Taj Mahal Casino Atlantic City Closing
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*Taj Mahal Casino Atlantic City NjDonald Trump called it the Eighth Wonder of the World. Now it’s just another failed Atlantic City casino.
The Trump Taj Mahal finally closed its doors just before 6 a.m. Monday.
The last guests at the hotel checked out on Sunday, and some of the last gamblers at the casino were cashing in their chips while its namesake was debating Hillary Clinton, facing his own increasingly long odds.
Trump Taj Mahal’s closing brings the number of Atlantic City casinos down to seven, while the 3,000 jobs eliminated are added to the tally of 8,000 jobs lost since four other AC casinos closed. ATLANTIC CITY — The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt. The Trump Taj Mahal, now under new ownership, is all that remains of the casino empire.
Trump himself no longer owned anything more than the name attached to the Taj’s grandiose neon minarets. In its last days, the casino was controlled by the financier Carl Icahn.
The Taj Mahal’s run as the greatest didn’t last long. A little more than a year after it opened, the casino was in Chapter 11 bankruptcy, the first of many setbacks for the property. Atlantic City’s Trump Taj Mahal casino and hotel will close its doors permanently after Labor Day. The closure will cost about 3,000 workers their jobs. ATLANTIC CITY, N.J. (AP) — The Trump Taj Mahal casino will shut down after Labor Day, the victim of the longest strike in Atlantic City’s.
Icahn called it a ’sad day for Atlantic City’ and for the 3,000 workers at the Taj. But he said he couldn’t reach an agreement with striking union workers and could no longer run the casino without hemorrhaging money.
The union, representing about 1,000 of the Taj’s workers, reached deals with four other casinos in the city just before the Independence Day weekend, including another casino owned by Icahn. But Taj workers went on strike July 1.
’Despite our best efforts, which included losing almost $350 million over just a few short years, we were unable to save the Taj Mahal,’ Icahn said in a statement Monday.
The Trump Taj Mahal had been in trouble for years, along with the rest of cash-strapped Atlantic City, where five casinos have closed since 2014, including Trump Plaza. Of the seven that remain, two, Bally’s and Caesar’s, have filed for Chapter 11 bankruptcy protection.
The Taj opened in April 1990 and had financial problems almost immediately, according to an analysis by CNN of documents Trump filed with state gaming authorities.
Trump financed it with junk bonds and could not cover their payments with profits from the gaming operations. On four of the Taj’s first 16 days of operation, its bank account contained less than $0, with deficits as deep as $1.7 million, according to a New Jersey Division of Gaming Enforcement report from 1990.
The state approved a $65 million bailout in 1990 because of fears that closing it would cripple the Atlantic City economy. The Taj filed for bankruptcy the next year, allowing it to shed hundreds of millions in debt. It was the first of four trips through bankruptcy court for Trump’s casino operations.
Even after reorganization, the Taj continued to struggle with debt payments, posting net losses of $121 million between 1992 and 1995, according to company filings with the SEC. The company turned an operating profit all four years but ended up in the red because of interest payments.
The Taj was included in bankruptcy filings in 2004 and again in 2009. Trump gave up his CEO position in the 2004 bankruptcy. He unloaded the casino in the 2009 reorganization but continued to lease his name to Trump Entertainment Resorts, the company that ran the Taj and Trump Plaza.
And Trump, the man, eventually sued Trump, the company, to try to take his name off the casinos. He complained in his lawsuit that the Taj and Trump Plaza had been allowed ’to fall into an utter state of disrepair’ and were unworthy of his ’superior reputation.’
’We have a very high standard,’ Trump told CNNMoney in 2014. ’And they didn’t meet it.’
-- CNN’s Lorenzo Ferrigno, Brian Vitagliano and Amanda Wills contributed to this report CNNMoney (New York) First published October 10, 2016: 9:27 AM ETBy Oliver Staley
Culture & lifestyle editor
When Donald Trump opened the Trump Taj Mahal in Atlantic City in 1990, the superlatives flowed like cheap champagne.
It was world’s biggest casino. It had the most slot machines and gambling tables. It had twice as many parking spaces than any other in Atlantic City.
The Taj Mahal’s run as the greatest didn’t last long. A little more than a year after it opened, the casino was in Chapter 11 bankruptcy, the first of many setbacks for the property.
Today (Aug. 3), the resort’s management announced the property would close after Labor Day. It blamed workers who went on strike July 1 to regain health benefits lost in its most recent bankruptcy.
The casino is owned by investor Carl Icahn, who took control of it when it emerged from bankruptcy in February. Icahn also owns the Tropicana, which he also acquired out of bankruptcy.
“The Taj is losing multi-millions a months and now with this strike we see no path to profitability,” said Tony Rodio, the CEO of Tropicana Entertainment, in a statement. “Our directors cannot just allow the Taj to continue burning through tens of millions of dollars when the Union has single handedly blocked any plan to profitability.”
Bob McDevitt, head of the local Unite Here union, told the Wall Street Journal that Icahn wants to break the union, and “would rather burn the Trump Taj Mahal down just so he can control the ashes.”
