Carl Icahn now officially owns the Trump Taj Mahal and The Trump Plaza. The deal was signed on Friday, Feb 26. Icahn acquired the two Boardwalk properties thru a bankruptcy reorganization.
Icahn is well known for his prowess at buying distressed properties at fire-sale prices and turning them around. On March 8, 2010, a group of lenders headed by Icahn closed on the purchase of Tropicana Casino and Resort Atlantic City on the Boardwalk and bringing it out of bankruptcy for $200 million. Before the recession hit in 2008, the Tropicana was expected to fetch nearly $1 billion.
Carl Icahn is sometimes referred to as a corporate raider or activist stockholder. He always seems to do well in Atlantic City.
Icahn bought the former Sands Casino Hotel from bankruptcy for $65 million. He then sold it 6 years later to Pinnacle Entertainment for $270 million.
Health and pension benefits have played a central role in Icahn’s bumpy play for the Taj. He didn’t want to be saddled with appeasing Local 54 who represents hospitality workers in Atlantic City.
Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity. Carl Icahn.
Interesting to note that Icahn has endorsed Donald Trump in the 2016 US presidential election.