Mayor of Atlantic City, Don Guardian, urges Trump Taj Mahal owner, Carl Icahn, to put the recently closed casino up for sale. The city suffered as a result of the closure of several of its casinos in recent years, so, according to the mayor, it cannot afford to have a vacant property occupying valuable real estate on the boardwalk.
While it’s a fine suggestion, Icahn won’t be impressed until Guardian comes up with the cash to cover the $300,000,000 hit he’s already taken on the property. "Telling us we should sell the Taj and make a profit is easier said than done," Icahn said. "We've lost almost $300 million on that investment. If he's a buyer at that price, I'd be a happy seller."
The lights on the Taj went dark for the final time in October due to a failed meeting of the minds between owners and union employees. Perhaps the iconic casino, originally opened by President-elect Donald Trump, wouldn’t have gone to hell in a hand basket if they worked with employees to reinstate benefits. Aside from that, the place was falling apart – it’s a wonder they had any patrons at all.
Icahn fired back at the mayor, saying "Some help back then would have been nice” in reference to the period when staff were on strike. During that time, you’d look around the casino and see no dealers at the tables. It was a bad deal for everyone involved.
"He doesn't have any faith in the city, I get it," Guardian said. "But don't let us lose that building on the Boardwalk. We need that activity and those jobs."
The pressure is now on but without a solid $300M offer, it looks like the Taj will continue to be a waste of space on the AC boardwalk.
Source:
‘Atlantic City mayor urges Icahn to sell Trump Taj Mahal casino building’, nj.com, January 5, 2017
rferry5
7 years ago
Sr. Member
thats a shame, stayed there with some friends before in a suite, had a great time and we all won and took it home with us and there waitresses kept all of our drinks full the whole night. we had a blast they will probably put up hotel for visitors AC gets a lot of them..thanks rose
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jade
7 years ago
Super Hero
Vegas and Atlantic City are not the only places gamblers have to choose from anymore. More and more, states around the country are changing their laws and building their own casinos. It may be a long time before that property reopens as another casino, if at all.
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eberetta1
7 years ago
Hero Member
Looks like Icahn got left holding the bag.
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Feelin froggy
7 years ago
Superstar Member
True dat. It's gambling 101, right? He'd get killed at the tables. @coolsongss Trump has been out of the casino business for a long time now. It actually started to go downhill when he licensed out the name. Anyway, I don't think he has, or ever will, feel ashamed of himself :)
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LCB Admin
7 years ago
Admin
Need to know when to fold em :) Cut your losses
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coolsongss
7 years ago
Hero Member
I got to know that Donald Trump had owned this casino through the news of LCB. It was very surprising news at the moment. I got shocked at the news how he used his ruined business to evade his taxes for a very long period. What a shame for him, if he ever feels ashamed of himself. Thank LCB for this kind of follow-ups.
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