Fairmont El San Juan Hotel features lush gardens, four pools, private luxury cabanas, a swim-up bar, a tri-level, state-of-the-art Well & Being Fitness Center and Spa. During the evening enjoy a vibrant and culturally rich nightlife, featuring weekly live entertainment, and a selection of 9 on-site restaurants, lounges, bars and including the. Book the Fairmont El San Juan hotel - Stay at this 5-star luxury resort in Carolina. Enjoy free WiFi, 4 outdoor pools, and 4 restaurants. Our guests praise the pool and the spacious rooms in our reviews. Popular attractions Carolina Beach and Balneario de Carolina are located nearby. Discover genuine guest reviews for Fairmont El San Juan hotel, in Isla Verde neighborhood, along with the. El san juan resort & casino puerto rico. El San Juan Resort & Casino is located in the foyer of the Hilton Hotel in the city of San Juan. This property is best known for being one of the most luxurious resort casinos in Puerto Rico, and was famous for its celebrity visits back in the 1960’s. Fairmont El San Juan Hotel, tempts locals and visitors to venture inside for a one-of-a-kind, inspired mix of traditions, old and new. If these walls could talk, they’d share stories of 1960s Hollywood headliners crooning in the nightclub and generations of locals marking milestones in the ballrooms. Fairmont El San Juan Hotel, features four outdoor swimming pools, a swim-up bar, poolside concierge service, and new luxury cabanas. With beach access guests can take advantage of water activities such as jet skiing or parasailing, then relax on the spacious sundeck.
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While Icahn is the billionaire shutting the casino, Trump isn’t blameless. Under his tenure, the three Atlantic City casinos he developed—the Taj is the last one operating under the Trump name—suffered from underinvestment and poor management, as he loaded the casinos with debt and milked them for cash.
“Early on, I took a lot of money out of the casinos with the financings and the things we do,” he told The New York Times earlier this year. “Atlantic City was a very good cash cow for me for a long time.”
Atlantic City, always a second-class citizen to Las Vegas, enjoyed a brief resurgence a decade ago, after the opening of the Borgata, an upscale competitor to the Taj, spurred new investment and interest. But the opening of new casinos in Philadelphia and New York sucked the gamblers out of the city, and gambling revenue fell from $5.2 billion in 2005 to $2.6 billion last year.Taj Mahal Casino Atlantic City Nj
Trump shed his last financial stake in the company in February, when it emerged from bankruptcy. He had owned 10% of the Taj Mahal since 2009, in exchange for the use of his name. But in 2014, he sued to have his name removed, arguing that the casino’s ”utter state of disrepair” was tarnishing his good name.
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*Taj Mahal Casino Atlantic City NjDonald Trump called it the Eighth Wonder of the World. Now it’s just another failed Atlantic City casino.
The Trump Taj Mahal finally closed its doors just before 6 a.m. Monday.
The last guests at the hotel checked out on Sunday, and some of the last gamblers at the casino were cashing in their chips while its namesake was debating Hillary Clinton, facing his own increasingly long odds.
Trump Taj Mahal’s closing brings the number of Atlantic City casinos down to seven, while the 3,000 jobs eliminated are added to the tally of 8,000 jobs lost since four other AC casinos closed. ATLANTIC CITY — The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt. The Trump Taj Mahal, now under new ownership, is all that remains of the casino empire.
Trump himself no longer owned anything more than the name attached to the Taj’s grandiose neon minarets. In its last days, the casino was controlled by the financier Carl Icahn.
The Taj Mahal’s run as the greatest didn’t last long. A little more than a year after it opened, the casino was in Chapter 11 bankruptcy, the first of many setbacks for the property. Atlantic City’s Trump Taj Mahal casino and hotel will close its doors permanently after Labor Day. The closure will cost about 3,000 workers their jobs. ATLANTIC CITY, N.J. (AP) — The Trump Taj Mahal casino will shut down after Labor Day, the victim of the longest strike in Atlantic City’s.
Icahn called it a ’sad day for Atlantic City’ and for the 3,000 workers at the Taj. But he said he couldn’t reach an agreement with striking union workers and could no longer run the casino without hemorrhaging money.
The union, representing about 1,000 of the Taj’s workers, reached deals with four other casinos in the city just before the Independence Day weekend, including another casino owned by Icahn. But Taj workers went on strike July 1.
’Despite our best efforts, which included losing almost $350 million over just a few short years, we were unable to save the Taj Mahal,’ Icahn said in a statement Monday.
The Trump Taj Mahal had been in trouble for years, along with the rest of cash-strapped Atlantic City, where five casinos have closed since 2014, including Trump Plaza. Of the seven that remain, two, Bally’s and Caesar’s, have filed for Chapter 11 bankruptcy protection.
The Taj opened in April 1990 and had financial problems almost immediately, according to an analysis by CNN of documents Trump filed with state gaming authorities.
Trump financed it with junk bonds and could not cover their payments with profits from the gaming operations. On four of the Taj’s first 16 days of operation, its bank account contained less than $0, with deficits as deep as $1.7 million, according to a New Jersey Division of Gaming Enforcement report from 1990.
