March 1st came with news about the faith of the Trump Taj Mahal Casino Resort. The property was acquired by an investors group led by Hard Rock International.
Wednesday came with big news for the former Trump Taj Mahal. An announcement on the matter was released by Carl C. Icahn. He is the Icahn Enterprises Chairman. According to his statement, the company decided to sell the Taj Mahal Casino Resort.
Icahn stated that the decision came after “considerable analysis and deliberation” on the matter. The sale of the Taj Mahal was in close relation to the company’s other Atlantic City operating casino property. Following the analysis, Icahn decided to own and focus on just one of these properties. And it chose to keep the Tropicana Casino & Resort.
As such, a sale of the Trump Taj Mahal was the “optimal outcome”. At least according to Icahn. Icahn Enterprises itself acquired the casino resort back in 2016. Now, it will be selling it to Hard Rock International, Inc.
This latter is a chain of theme restaurants. Founded in 1971, the company is based in Orlando, Florida. Nonetheless, Hard Rock locations can be found all across the globe. The company operates properties in 59 countries. Presently, these include 174 cafes and 24 hotels. Hard Rock also has 11 casinos, soon to become 12.
Following the acquisition announcement, the company revealed some of its plans for the Trump Taj Mahal. The casino resort was closed back in 2016, on October 10.
Originally, the Trump Taj Mahal Hotel & Casino opened in April 1990. It expands over 17 acres, 167,000 square feet of which were its gaming space. The hotel could offer a total number of over 2,000 rooms.
It also included various other entertainment options. As well as diverse culinary options, for example, the Il Mulino New York and a Hard Rock Café, as well as several others.
Jim Allen, the Hard Rock International Chairman, came with his own statement. He expressed the company’s excitement at being part of the project. Hard Rocket considers that reopening the Trump Taj Mahal can also help revitalize the area. It will also help be creating some thousands of jobs at a local level.
Allen stated the company’s complete belief in the fact that the “Hard Rock Hotel & Casino Atlantic City”, as it will be named, will be a success. Presently, neither company revealed the resort’s sales price.
However, Hard Rock did release an estimated investment sum. The group will be investing over $300 million in buying, renovating, and reopening the former Trump Taj Mahal. Hard Rock International will also be joined by a group of New Jersey investors. These were revealed to be Michael and Joseph Jingoli as well as Jack Morris.
This latter is the founder of a real estate development company, Edgewood Properties. Michael and Joseph Jingoli come from the Joseph Jingoli & Son Inc. construction firm.
At its peak, the Trump Taj Mahal in Atlantic City was considered the area’s most successful casino. But this streak ended in 2003, following the opening of the Borgata. During its hay days, the casino resort offered accommodation in over 2,000 rooms.
It remains to be seen if this number will increase or decrease following the renovation. For the moment, Hard Rock has yet to offer detailed information about its overhaul and reopening plans. It has yet to announce a day for this latter. Nonetheless, some expect the new casino resort to open sometime in 2018.
Image Source: Wikimedia