May 09, 2017 The Trump Taj Mahal, the Atlantic City casino that the real estate mogul built for $1.2 billion in 1990, went for 4 cents on the dollar when it was sold in March. If Trump was laundering money for the Kremlin in Trump Taj Mahal, then the dirt they have on him is the literal definition of kompromat, and it would go a long way towards concluding why he’s so. Sep 02, 2016 In 1990, Donald Trump threw a star-studded opening party at the $1.1bn Taj Mahal. Today, as it is about to be shut down, locals accuse him of ‘sucking the life and the money’ from the casino. In 1990, Donald Trump opened the largest and most lavish casino-hotel complex in Atlantic City. Unlike any other casino in America, the Trump Taj Mahal was expected to break every record in the books.
A hallmark of Donald Trump's presidential campaign is his claim that he has built a multibillion dollar empire largely because of his brilliance and work ethic. But Trump's business history is riddled with bankruptcies and lawsuits. A prime example: his overhaul of Atlantic City casinos that largely ended in financial collapse.
As Trump and Clinton debatethe self-described billionaire's business acumen, here are five facts to know about his successes and failures in Atlantic City.
The Trump Taj Mahal will close next month.
There is the famous photo. Bank it or bust. Trump takes the stage as the Taj Mahal in Atlantic City opened in 1990. Michael Jackson made an appearance. Tens of thousands of people cheered the casino's addition to the city's oceanfront boardwalk. 'Eye of the Tiger' played.
The next year, Trump filed for bankruptcy on the Taj Mahal, according to the Boston Globe. His name is still attached to the property but he no longer visits the oceanfront property. And on October 10, the Taj Mahal will close.
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The Taj Mahal was not Trump's only Atlantic City failure.
A June New York Times article called Trump's claimed financial success in Atlantic City 'a protracted failure.' Besides the Taj Mahal, two others casinos failed under Trump's control. One casino shuttered. The other sold 'at a major loss,' the Times reported.
As the Press of Atlantic City wrote, 'Trump, the man, never did go bankrupt.' But on several occasions, his casinos did.
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Trump's financial situation was so dire New Jersey capped his spending limit.
Shortly after the Taj Mahal opened, Trump and his casinos had multimillion dollar payments due to creditors. The New Jersey Casino Control Commission approved a $65 million bailout of Trump's casinos by nine banks to ensure Trump could make his payments.
But CNN reported this deal came with a catch: Trump's personal spending could not exceed $450,000 a month. And casino regulators at the time said they worked with Trump to prevent a casino closure that could disrupt the local economy — not because his business strategy was sound.
There's Trump's version of events. And then there's reality.
The way Trump tells it, he made astute investments and pulled out his money at the right time. Earlier this summer, he said as much on Twitter.
But the facts do not entirely support Trump's claim. He faced challenges in selling the parent company for his Atlantic City properties, Trump Entertainment. And the Times reported he was 'still trying to hang on' to his casinos in 2009.
While that jives with Trump's timeline, it is at odds with his characterization that he left on his own terms. Trump was reportedly forced out of management by investors who had lost millions of dollars under his leadership.
As Trump's casinos struggled, others did well.
The Times has the statistic that is the ultimate arbiter of success for a businessman like Trump.
In 2007, the Times reported: 'Over all, an index of casino stocks is up 268% since June 1995. Trump investors lost 93%.'
Published 10:03 AM EDT Oct 11, 2016
The Trump Taj Mahal, an iconic casino hotel on the Atlantic City boardwalk, ceased operations Monday after hemorrhaging money for years and negotiations with an employees' union broke down, according to its owner, billionaire investor Carl Icahn.
The shutdown, which leaves 3,000 employees out of work, was widely expected after management announced the planned closure in August. Antique mills slot machine. Beset by labor strife and the decline of Atlantic City as a resort and gaming destination, the hotel lost 'almost $350 million over just a few short years,' Icahn said in a statement Monday.
About 1,000 employees, including cooks, bartenders, housekeepers and cocktail servers, went on strike July 1, seeking health care and pension benefits. Icahn said his last offer, which included medical benefits, was rejected and keeping the Taj open would have required additional investments and result in losses in 'excess of $100 million over the next year.'
The union, Unite Here Local 54, says many workers at the hotel 'have seen only 80 cents per hour in total raises over the last 12 years' while the cost of living in Atlantic City has risen more than 25% during the period.
'Workers are trying to reenter the middle-class after Icahn used the bankruptcy court to strip them of pay and benefits worth more than one-third of their total compensation,' the union said in a statement released last month. 'Housekeepers, servers and other casino workers at the Taj Mahal earn on average less than $12 and hour.'
Icahn's clash with the union employees cost the Taj Mahal an estimated $150 million, the union said.
Meanwhile, Tony Rodio, CEO of Tropicana Entertainment Inc., which manages the hotel for Icahn Enterprises, said in August Icahn has lost about $100 million in trying to run the Taj Mahal after he acquired it from bankruptcy proceedings in February. Tropicana Entertainment is controlled by Icahn Enterprises.
Atlantic City's decline has been well-chronicled as its past reputation as an East Coast gaming center and proximity to beaches couldn't sufficiently compensate for out-of-state competition and the city’s deteriorating infrastructure. Four other casinos in the city have closed since 2014, including Showboat Casino Hotel, Revel, the Atlantic Club, and Trump Plaza Hotel.
The Trump Taj Mahal opened in 1990 after heavy debt financing and years of legal and financial maneuvers by its then-owner Donald Trump, the Republican presidential nominee. When it opened, it was one of the largest casinos in the world, with more than 100,000 square feet of gaming space, and it billed itself as 'the eighth wonder of the world.'
Trump S Taj Mahal
But the fancy billing belied numerous financial woes it faced over the years, including multiple bankruptcy filings by its owners. In 2009, Trump Entertainment Resorts underwent a round of bankruptcy restructuring, in which Donald Trump lost control and the hotel operator company was sold to investment firm Avenue Capital.
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Taj Mahal Casino Closing
In 2014, Trump Entertainment Resorts, whose assets by now mostly consisted of the Taj Mahal, again filed for bankruptcy protection. When it emerged from the legal proceedings in February, Icahn had grabbed control and the hotel become a subsidiary of Icahn Enterprises.
According to its website, Trump Taj Mahal customers had until 8 a.m. Monday to redeem gaming chips and vouchers at the hotel. After 8 a.m., they can be redeemed at Tropicana Atlantic City’s Casino Cage.
Trump Taj Mahal Casino Latest News
Room bookings on and after Oct. 9 have been cancelled. Room deposits will be refunded, it said.