Though his name continues to adorn the building, Republican presidential nominee and real estate mogul Donald Trump no longer has an ownership state in the casino, and has not for several years.
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NEWS BRIEF The Trump Taj Mahal Casino in Atlantic City, New Jersey, will close after Labor Day weekend following one month of union strikes, the Press of Atlantic City reports.
In justifying the decision to close, Tony Rodio, president and CEO of Tropicana Entertainment, said the Taj is losing millions of dollars a month and that the owners have “fiduciary duties to their shareholders”.
Now you can add the Trump Taj Mahal in Atlantic City to that list; it will be shutting down after Labor Day!
Meanwhile, a footwear magnate and a racetrack operator are behind a new effort to persuade New Jersey voters to approve casinos in the northern part of the state.
The owners said the casino had always been unprofitable.
Two years ago, the city’s casino industry was decimated by the closings of Showboat Casino Hotel on August 31, Revel on September 2 and Trump Plaza Hotel and Casino on September 16.
Almost 3,000 workers will lose their jobs in what will become the fifth Atlantic City casino closure in two years. “We want to make the Taj Mahal great again”.
The strike by Local 54 of the Unite-HERE union began July 1. But the union was unable to reach a new deal for the Trump Taj Mahal.
As a result of the closure, about 3,000 people will lose their jobs in addition to the 8,000 job cuts resulting from four Atlantic City casinos closing two years ago.
The unfortunate end of the struggling casino comes after a month-long strike by the Unite Here Local 54, in which more than one thousand workers, including cooks, housekeepers, bellmen, and bartenders, protested the loss of health care and pension benefits that were lost in Trump Entertainment Resorts’ bankruptcy proceedings back in late 2014.
Icahn also said he was prepared to invest $100 million in the property, if, and only if, he were granted certain concessions by the city. It’s a fate the Taj has been postponing for years; Jacobin recently revisited the dark history of the casino and resort, which has teetered on the edge of bankruptcy nearly from the moment it opened.
Donald Trump has A LOT of failed businesses over the years.
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In June, workers at five of Atlantic City’s eight operational gambling venues, threatened that they would walk out during the July 4 holiday weekend, if they were not offered agreeable health benefit and pension plans by casino owners. However, the terms of this agreement offered them a lesser amount of compensation than employees at Atlantic City’s other casinos.
