Icahn finally sells shuttered Trump Taj Mahal
At the end of last year, Carl Icahn was rumoured to be considering the sale of Trump Taj Mahal with fellow casino operators. On Wednesday, the rumours became a reality, when the billionaire reached a deal to sell the shuttered Trump Taj Mahal to Hard Rock International and two New Jersey investors.
The sale comes four month after Icahn closed the casino amid a crippling strike.
Jim Allen, Chairman of Hard Rock International comments: “We are excited to be part of this revitalisation 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.”
Icahn brought the Trump Taj Mahal out of bankruptcy in 2015 after acquiring the casino in February. Since then the investor has allegedly lost approximately $300m on his investment and has said he would be delighted if he could sell it for half that amount.
In a statement, Icahn adds: “We are extremely happy with our ownership of the Tropicana Casino and Resort, and after considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City.
“A sale of the Taj Mahal therefore represents the optimal outcome for us. We wish Hard Rock and its partners the best of luck with the Taj Mahal.”
The sale does not include the nearby Trump Plaza casino, which is also closed, although Icahn intends to sell that as well, whittling down his holdings in the gambling market.
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