The Shutdown Atlantic City TajMahal Finally Loses Trump Name
Love him or hate but one thing is for sure, the Trump name is guaranteed to draw attention, more often than not, for all the wrong reasons. Amidst the nationwide protests, women’s marches, Twitter war of words, controversial inaugural ball and so much more in the short time since Donald Trump was elected as President of the United States, one story went largely unnoticed.
Atlantic City has always been the home of international casino gambling and many have made or lost their fortunes in this historic casino and resort destination. One of the most famous, or infamous, depending on how you look at it, of all these Atlantic City destinations has been TajMahal resort and casino.
The TajMahal was opened in 1990 by Trump who had bought it in an unfinished state from Resorts International for an estimated $230 million. Trump had famously declared the TajMahal resort and casino as the eighth wonder of the world but, perhaps even more famously, the Taj was declared bankrupt less than a year later.
In total, the Trump TajMahal had cost over a billion dollars to complete and was the twelfth largest casino on the Atlantic City boardwalk. The opening of the Trump TajMahal casino and resort was a spectacular and glamorous affair which included laser lights and fireworks and a guest list of the who’s who in entertainment including Michael Jackson, Merv Griffin and many others.
The Trump TajMahal would continue to have financial troubles throughout its existence which eventually culminated in the closing of the resort and casino for the final time by Carl Icahn four months ago. Icahn is a name that is familiar to most people that have been following the Trump presidential fiasco as the so-called corporate raider and close friend of Trump is also the appointed Special Adviser on Regulatory Reform.
Icahn had initially persuaded Trump to leave his name on the building after he had rescued it from bankruptcy in 2015. However Trump, who has had no involvement in the casino since 2009, had decided to step in after apparently becoming angry at how poorly it had been run. Trump had sold the Taj along with its sister, the Plaza to a group of hedge funds.
Trump had then signed a deal with the new owners, Trump Entertainment which allowed them to keep using his name in exchange for ten percent of the company. However, it did not take long for Trump to change his mind after he had seen no changes in the way the properties were being run. He duly sued for the removal of his name from both buildings. While his brand had been successfully removed from the Plaza, it seems he allowed Icahn to hold onto the name following his 2015 rescue attempt. Now finally, two years later the Trump name has finally been removed from one of the most iconic and controversial casinos in Atlantic City.
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