Trump has always boasted that he is a superb businessman, who is a multi-billionaire, but this statements have been unravelling as of late.
Evidently, Trump has lost nearly one billion dollars and hasn’t paid tax for approximately 18 years. Now, there is the latest business loss with less than a month to the election.
ATLANTIC CITY: Trump Taj Mahal Casino Closes
The Trump Taj Mahal, an iconic casino hotel on the Atlantic City boardwalk, ceased operations Monday after hemorrhaging losses for years and negotiations with employees’ union broke down, according to its owner, billionaire investor Carl Icahn.
The shutdown, which leaves 3,000 employees out of work, was widely expected after its management announced the planned closure in August. Beset by labor strife and the decline of Atlantic City as a resort and gaming destination, the hotel lost “almost $350 million over just a few short years,” Icahn said in a statement Monday.
The Trump Taj Mahal opened in 1990 after heavy debt financing and years of legal and financial maneuvers by its then-owner Donald Trump, the Republican presidential nominee. When it opened, it was one of the largest casinos in the world, with more than 100,000 square feet of gaming space, and billed itself as “the eighth wonder of the world.”
But the fancy billing belied numerous financial troubles it faced over the years, including multiple bankruptcy filings by its owners. In 2009, Trump Entertainment Resorts underwent a round of bankruptcy restructuring, in which Donald Trump lost control and the hotel operator company was sold to investment firm Avenue Capital.
In 2014, Trump Entertainment Resorts, whose assets by now mostly consisted of the Taj Mahal, filed again for bankruptcy protection. When it emerged from the legal proceedings in February, Icahn had grabbed control and the hotel become a subsidiary of Icahn Enterprises.
According to its website, Trump Taj Mahal customers had until 8:00 a.m. Monday to redeem their gaming chips and vouchers at the hotel. After 8 a.m., they can be redeemed at Tropicana Atlantic City’s Casino Cage.