that the mind of these people certainly does have it) in a few years the money will be received back and there will be a good profit ... so it seems to me
 dule-vu3/8/2017 12:33:36 PM GMT
so who signed this sale,donald trump as president or somebody else in his name?its strange that this was closed and that he didnt manage to earn from this mahal and now hard rock will earn,because they know how this business go!
 Ingrind333/8/2017 3:58:21 PM GMT
The story of the Hard Rock Cafe goes something like this, there was a tribe who sold their land. They were originally already there since the 1500's. The money they earned with that, went to the plan to buy the Hard Rock Cafe Franchise.

So basically a group of native Americans owns this franchise. It was a smart move cause they made better money then the last owner. I think they see the same potential for this plan. Buy a not well running " famous " business and make it a success story. These are some smart as-s Natives I might say.

As for trump, I don't know what the orginal plan was, but it's kinda strange to have a casino as president. Cool
 bowie19843/8/2017 5:20:37 PM GMT
Somehow I still think they relatively overpayed for it considering that Atlantic City is on the verge of collapse for quite some time now.
Every day there is a new indian casino growing from the ground somewhere which gonna steal more traffic from Atlantic City away since they do not have the broad (family wide) entertainment appeal Las Vegas has and nobody really likes New Jersey anway. Hence their tourists decline.
 Mober3/8/2017 9:06:28 PM GMT
It wont go down, the entire area.
Some of them will survive and prosper in spite the problems.
And they will try to become one of the remaining ones.
And it will attract tourists, in the future, just for, who the previous owner was Smile
 Robbo19903/9/2017 2:52:03 AM GMT
Aww crap! obviously this casino hasnt been apart of trumps portfolio for awhile.....so he had nothing to do with the sale lol

it is quite funny though, the natives run the casino/gambling institutions which (in this country) they dont give back to, so its only a few natives who prosper and the rest are in poverty.
 Mober3/9/2017 9:21:52 PM GMT
He may had nothing to do with the sale, but it will be always a casino that he
owned at some point.
How many tourists are after a spot that some famous person once ate or slept there Smile
Thats what i was talking about if you were referring to my post Smile
 bowie19843/10/2017 1:40:30 AM GMT
Posted by Mober:
He may had nothing to do with the sale, but it will be always a casino that he
owned at some point.
How many tourists are after a spot that some famous person once ate or slept there Smile
Thats what i was talking about if you were referring to my post Smile

He is selling his brand rather than real estate anyway, so him being not even slightly connected with this deal and still coming out as a participator in it when they write the articles about it makes perfect sense.
 Tony_MON7ANA3/12/2017 10:04:42 AM GMT
I have been to Hard Rock Hotels and Casinos across the United States and I really liked them. 'The Joint' in Vegas is one of my favorite. I would love to visit this new establishment in Atlantic City sometime in the near future.
 Ingrind333/12/2017 1:06:34 PM GMT
Posted by bowie1984:
indian casino


Native American Tongue
 PokerKing763/12/2017 2:04:03 PM GMT
Posted by Tony_MON7ANA:
I have been to Hard Rock Hotels and Casinos across the United States and I really liked them. 'The Joint' in Vegas is one of my favorite. I would love to visit this new establishment in Atlantic City sometime in the near future.



I am going to Hard Rock Hotels and Casinos in Hollywood, Florida
Remember my trip to vegas this summer to play World Poker Tour League Championship?
Well this year its in that hotel Big Smile And yesterday I won my buy-in.
During the week, WPT Tournament of Champion will be held (7-8-9 april) Big Smile Big Smile
All the winner of season XV will be there. I will try to take some pictures LOL

More info on my trip in Florida in a new thread soon...
 pajalnick3/12/2017 3:00:44 PM GMT
Posted by PokerKing76:
Posted by Tony_MON7ANA:
I have been to Hard Rock Hotels and Casinos across the United States and I really liked them. 'The Joint' in Vegas is one of my favorite. I would love to visit this new establishment in Atlantic City sometime in the near future.



I am going to Hard Rock Hotels and Casinos in Hollywood, Florida
Remember my trip to vegas this summer to play World Poker Tour League Championship?
Well this year its in that hotel Big Smile And yesterday I won my buy-in.
During the week, WPT Tournament of Champion will be held (7-8-9 april) Big Smile Big Smile
All the winner of season XV will be there. I will try to take some pictures LOL

More info on my trip in Florida in a new thread soon...

Interesting information dude .... I hope that soon we will all learn about a good trip and a good win ... I wish you good luck and believe that you will be able to make a good profit ... good luck
 Mober3/12/2017 9:58:58 PM GMT
Better focus on your game first and leave the pictures for the end of the event.
It will be a great experience and feeling, playing in a tournament like this.
Less than a month left for you. Get ready and good luck, with a final table Smile Thumbs Up
 Tony_MON7ANA3/13/2017 10:21:28 AM GMT
Posted by PokerKing76:
I am going to Hard Rock Hotels and Casinos in Hollywood, Florida
Remember my trip to vegas this summer to play World Poker Tour League Championship?
Well this year its in that hotel And yesterday I won my buy-in.
During the week, WPT Tournament of Champion will be held (7-8-9 april)
All the winner of season XV will be there. I will try to take some pictures LOL

More info on my trip in Florida in a new thread soon...

Congratulations, PokerKing77, on winning a seat to the 2017 World Poker Tour League Championship main event. I haven't been to Seminole Hard Rock Hotel & Casino in Hollywood, FL, but I heard that is a great place to stay and play. Good luck next month.

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