Following Sunday night’s presidential debate, billionaire Donald Trump supporter Carl Icahn announced that the Trump Taj Mahal in Atlantic City will be closing.
Trump built the Taj Mahal in 1990 for $1 billion and called the resort the “eighth wonder of the world.” However, parent company Trump Entertainment Resorts carried a massive amount of debt at the time. During Trump’s 13 years as CEO of the company, Trump Entertainment Resorts went to bankruptcy court three different times.
Trump stepped down as CEO in 2004. Icahn, who is CEO of Icahn Enterprises LP IEP 0.2%, bought Trump Entertainment Resorts earlier in 2016 after the company emerged from yet another bankruptcy and placed it under control of Tropicana Entertainment Inc TPCA 0.2%. The Icahn purchased eliminated Donald Trump’s final 10 percent stake in Trump Entertainment Resorts.
Unfortunately for the Taj Mahal’s 3,000 employees, Icahn issued a statement on his website Sunday night stating that the resort would be closed after Icahn was unable to reach a deal with union workers.
“Despite our best efforts, which included losing almost $350 million over just a few years, we were unable to save the Taj Mahal,” the statement reads. “I am extremely grateful to all of the almost 3,000 employees for their hard work, especially those that stayed loyal to us during this trying period.”
The closing of the Taj Mahal is the final chapter in one of the darker parts of Donald Trump’s controversial business career.
On Monday, Icahn reiterated his support for Trump to CNBC. Icahn addressed…
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