According to the documents submitted to the U.S. Securities and Exchange Commission, Hard Rock International bought Trump Taj Mahal for $50 million. It is 400 times less than the sum which was spent by Donald Trump on the casino construction in 1990., Carl Icahn, the former casino owner, received only 4 cents from each dollar invested by Trump.
Taj Mahal casino in Atlantic city became the property of the Hard Rock in April 2017, however, the cost of the transaction has not been disclosed so far. According to the financial statement of Icahn Enterprises for 2016, the casino was estimated at $86 million, but was still on sale at the price of $50 million, scanty in comparison with its initial cost.
A new casino in the Hard Rock range will begin operation in spring, 2018. To make Trump Taj Mahal a part of the brand, Hard Rock International intends to invest $400 million in the casino. The company has already hired a team of employees for the casino rebranding.
Trump Taj Mahal began work in 1990 as a part of business of the current U.S. President Donald Trump. After bankruptcy in 2016 the casino became the property of the billionaire Carl Icahn. The unsolved conflict between Icahn and casino personnel led to closure of a gambling establishment in October of the same year.