Trump Taj Mahal in Atlantic City Closes Down

An article published by CNN confirms that the Trump Taj Mahal in Atlantic City, New Jersey closed its doors as of Monday, October 10. This decision is expected to cost an estimated 3,000 workers at the casino their jobs. The casino is actually owned by financier Carl Icahn, and Donald Trump only has rights to the name itself.

 

Over the past few years, there has been a significant infusion of financing into the casino, but efforts to save the operation fell short of its losses in revenue. The casino first opened in 1990 and has weathered the economic turmoil that has plagued Atlantic City in the decades since. Several other casinos faced a similar fate, and two of the seven remaining casinos in Atlantic City have recently filed for Chapter 11 bankruptcy.

 

The Trump Taj Mahal had previously filed for bankruptcy on several occasions. The state even provided funding assistance back in 1990 because of fears that if the casino industry left Atlantic City, the city would be economically decimated. After years of poor performance by the casino, Trump actually sued to be able to remove his namesake from the casino because he did not want to be linked with the poor financial performance of the casino. His efforts have remained ineffective so far. Even from its very first opening, the casino suffered from serious deficits and was unable to ever fully recover from its rocky financial start. In total, five casinos in Atlantic City have closed their doors since 2014.

 

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