President Trump's former casino sold for $50 million

The shuttered down Trump Taj Mahal casino in Atlantic City was sold for a mere $50 million back in March, according to a news report from the Associated Press.

Donald Trump constructed the casino nearly 30 years ago for a lofty $1.2 billion, so the price tag is revealed to be just four cents on the dollar.

Hard Rock International, headed by Florida’s Seminole Indian tribe, was the purchaser of the Taj Mahal. The organization plans to reopen the casino next year. It shuttered in October during a labor dispute.

The Trump Taj Mahal had re-opened its storied poker room back in May 2016, but the reboot was ephemeral. With 48 poker tables before its shut down, the Taj’s poker room was at one point the second largest in the city behind the Borgata. The Taj was among a number of films, including “Rounders,” in which starred Matt Damon and Edward Norton playing a poker session.

In the last full year the Taj’s poker room was open, it brought in $3.57 million, putting it in fourth behind other notable casinos in the country.

Billionaire Carl Icahn purchased Trump’s old casino company through bankruptcy, which eliminated Trump’s last remaining stake in the Atlantic City casino business prior to his presidential election win.

A few lawmakers in New Jersey’s legislature were pushing forward a bill to prevent Icahn from reopening the casino without a union contract. That bill didn’t pass, however he still decided to walk away from the plagued casino. Hard Rock said it plans to spend roughly $400 million on renovations to the casino. It will be getting a new brand as well.

The Taj Mahal was the highest grossing in Atlantic City prior to the opening of Borgata in 2003, but at the time it closed it was the deemed the worst performing.