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NEWS 10 October 2016

Trump Taj Mahal closes its doors

By Tom Lewis
The downturn in the Atlantic City casino market has claimed its fifth victim since 2014, with Trump Taj Mahal closing today (Monday).

A total of nearly 3,000 jobs have been lost as a result of the closure, bringing the number of jobs lost to Atlantic City casino shut downs since 2014 to a reported 11,000.

The closure comes after discussions between owner Carl Icahn and the Unite Here Local 54 union over the loss of certain workers’ rights, including health care and pension benefits, failed to reach a resolution.

The union went on strike on July 1, with Icahn deciding to close the casino a month later in early August, stating that there was “no path to profitability”.

Icahn at the time told the Associated Press that he had lost nearly $100m on the Taj Mahal, and said: “It was a bad bet. How much good money do you throw after bad?”

The business magnate rejected a resolution offer from the union in late August.

Donald Trump, who opened the casino in 1990 and sued to have his name removed from the property in 2014, told the Associated Press: “I feel they should have been able to make a deal.

“It’s hard to believe they weren’t able to make a deal.”

Bob McDevitt, President of the Unite Here Local 54 union, said: “The workers made a choice that they weren’t going to accept benefits and terms of employment worse than everyone else’s.

“I applaud them: for the first time in 30 years, workers stood up to Carl Icahn and made him throw in the towel.”
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