Trump Taj Mahal purchased by Hard Rock

The shuttered Trump Taj Mahal casino in Atlantic City has found a buyer.
Trump Taj Mahal purchased by Hard Rock

The shuttered Trump Taj Mahal casino in Atlantic City has found a buyer.

The new owner will be a group of investors led by Hard Rock International, the company behind Hard Rock Cafe.

President Trump once operated the hotel, but financed the project with junk bonds and could not cover their payments. He parted ways with the place in 2009.

Carl Icahn, who serves as an adviser in Trump’s administration, bought the place in early 2016 in a bid to save the failing establishment. The casino and hotel closed its doors in October 2016 after years of struggling to stay afloat.

Icahn Enterprises, which announced the sale Wednesday, said last year that it’s “lost almost $100 million trying to save the Taj.”

The Taj isn’t the only Atlantic City casino to fall on hard times. It was the fifth to close since 2014. As the city’s hallmark industry has failed to turn profitable, the local government has been strapped for cash and teetered on the brink of bankruptcy for months.

Source: CNN

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