Hard Rock International will acquire Trump Taj Mahal. The deal became possible after the current casino owner Carl Icahn declared about the termination of business in Atlantic city. Icahn met representatives of Hard Rock International and two investment companies on March 2, when the decision about the transaction was made. To make Trump Taj Mahal part of its brand, Hard Rock International are planning to invest $300 million in the casino.
“We are glad to be involved in the revival of Atlantic city and are confident that the hotel-casino Hard Rock will become the most popular casino in the state,” said Jim Allen, chairman of Hard Rock International.
In turn, Carl Icahn said that the sale of Trump Taj Mahal to Hard Rock holding company International is the optimal solution.
In January, The current mayor of Atlantic City Don Guardian called Carl Icahn to sell the shuttered casino, saying his struggling city can’t afford to let such a big piece of its Boardwalk lie vacant indefinitely.
Last December, Carl Icahn had some talks with several casino operators about selling Trump Taj Mahal casino. This news became known in less than 24 hours after the New Jersey State Assembly voted in favor of the bill which prohibits reopening shuttered casinos with employees who are not casino workers’ union — unless the casino owner renegotiates with the union.
Carl Icahn shut the Trump Taj Mahal on October 10, expecting that it will make casino union workers to sign an employment contract on less favorable conditions for them. If Icahn sells the Taj Mahal, he will make the way for a new casino owner to reopen the casino with nonunion workers.