(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
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