The Trump Taj Mahal, situated in Atlantic City, has been gathering dust for the past 3 months since its closure. Owner Carl Icahn shows little interest to revive it.
Atlantic City mayor Don Guardian addressed reporters after his State of Atlantic speech at the Golden Nugget last week. He wished Icahn would sell the casino to someone who would renovate it.
“It’s the worst of the worst, things like that,” Guardian said, referring to the Taj’s closing. “Taj Mahal was the crown jewel before the Borgata in Atlantic City. It’s a great facility, but it didn’t get that $100 million face lift that the other properties got in Atlantic City and so you knew it when you walked in there. But it’s a great property; I really hope that Mr. Icahn, if he doesn’t want to build, sells it…and lets someone else come in and do it.” “He doesn’t have any faith in the city, I get it, or the state…but don’t let us lose that building and leave it vacant on the Boardwalk. We need the thousands of jobs, we need the taxes, and we need the type of activity that it draws to bring people to Atlantic City.”
Guardian remains hopeful that an arrangement of some sort will be achieved. He further added that he feels Icahn will find a financial solution beneficial to himself and that someone will come along and get the building up and running.
Icahn Enterprises took control over Trump Taj Mahal in February 2016. Carl Icahn wanted concessions from Unite Here Local 54 union and tax breaks from city and state. Unfortunately, he never got the tax breaks so the $100 million was never invested. Additionally, the union members lost their health care and pension benefits.
The union tried to negotiate to get their health care and pension back from the company, but were unsuccessful in doing so. As a result, 100 Taj Mahal staff members went on strike. In the weeks that followed, Tropicana Entertainment (the company that owns the Taj) President announced that the casino would be shutting down due to lack of profitability.
Since early October, Icahn has been losing hundreds of thousands of dollars by just letting the casino sit empty, with utility and property tax bills piling up.
Icahn said recently that he was willing to sell the casino for a sum of $300 million to the Atlantic City mayor, the amount of money he lost since procuring the casino.
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