Ultimately, more competition emerged and revenues fell sharply. “The owners tried to keep as many people inside their walls without improving the area,” the consultant said. “Because of the leverage there never was that long-range vision,” a gaming consultant said, explaining that Atlantic City did not work at becoming an East Coast destination offering much more than gaming. His buildings, and several other seaside casinos, were highly leveraged. Trump would eventually own three of Atlantic City’s 12 casinos. In the 1990s, the Trump Taj Mahal generated the highest revenue of Atlantic City’s 12 casinos. The casino at the time was the largest ever built. “ might pass in 30 days,” the source said.ĭonald Trump in 1988 bought the rights to the casino that cost nearly $1 billion to build - and when it opened in 1990, the bombastic builder billed it as the Eighth Wonder of the World. If the bill passes, the 26-year-old Taj might have coughed up its last slot machine payout. However, there is strong momentum in the New Jersey legislature to pass a union-supported bill that would make it financially difficult to close and reopen a casino, a Republican legislative source said. There is speculation that, after failing to reach a deal with the Unite Here union, Icahn plans to reopen the money-losing casino as a non-union facility. “Today is a sad day for Atlantic City,” Icahn said in a statement, referring to the 3,000 workers who are losing their jobs. Carl Icahn on Monday shut down the Trump Taj Mahal casino, bringing a formal end to an era of lost opportunity.
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