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