Icahn Sells Trump Taj Mahal Casino to Hard Rock-led Group
(Bloomberg) -- Carl Icahn is selling the former Trump Taj Mahal Casino in Atlantic City, New Jersey, to a group of investors led by Hard Rock International, whittling down his holdings in the gambling market.
The billionaire's Icahn Enterprises LP acquired the Taj Mahal through a bankruptcy court restructuring in early 2015 and shuttered the property in October after failing to reach agreements with striking workers over pay and benefits. Icahn already owns the Tropicana casino in Atlantic City through Tropicana Entertainment Inc.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” he said in a statement Wednesday.
The sale doesn't include the nearby Trump Plaza casino, which also closed. Icahn intends to sell that as well.
The Taj Mahal was once the flagship of Donald Trump's casino empire, which broke up in a series of bankruptcies. President Trump is no longer associated with the properties.
Icahn, 81, is worth an estimated $20.2 billion, according to the Bloomberg Billionaires Index.
Hard Rock is a casino and restaurant operator controlled by the Seminole Tribe of Florida.
To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net.
To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Rob Golum
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