The state approved a $65 million bailout in 1990 because of fears that closing it would cripple the Atlantic City economy. The Taj filed for bankruptcy the next year, allowing it to shed hundreds of millions in debt. It was the first of four trips through bankruptcy court for Trump’s casino operations.
Even after reorganization, the Taj continued to struggle with debt payments, posting net losses of $121 million between 1992 and 1995, according to company filings with the SEC. The company turned an operating profit all four years but ended up in the red because of interest payments.
The Taj was included in bankruptcy filings in 2004 and again in 2009. Trump gave up his CEO position in the 2004 bankruptcy. He unloaded the casino in the 2009 reorganization but continued to lease his name to Trump Entertainment Resorts, the company that ran the Taj and Trump Plaza.
And Trump, the man, eventually sued Trump, the company, to try to take his name off the casinos. He complained in his lawsuit that the Taj and Trump Plaza had been allowed ’to fall into an utter state of disrepair’ and were unworthy of his ’superior reputation.’
’We have a very high standard,’ Trump told CNNMoney in 2014. ’And they didn’t meet it.’
-- CNN’s Lorenzo Ferrigno, Brian Vitagliano and Amanda Wills contributed to this report CNNMoney (New York) First published October 10, 2016: 9:27 AM ETBy Oliver Staley
Culture & lifestyle editor
When Donald Trump opened the Trump Taj Mahal in Atlantic City in 1990, the superlatives flowed like cheap champagne.
It was world’s biggest casino. It had the most slot machines and gambling tables. It had twice as many parking spaces than any other in Atlantic City.
The Taj Mahal’s run as the greatest didn’t last long. A little more than a year after it opened, the casino was in Chapter 11 bankruptcy, the first of many setbacks for the property.
Today (Aug. 3), the resort’s management announced the property would close after Labor Day. It blamed workers who went on strike July 1 to regain health benefits lost in its most recent bankruptcy.
The casino is owned by investor Carl Icahn, who took control of it when it emerged from bankruptcy in February. Icahn also owns the Tropicana, which he also acquired out of bankruptcy.
“The Taj is losing multi-millions a months and now with this strike we see no path to profitability,” said Tony Rodio, the CEO of Tropicana Entertainment, in a statement. “Our directors cannot just allow the Taj to continue burning through tens of millions of dollars when the Union has single handedly blocked any plan to profitability.”
Bob McDevitt, head of the local Unite Here union, told the Wall Street Journal that Icahn wants to break the union, and “would rather burn the Trump Taj Mahal down just so he can control the ashes.”
Fairmont El San Juan Hotel features lush gardens, four pools, private luxury cabanas, a swim-up bar, a tri-level, state-of-the-art Well & Being Fitness Center and Spa. During the evening enjoy a vibrant and culturally rich nightlife, featuring weekly live entertainment, and a selection of 9 on-site restaurants, lounges, bars and including the. Book the Fairmont El San Juan hotel - Stay at this 5-star luxury resort in Carolina. Enjoy free WiFi, 4 outdoor pools, and 4 restaurants. Our guests praise the pool and the spacious rooms in our reviews. Popular attractions Carolina Beach and Balneario de Carolina are located nearby. Discover genuine guest reviews for Fairmont El San Juan hotel, in Isla Verde neighborhood, along with the. El san juan resort & casino puerto rico. El San Juan Resort & Casino is located in the foyer of the Hilton Hotel in the city of San Juan. This property is best known for being one of the most luxurious resort casinos in Puerto Rico, and was famous for its celebrity visits back in the 1960’s. Fairmont El San Juan Hotel, tempts locals and visitors to venture inside for a one-of-a-kind, inspired mix of traditions, old and new. If these walls could talk, they’d share stories of 1960s Hollywood headliners crooning in the nightclub and generations of locals marking milestones in the ballrooms. Fairmont El San Juan Hotel, features four outdoor swimming pools, a swim-up bar, poolside concierge service, and new luxury cabanas. With beach access guests can take advantage of water activities such as jet skiing or parasailing, then relax on the spacious sundeck.
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While Icahn is the billionaire shutting the casino, Trump isn’t blameless. Under his tenure, the three Atlantic City casinos he developed—the Taj is the last one operating under the Trump name—suffered from underinvestment and poor management, as he loaded the casinos with debt and milked them for cash.
“Early on, I took a lot of money out of the casinos with the financings and the things we do,” he told The New York Times earlier this year. “Atlantic City was a very good cash cow for me for a long time.”
Atlantic City, always a second-class citizen to Las Vegas, enjoyed a brief resurgence a decade ago, after the opening of the Borgata, an upscale competitor to the Taj, spurred new investment and interest. But the opening of new casinos in Philadelphia and New York sucked the gamblers out of the city, and gambling revenue fell from $5.2 billion in 2005 to $2.6 billion last year.Taj Mahal Casino Atlantic City Nj
Trump shed his last financial stake in the company in February, when it emerged from bankruptcy. He had owned 10% of the Taj Mahal since 2009, in exchange for the use of his name. But in 2014, he sued to have his name removed, arguing that the casino’s ”utter state of disrepair” was tarnishing his good name.
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