The Atlantic City skyline — Courtesy: Casino Reinvestment Development Authority/Bob Krist
By Real Estate NJ
The Trump Taj Mahal Casino Hotel in Atlantic City was set to close early Monday morning, becoming the fifth gaming hall in the resort town to shut down in less than three years.
The property opened 26 years ago and, for many years, was as distinctive as any other casino on the Atlantic City boardwalk. But the Taj Mahal has had a history of financial woes dating back to its construction, according to The Press of Atlantic City, and its latest struggles were too much to overcome amid a recent bankruptcy and an oversaturated gaming market.
Most recently, billionaire investor Carl Icahn assumed full control of the casino’s parent company after it emerged from Chapter 11 proceedings earlier this year. But the operator has been dogged by tumbling revenue and clashes with casino workers over concessions it needed to keep the property afloat.
The shutdown follows the closing of the Atlantic Club, Revel, Showboat and Trump Plaza casinos in 2014, struggles brought on by increased completion from nearby states. Developer Bart Blatstein has since reopened Showboat as a nongaming hotel.
For more, see Sunday’s story by The Press of Atlantic City.
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Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.