Billionaire investor Carl Icahn announced, Wednesday, that he has reached a deal to sell the iconic Atlantic City Trump Taj Mahal casino to Hard Rock International (and two other New Jersey investors) with a plan to invest $300 million in renovations and rebranding efforts.
In a statement, Hard Rock International chairman Jim Allen comments, “We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment. We are 100 percent convinced Hard Rock Hotel & Casino Atlantic City will be a success.”
Currently, the very intimately held Hard Rock International operates 24 hotels, 11 casinos, and 174 cafes across 74 countries.
Closely held Hard Rock International operates 174 cafes, 24 hotels and 11 casinos in 74 countries, according to the statement.
Icahn Enterprises LP managed to acquire the property through bankruptcy proceedings which restructured the company early in 2015. At the time, the company shuttered the property awaiting agreements with striking workers who, of course, demanded pay and benefits.
Icahn, who already owns the Tropicana casino in Atlantic City (through Tropicana Entertainment Inc) comments, “After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City.” He also adds, “A sale of the Taj Mahal therefore represents the optimal outcome for us. We wish Hard Rock and its partners the best of luck with the Taj Mahal.”
The other two minority partners involved with this purchase are members of the Jingoli and Morris families.
Joseph and Michael Jingoli express: “We’re excited to be part of such an important project for Atlantic City. This project is led by a proven leader in gaming, brings hundreds of millions in new investment, creates hundreds of construction positions, countless positions within the Hard Rock Hotel and will bring thousands and thousands of new visitors to this great city.”
And it appears that the city’s administration is in full support of the investment. Atlantic City Mayor Don Guardian notes, “Now is the time to invest in our great city. The price is right. We need to bring back thousands of jobs for our Atlantic City residents and for South Jersey.”