The company intends to send state-required mass layoff notices before the weekend, Rodio said in a statement. In the end he’ll have to live with what he’s done to working people in Atlantic City, and have to justify whatever myopic prism he is using today to evaluate how, once again, his decision making process makes sense to nobody but himself.
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In 2014, Trump had sued to get his name off the casino and others in Atlantic City that later closed, “fretting their tattered state would harm his brand”, the report said. The business now belongs to Trump’s friend and fellow billionaire Carl Icahn, who decided he can no longer support a casino losing millions of dollars each month amid a crippling strike. Now 8,000 jobs will be lost.
The closure of the casino after Labor Day will lead to the loss of 3,000 jobs, which will bring the total of recent Atlantic City job losses up to over 10,000.
Atlantic City Mayor Don Guardian said in a statement that it is “unfortunate and disappointing” that no resolution has been found to keep the Taj Mahal open.
A report in CNN said that Trump had filed four business bankruptcies in the last 30 years, all of which surrounded his casino holdings in Atlantic City.
The owners of Trump Taj Mahal Casino Resort said Wednesday that the casino will close after Labor Day weekend, blaming striking Unite Here Local 54 workers for preventing a “path to profitability”. The doors finally opened on April 2, 1990 thanks to the raising of $650 million in junk bonds with a high 14 percent interest rate.
“The great deal-maker would rather burn the Trump Taj Mahal down just so he can control the ashes”, Mr. McDevitt said.
Billionaire investor Carl Icahn is closing the Trump Taj Mahal in Atlantic City, saying a month-long strike by union workers and their demands for increased benefits have “blocked any path to profitability”.
The Atlantic City casino has experienced many difficulties ever since construction began in 1983 by Resorts International, who owned the neighboring Resorts Casino Hotel.
Icahn told the workers that officials of Local 54 of the Unite-HERE union knew that the company had made its final offer, but rejected it anyway, knowing a strike would result.
This story has been corrected to show Icahn says he has lost almost $100 million on the Taj Mahal in the past 18 months, not 18 years.
After 26 years in operation, the Trump Taj Mahal casino will shut its doors for good due to a prolonged union strike.
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In emerging from bankruptcy, the company stripped unions of their health insurance and pension benefits; the company’s last offer before the strike included restoring some health insurance and reducing the number of rooms per shift per cleaner from 16 to 14.
