Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in April 1990. One year later, in the summer of 1991, it sought Chapter 11 bankruptcy protection because it was unable to generate enough gambling revenue to cover the massive costs of building the facility, particularly amid a recession.
The Trump Taj Mahal in Atlantic City shut its doors Oct. 10, weeks away from the presidential election, reported The Associated Press.
The Taj Mahal had one of the more famous poker rooms for a number of years and was a favorite reference and inspiration for scenes in the film Rounders (Brian Koppleman said the scene where Matt Damon faces off with Johnny Chan was inspired by his stint in the WSOP against Phil Hellmuth).
“It was the place that you could go play without violating any laws and where, if you were someone who wanted to get better at poker and study the best players, you were there,” Koppelman said to The Associated Press. He created Showtime’s TV show, Billions with Rounders writing partner David Levien. “If you were someone who wanted to hustle people, you could go there and find tourists to hustle.”
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The casino opened in 1990 after poker became legal in New Jersey. According to the Associated Press, it was made into a popular destination after the U.S. Poker Championship in 1996 where top players laid down $10,000, making it the first tournament on the East Coast to match the financial caliber of the World Series of Poker.
The opening of the Borgata Casino in 2003 began the downfall of the Taj poker room, with poker rooms in Connecticut (with Foxwoods Casino taking some of the New York market), Pennsylvania, Delaware and Maryland accounting for the rest of the poker room’s usual action.
After closing for renovations in February 2015, the Taj Mahal opened back up in May. Two months later, a worker’s strike appeared to be the last straw for the casino.
In the casino’s final days, the controller was Carl Icahn, who told CNN it was a “sad day for Atlantic City.” After being unable to make an agreement with the striking union workers, Icahn couldn’t afford to run the casino, and so 3,000 workers lost their jobs instead with its closure just before 6 a.m. on Oct. 10.
Despite our best efforts, which included losing almost $350 million over just a few short years, we were unable to save the Taj Mahal.
“Despite our best efforts, which included losing almost $350 million over just a few short years, we were unable to save the Taj Mahal,” Icahn said in a statement Monday. CNN reported that the union workers were able to make deals with four other casinos in the city, including another that Icahn owned.
Donald Trump stepped down as chief executive officer over a decade ago, unloading the 17-acre (and over $1 billion to build) casino in 2009, according to Vanity Fair. He sued his own company to take his name off the casinos because the casinos did not meet his reputation and had fallen into a poorer conditions than he would have liked.
According to CNN, five other casinos have closed in Atlantic City since 2014, including Trump Plaza. Seven remain but two have filed for Chapter 11 bankruptcy protection: Bally’s and Caesar’s. These closures have by and large been called Atlantic City’s casino crisis by AP. Icahn decided Aug. 3 to close down the casino after realizing it could bleed $100 million in the next year.
Trump Taj Mahal was not without its struggles; it had financial problems almost since its inception, according to CNN’s analysis of Trump documents filed with the state gaming authorities.
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The 1990 New Jersey Division of Gaming Enforcement report showed that Trump financed the casino with junk bonds (unable to cover payments with gaming operation profits), had less than $0 in its account four of the first 16 days of operation and had deep deficits reaching $1.7 million.
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The Taj Mahal would file bankruptcy three times due to interest payments forcing them into the red (despite operating profit): in 1991, in 2004, in 2009, according to CNN. Initially in 1990, the state approved a $65 million bailout after the fear of closing was thought to potentially threaten the Atlantic City economy.
One of the casino’s former cocktail watresses, Valerie McMorris, was one of the 3,000 employees out of work (the casino’s total is 11,000 jobs lost to date). She worked for the casino for 26 years and is a Unite-HERE Local 54 union leader, who expressed to Refinery29 how initially the casino took care of its employees but over time it turned into a bait and switch.
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“I'm remembering the excitement and anticipation of that 20-year-old girl, standing on that stage among hundreds of perfumed and decorated women,” she said to Refinery29. “We were promised decent jobs and golden futures. But in the past 26 years, I have personally lived through Trump's economy. Mine was one of the middle-class jobs Trump created, then subsequently destroyed.”
What Donald Trump once called the “eighth wonder of the world” is now something that he told AP shouldn’t have happened.
“I felt they should have been able to make a deal,” Trump said to The Associated Press in another story. “It's hard to believe they weren't able to make a deal.”
Once the casino closes, Trump told AP it’s too expensive to reopen. Many employees who decided to strike told AP that they did not regret their actions and that this instance should give Icahn pause in the future.
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The construction of Trump Taj Mahal casino hotel began in the year 1983 in Atlantic City, New Jersey by Resorts International and the budget was estimated to be$250 million. The death of James M. Crosby, the resorts head in April 1986 led to the bidding of the Taj Mahal.
Donald Trump bided $79 million, the highest to buy the controlling stake in the company July 1987. The estimated budget had reached $930 million but the company had raised only $550 million. The company lacked finance so trump offered to buy the outstanding stakes at $22 per share and finance the project.
Merv Griffin, television producer, also made an offer to buy the shares at $35 which led to a battle for takeover between Trump and Griffin. Finally in November 1988 they reached a settlement which resulted in Griffin purchasing the Resorts International and Trump buying the Taj Mahal from the company.
Trump Taj Mahal Opened on April 2, 1990 and it cost $1.1 billion which made it the most expensive casino built at that time. It was even advertised as the eighth wonder of the world.
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Trump Taj Mahal was the one of the tallest buildings in Atlantic City. It consisted of 50 floors and had 2,010 rooms in total. It included a casino with a gaming space of 120,000 sq. feet. It was Indian themed casino resort and had its own bus depots link to New York, New Jersey and Pennsylvania.
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The rooms in the Hotel all had mini fridges, flat screens and whirlpool baths. Some of the rooms had mirrored bedroom ceilings and floor to ceiling windows.
The casino had 3,500 slot machines and 200 table games. It even had a smoke free poker room.
The Mahal had variety of restaurant to choose from. Some of the restaurants are BurgerDynasty,
Hard Rock,Beriyoetc.
King of Pop Michael Jackson and Model Elle Macpherson were special guests and performers in the opening ceremony.
Trump Taj Mahal is now the subsidiary of Icahn Enterprises.