Could the Trump Taj Mahal close?
Reuters reported that Trump Entertainment Resorts Inc, which operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, is set to file for bankruptcy. The news is yet another blow to the Casino industry in Atlantic City. Within a month, 8,300 people will lose their jobs with the announced closings of Showboat, Revel, and the Trump Plaza Hotel and Casino. If the Trump Taj Mahal joins them, the situation will just become worse.
2,800 people depend on the Trump Taj Mahal for employment. “What happened to Atlantic City, there’s a lot of competition from a lot of other locations,” Donald Trump told Bloomberg News, “It’s happening all over.” Trump has no active role in the company, and he is even looking to remove his name from the whole thing. “It’s not that we’re demanding rights,” he said, “We just want the name taken off the building. We have the hottest hotel portfolio in the world right now. They are not operating the hotel in accordance with our very high standard.”
Is Atlantic City's Taj Mahal next to close? http://t.co/YUlcWDyu4l
— Bob Ingle (@bobingle99) September 6, 2014
According to the Record, the owners of the casino filed a report with New Jersey’s Division of Gaming Enforcement. “If the Company is unable to achieve significant revenue increases and improvements in its operating results, the Company will have difficulty funding its operations and meeting its payment obligations, unless the Company is able to obtain additional sources of liquidity or restructure its business and/or its indebtedness and other obligations,” it said, “There can be no assurance that the Company will achieve such revenue increases or that it will be successful in obtaining additional sources of liquidity.”
The rumors are already circulating. CBS 3 Eyewitness News claimed sources informed them that the Trump Taj Mahal will close, but no official announcement has been made yet.
— Dell Poncet (@PHLBizDPoncet) September 8, 2014