- In 2014 POTUS referred to his Atlantic City retreat as ‘great timing’
- Trump Taj Mahal recently subject of a $300 million purchase by Hard Rock
The shuttered Atlantic City Taj Mahal casino, once owned by none other than the 45th President of the United States, is about to be sold to Hard Rock International.
And, as with many things involving the current US president, the business deal has prompted interested spectators to dig into the real reasons for Donald Trump bailing on this particular business venture.
To say that POTUS is well known for putting his thoughts out for all to see via Twitter is an understatement. And sure enough, in 2014 Trump managed to simultaneously defend his business acumen and troll Atlantic City, asking: “What is happening in Atlantic City, casino closures, is very sad – but does anybody give me credit for getting out before its demise? Timing.”
Two years after that Tweet, @realDonaldTrump referred to the city’s casino industry again, stating: “I made a lot of money in Atlantic City and left 7 years ago, great timing (as all know). Pols made big mistakes, now many bankruptcies.”
What response did the tweet get?
What did others make of Trump’s 2014 view that his retreat from Atlantic City was tactical?
Blog and news site, Las Vegas Locally accused Trump of being kicked out by his lenders, while Twitter use @ForQ2 told Trump that he had ‘no shame’, accusing the businessman of bankrupting Atlantic City. Others suggested that the resort had only started to fail because Trump has now left.
Trump’s foray into gambling empire
Trump built an Atlantic City “gambling empire” with three venues — the Trump Taj Mahal, Trump Marina and Trump Plaza. All were eventually sold off or closed after filing for bankruptcy a total of five times.
The $210 million Trump Taj Mahal Casino Resort was Atlantic City’s 10th casino – and largest – when it opened in May 1984.
Views vary on why it ended up bankrupt just a short time after opening its doors, but some reports suggest it was allegedly financed by the purchase of junk bonds. And the casino had visible issues. It was perceived to be ‘unfinished’ due to depleted investment. For example, one major hallway, originally planned to feature grand marble columns, was actually decorated with pink wallpaper.
On its demise, reports at the time suggested more than 200 contractors were owed $72 million.
According to Democratic candidate Hillary Clinton, Trump enriched himself at the expense of others during the failed casino venture.
There are people who believed it was Trump’s failed business that held back Atlantic City’s efforts to break the monopoly held by Las Vegas, and condemned it to years of hardship.
What’s happened to the Taj Mahal?
Earlier this month it was announced that the abandoned Trump Taj Mahal Casino Resort is to be sold to Hard Rock International and its partners, the Jingoli and Morris families. The plan is to open a $300 million Hard Rock Hotel & Casino Atlantic City in the summer of 2018.
Rumour is that the partners in this project were interested in Atlantic City’s former Revel casino to start with. That is now undergoing a rather protracted and problem-riddled relaunch as TEN under the ownership of Glenn Straub.
With two new casinos in the mix, a change in fortune could be on the cards in Atlantic City. Wonder what Trump will have to say about that?