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US – Hard Rock buys Trump Taj Mahal for undisclosed fee

By - 2 March 2017

Hard Rock International has agreed to buy the Trump Taj Mahal in Atlantic City, along with two New Jersey investors, from billionaire business Carl Icahn.

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 $300m to purchase, substantially renovate and re-open the casino.

The purchase follows Icahn’s decision to close the venue four months after strikes by staff. He said back then that he had lost $300m in the property and that he would sell it for half that amount, although no fee was disclosed.

Jim Allen, Chairman of Hard Rock International, said: “We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment. We are 100 percent convinced Hard Rock Hotel and 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.

“Both the Morris and Jingoli families are honoured and excited to partner with Hard Rock International in the rebuilding of Atlantic City,” said Jack Morris, CEO of Edgewood Properties. “This is a once-in-a-lifetime opportunity to be a part of revitalizing one of our nation’s most iconic destinations. Atlantic City has a rich and dynamic history and we are so proud to help recapture that greatness.”
From renovation to completion, it is expected that the new Hard Rock Hotel & Casino will create over 3,000 jobs for Atlantic City and provide an ongoing and significant impact to the local and regional economies as well as the revitalization of Atlantic City.

Mr. Icahn said: “We are extremely happy with our ownership of the Tropicana Casino and Resort, and after considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City. A sale of the Taj Mahal therefore represents the optimal outcome for us. We wish Hard Rock and its partners the best of luck with the Taj Mahal.”

Mr. Jingoli added: “This project is led by a proven leader in gaming, brings hundreds of million dollars in new investment, creates hundreds of construction positions, countless positions within the Hard Rock Casino Hotel and will bring thousands and thousands of new visitors to this great city.”

Hard Rock had wanted to enter the New Jersey market by building a casino resort in northern New Jersey at the Meadowlands racetrack but a statewide referendum last November voted against having casinos in the North of the state.

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