Hard Rock Entertainment is buying the shuttered Trump Taj Mahal casino on the Atlantic City Boardwalk.
As ACprimetime reported last week, all indications (plenty of trusted tips) pointed to Hard Rock having substantial interest in buying this massive Atlantic City property from owner Carl Icahn. An obvious clue was witnessing the popular Hard Rock Cafe keeping up operations with their Boardwalk front property, even as the adjacent casino hotel was shut down.
The TAJ MAHAL Atlantic City has been sitting empty since OCT 10 of 2016, after a business-crushing strike by Unite Here Local 54 union. The TAJ MAHAL shut down put over 2,000 employees out of work.
Hard Rock Buying Shuttered Trump Taj Mahal Casino on Atlantic City Boardwalk from Carl Icahn
Our 2 Cents: Neighboring Steel Pier and their soon-to-be erected Observation Wheel will certainly benefit from this great news. On the other hand, we believe Glenn Straub’s shuttered REVEL property just took a valuation hit. As for SHOWBOAT HOTEL, owner Bart Blatstein & his Tower Investments along the Boardwalk are looking rosier. What about Union Local 54, lead by the infamous Bob McDevitt. When will Buzz Kill Bob demand to wet his beak in this deal? Carl Icahn also owns the successful Tropicana Casino….. and the shuttered Trump Plaza, which is rumored to become a tear-down. Both on the Atlantic City Boardwalk.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City.” Carl Icahn
A few months back, two execs left Borgata for Hard Rock in Florida. Will they return to Atlantic City? They have experience & they know the market.
Billionaire Carl Icahn is selling the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International and two New Jersey investors. Hard Rock International Announces Partnership with Morris and Jingoli Families to Purchase Atlantic City’s Taj Mahal
Hard Rock International will be majority owner of the rebranded Hard Rock Hotel & Casino Atlantic City in partnership with the Morris and Jingoli families. The group will invest more than $300 million to purchase, substantially renovate and re-open the casino.
“We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment,” states Jim Allen, chairman of Hard Rock International. “We are 100 percent convinced Hard Rock Hotel & Casino Atlantic City will be a success.”
The partnership, majority controlled by Hard Rock International, will transform the existing Taj Mahal with a complete remodel and rebrand of the property that is located on 17-acres of prime Boardwalk real estate, offering guestrooms with views of the city and ocean in the building once named the 8th wonder of the world.
About Hard Rock International
With venues in 74 countries, including 174 cafes, 24 hotels and 11 casinos, Hard Rock International (HRI) is one of the most globally recognized companies.
About The Morris Family
The Morris Family is led by Jack Morris, the CEO of Edgewood Properties. Among other major South Jersey projects, Edgewood led the redevelopment of the Garden State Park racetrack in Cherry Hill.
About The Jingoli Family
The Jingoli Family is led by Joseph R. Jingoli, Jr. and Michael D. Jingoli. Joe Jingoli is the CEO of Jingoli Construction and COO of DCO Energy (“Jingoli-DCO”) and Michael Jingoli is the CFO of both companies. Jingoli-DCO has deep roots in South Jersey with a record of continual investment in the future of Atlantic City. Joseph Jingoli is construction manager for Stockton University’s Atlantic City campus.
The Buyer was represented by Greenberg Traurig, P.A., Fox Rothschild, LLP, and The Weingarten Law Firm, LLC. The Seller was represented by Levine, Staller, Sklar Chan & Brown, P.A.