Trump Taj Mahal to close 26 years after Trump opened it
- Author: Zachary Reyes Oct 22, 2016,
Oct 22, 2016, 10:26
This is the fifth Atlantic City casino to close since 2014, including Trump Plaza.
The Trump Taj Mahal has closed its doors.
The closing of the hotel and casino followed a failed attempt to reach a deal with union workers over health care and pensions.
The strike began on 1 July 2016, after the casino workers' union, Unite-HERE Local 54, was unable to reach an agreement with Icahn that would restore the health and pension benefits workers lost during the bankruptcy proceedings.
Earlier this year, Icahn had said he planned to invest up to $100 million in the Taj Mahal, but said "obviously it would not be judicious to proceed with those investments" ahead of the referendum, which was scheduled for November 8.
Trump Taj Mahal, one of three Atlantic City casinos Donald Trump owned when his company suffered huge losses and filed for bankruptcy, has officially closed. The negotiation's failure now brings the number of casino employees having lost their jobs to 11,000 over the past two and a half years or so.
Trump recently told the Associated Press that there was "no reason" for the property to close and that the warring factions "should have been able to make a deal". As the New York Times reported in 1990: "To succeed, the Taj needs record-breaking revenues-variously estimated at $1 million to $1.3 million a day - to meet its overhead and the roughly $100 million annual service on its $725 million in debt".
Yet that option is exactly what the union's president, Bob McDevitt, and many striking workers suspect might happen. "It's hard to believe they weren't able to make a deal".
He compared the feeling of employees to a Popeye moment, stating: "That's all I can stands, I can't stands no more'". McDevitt applauds their actions as for the first time in 30 years, workers stood up to Icahn and made him throw in the towel.
The casino opened to much fanfare in 1990, but ultimately fell into bankruptcy under the ownership of the Republican presidential nominee.
"There was no expense spared in the development of the Trump Taj and it showed", Karmel said.
"Today is a sad day for Atlantic City", he said Monday.
Atlantic City, renowned for its casinos, has only seven of those left now. Icahn said it was a "sad day" and that like numerous Taj's former staffers, "I wish things had turned out differently". If you would like to discuss another topic, look for a relevant article.