The famous Trump Taj Mahal is finally closing down after years of financial losses and the inability to negotiate agreeable terms with their employees’ union. As a result of the casino shutting down, there are now 3,000 people left without a job. However, the closure of the hotel was not a surprise to the employees because upper management informed them back in August about the plans to close the hotel. So they should be able to find other casino jobs in a hot gambling destination like Atlantic City.
The Trump Taj Mahal was the casino hotel which really became an icon in Atlantic City, thanks to its development by celebrity billionaire and current Republican presidential nominee Donald Trump. He used a lot of debt financing to get the casino built and it was supposed to be Trump’s big break into the casino industry. But instead, the casino quickly lost money and was not the success that Trump had envisioned it would be. In 2014, Trump Entertainment Resorts lost control of the casino hotel after its numerous bankruptcies and a series of legal proceedings. Billionaire Carl Icahn ended up gaining a majority of control over the hotel.
The closure of the Taj Mahal comes just one month before Election Day in November. Trump is running his presidential campaign on his successful business record, so the closure of the Taj Mahal is certainly going to be on the minds of the voters. Even though Trump didn’t actually own the hotel when it closed, his “Trump” name is still on the hotel and it will likely get people talking about whether or not he truly is the successful business man that he keeps bragging that he is.