Old Trump casino sells for fraction of initial cost

Old Trump casino sells for fraction of initial cost
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President Trump's former casino in Atlantic City was sold for a fraction of its original $1.2 billion cost, according to a new report.

The Trump Taj Mahal was sold for $50 million in March, The Associated Press reported Tuesday, 4 cents on the dollar of its initial price.

The AP reported that documents filed with the Securities and Exchange Commission revealed the casino's last purchase amount.

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Billionaire Carl Icahn sold the Taj Mahal in March to Hard Rock International, which is owned by Florida’s Seminole Indian tribe.

Icahn’s sale to Hard Rock was reported at the time, but the transaction’s purchase price was private until Tuesday.

The Taj Mahal officially closed last October, putting nearly 3,000 people out of work amid disagreements between Icahn and unionized workers there.

“It was simply impossible to find a workable path forward that would not have required funding additional investments and losses in excess of $100 million over the next year,” he said, noting the casino had already lost $250 million.

Icahn and Atlantic City’s main casino workers’ union were unable to agree on a new contract over health insurance and pension benefits.

Unite Here Local 54’s standoff with Icahn began last July when more than 1,000 casino industry members went on strike.

The AP said that Hard Rock plans on reopening the Taj Mahal after a $375 million renovation, including scrapping mentions of Trump.

Trump dubbed the casino “the eighth wonder of the world” when it opened in 1990.