What Happened To The Taj Mahal In Atlantic City

3/27/2022by admin

President Donald Trump, the 45^th President of the United States, is a politician, businessman, and real estate developer.

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W hen Donald Trump opened the towering Trump Taj Mahal Casino in Atlantic City in March 1990, he declared it “the eighth wonder of the world” and joined in the celebrations at a launch.

He has controversially refused to accept defeat at the November 2020 US Presidential Election from fellow Presidential candidate Joe Biden. Get a comprehensive list and analysis of the best free spins no deposit bonuses here.

Donald Trump called the Taj Mahal the 'eighth wonder of the world' when it opened in Atlantic City in 1990 It dominated the boardwalk until 2016, when it closed after a labor dispute and years of.
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.
Billionaire investor Carl Icahn has reached a deal to sell the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International and two New Jersey investors. The sale comes four months.

Trump is known as owned hotels and casinos, resorts, and other properties in the United States. Trump Casino in Atlantic City is one of such properties Trump-owned and managed. At the time, the Casino was one of the biggest in the world. So, what happened to the famous Trump Casino? Why is it no longer operating under the Trump name?

The Beginning of an Ambitious Project

Trump Casino’s full name is the Trump Taj Mahal Casino, located in Atlantic City. The Casino and others spurt up in the city to rival the Las Vegas casinos’ fame and popularity.

Trump launched the Trump Taj Mahal Casino in Atlantic City in March 1990. The towering building reflected luxury and was attractive eyesight. Trump described the building as one of the wonders in the world.

Although regulatory bodies and other experts had question marks about the project’s viability, Trump believed he could make Atlantic City great again. Similar to the same slogan he used when contesting against Hillary Clinton during the 2016 US Presidential Election. The slogan this time was ‘Make America Great Again.’

Cracks from the Start

Faulty lines started to manifest itself from the launch. First, the financing of the Casino was set up to fail. Trump took $700 million worth of junk bonds to finance the ambitious project. This and other loans he took threatened to destroy the project in its early days.

Thanks to the junk bonds, Trump Casino had to pay $94 million yearly to service its debts. It put immense pressure on the Casino. For the Casino to have a profitable year, it had to make approximately $1 million daily. Unfortunately for Trump, there was no template for such a revenue generation scheme as no other casino had been able to reach these numbers in a day. Thus, to become profitable, the Casino has to achieve consistent world records earnings daily.

Every visitor to the Casino knows that this is not possible. First, casinos have their peak seasons (during the holidays) where tourists come in to play. And they also have seasons where the demand is not so high. Also, while the Atlantic City casino industry was growing with other casinos building shops there, other places like Las Vegas and Connecticut were competing. In hindsight, Trump Casino was never able to pull off those figures.

Decay and Decline

In 2016, just as the US Presidential Election campaigns were heating up, Guardian photographer Brain Rose visited the site that used to be Trump Taj Mahal Casino in Atlantic City. What sees met was an empty and creepily quiet building. No workers and no activities were going on. The whole building looked abandoned, and dunes were overtaking large parts of the properties.

At its peak, Trump owned three casinos in the city and had over 8 thousand staff on its bankroll. Trump Casino’s business thrived initially. It accounted for one-third of the area’s casino profits. However, a combination of huge loans, falling demand, and rising rivals contributed to its decay and eventual bankruptcy.

Trump always stirs controversy, and negative press about him contributed to the casino decline. It is almost impossible to measure the extent of negative press, but it has undoubtedly helped to nail the coffins on the Casino. Rumours about Trump using the Casino to facilitate money laundry activities gave the Casino a lousy image. The rumours gained weight when the Casino was fined $10 million for not reported suspicious transactions.

The failure of the Trump Casino empire in Atlantic City resulted in thousands losing their jobs, investors losing their funds, and contributed to putting many contractors out of business. Atlantic City felt the Trump Casino’s bleeding; unemployment rates in the city rose to 7.4%. While the city bleeds, Trump enriched himself with huge pay-outs. He was able to avoid personal charges to himself because he took the loans under his company name.

Trump Casino is dead. On March 1, 2017, a new group, Hard Rock International, announced its purchase of the crumbled Casino. Trump Casino now goes by the name of the Hard Rock Hotel and Casino Atlantic City.

While Trump’s debt profile contributed to the decline of the Casino, other factors such as the harsh weather, new competitors in more climate-friendly states, and falling customer demand, Trump Casino was not the only one to fall in Atlantic City. The Ocean Resort Casino and other casinos also failed.

President Donald Trump, the 45^th President of the United States, is a politician, businessman, and real estate developer.