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Trump Taj Mahal Casino faces uncertain future

Trump Taj Mahal Atlantic CityIn its heyday Donald Trump’s name was synonymous with Casino gambling in Atlantic City. Now, however the two casinos that still bear his name have faced difficult times over the years since he withdrew from the casino business. The Trump Plaza casino and hotel closed down on the 16th of September 2014. The casino and hotel that was launched by Donald Trump in 1984 lost out to more modern and more luxurious casino resorts in Atlantic City. A possible deal to sell the Trump Plaza for 20 million dollars last year fell through and it appears that the casino just went downhill over the years. The situation for the Trump Taj Mahal isn’t quite so dramatic at the moment as the casino is still making a profit but it is doing so while carrying huge debts.

Trump Taj Mahal may have some chance of survival

The Trump Taj Mahal owned by Trump entertainment Resorts has enough finance to carry on in business until November but if it cannot agree a deal on its debt repayments, it may be obliged to close before the end of the year adding to the thousands of jobs lost in recent casino closures in Atlantic City. New Jersey only allows casino gambling in Atlantic City but recent closures there have seen the number of casinos drop from 12 to eight and if the Trump Taj Mahal closes there will only be 7 casinos remaining in the United States’ second gambling centre after Las Vegas. The casinos which have closed in recent months are The Atlantic Club, The Showboat Casino hotel, The Revel Casino Resort and the Trump Plaza. The Trump Taj Mahal may survive if an agreement could be made concerning its debt. The company owes the property developer Carl Icahn 285 million dollars which it is repaying in 38 million dollar yearly payments. It is believed that if a deal were to be made to extend the loan repayment period that there might be some hope that the Taj Mahal could continue in operation after November.

Another slim hope for the Trump Taj Mahal is that if a deal on debt could be reached maybe another deal could be made between the casino’s owners and the trade union Unite Hero 54. Any deal would probably mean some job losses. The union will not negotiate with the Taj Mahal’s current owners but there is a possibility they could enter talks with a new owner.

Return of Donald Trump?

It has not been confirmed but there is also a possibility that Donald Trump may buy back both the now closed Trump Plaza casino and also the Trump Taj Mahal. He indicated on his Twitter account that he may try to save the two casinos which he sold several years ago.

By | 2014-10-01T14:37:58+00:00 October 1st, 2014|Atlantic City, Trump Taj Mahal|0 Comments

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