Trump Taj Mahal in AC Transitions to Hard Rock
- Mar 06, 2017
Atlantic City, N.J.—Hard Rock International, in partnership with the Morris and Jingoli families, has acquired the Trump Taj Mahal Hotel in Atlantic City, N.J., from a wholly owned subsidiary of investor Carl Icahn, and will rebrand it the Hard Rock Hotel & Casino Atlantic City.
The new ownership group will invest more than $300 million to purchase, substantially renovate and re-open the casino, which has been closed since October of last year.
“We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment,” Jim Allen, Hard Rock International’s chairman, said in a prepared release. “We are 100 percent convinced Hard Rock Hotel & Casino Atlantic City will be a success.”
Located on 17 acres of prime Boardwalk real estate, the hotel offers guestrooms with views of the city and ocean.
“Both the Morris and Jingoli families are honored and excited to partner with Hard Rock International in the rebuilding of Atlantic City,” Jack Morris, CEO of Edgewood Properties, said in the release. “This is a once-in-a-lifetime opportunity to be a part of revitalizing one of our nation’s most iconic destinations. Atlantic City has a rich and dynamic history and we are so proud to help recapture that greatness.”
The Hard Rock Hotel & Casino should create more than 3,000 jobs for Atlantic City and provide an ongoing and significant impact to the local and regional economies.
Icahn, chairman of Icahn Enterprises, also owns the Tropicana Casino & Resort in Atlantic City and said that led to his decision to sell.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” he said. “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.”