After shutting down the Trump Taj Mahal in October of last year, businessman Carl Icahn now has a buyer for the property. It was announced yesterday that Hard Rock International along with two investors have reached a deal with Icahn to purchase the Atlantic City casino. The sale price has yet to be revealed.
In a statement on the deal, Hard Rock International Chairman Jim Allen, said that the company is excited to be part of the revitalization of Atlantic City by creating thousands of jobs to help local employment. The company is 100% convinced that Hard Rock Hotel and Casino Atlantic City will be a success. Hard Rock plans on investing $300 million for renovations and rebranding of the casino property.
Icahn reportedly decided that one casino in Atlantic City is enough for him, deciding to sell the shuttered Trump Taj Mahal and focus on his other property, the Tropicana Casino and Resort. Back in January, Icahn had stated that he lost around $300 million in his ownership of the Taj and is willing to sell for half the amount.
In a statement last night, Icahn said that he is happy with the ownership of the Tropicana and after analysis and deliberation, it was determined that only one property would be in operation in Atlantic City. Icahn wished the Hard Rock and their partners the best of luck with the Trump Taj Mahal casino.
Hard Rock International has shown interest in operating casino gaming in the past in the state with a proposal to build a casino in the northern region, if gambling had been approved. However, voters decided in November 2016 that gambling should stay in Atlantic City and the option for expansion cannot be brought up again for another two years.
The two investors working with the Hard Rock on this project are Joseph Jingoli and Jack Morris. Jingoli is currently working for Stockton University in Atlantic City on a new campus while Morris is the CEO of Edgewood Properties.