Sign of the Times: Trump Taj Mahal Casino to Shut Down

Posted by on Aug 04, 2016 at 6:42 am
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This dump is no longer owned by the lunatic presidential candidate, but rather owned by one of his pals after Trump ran it into the ground once already. Now the question becomes: Which will shut first, the casino or Trump’s ill-fated campaign?

The Trump Taj Mahal casino in Atlantic City will close after Labor Day weekend, in part because of a workers’ strike, its owner said Wednesday.

“Currently the Taj is losing multimillions a month, and now with this strike, we see no path to profitability,” Tony Rodio, head of Taj Mahal manager Tropicana Entertainment Inc., said in a statement.

About 1,000 workers have been striking since July 1 after negotiations fell apart over health and pension benefits.

“How petty. I would never have thought Carl Icahn was so one-dimensional,” Bob McDevitt, president of striking Unite Here Local 54, said in a statement. “The great deal-maker would rather burn the Trump Taj Mahal down just so he can control the ashes.”

Local 54 members include bellhops, cooks, and housekeepers. About 3,000 workers would lose their jobs in the closure.

Mayor Don Guardian said in a statement that his “thoughts and prayers” were with the workers facing layoff.

It doesn’t matter that Trump no longer owns it. His name is on it, so cue the media orgy of negative stories, capping off a wonderful week for the Clinton plant.

Assemblyman Vince Mazzeo (D., Atlantic) criticized the closure announcement as “an act of corporate Wall Street greed.”

Gee, it’s almost as if that hack is reading off a script.

Opened by Donald Trump in 1990, the Taj Mahal was teetering on the verge of closure in 2014 when Trump Entertainment Resorts, its owner, filed for bankruptcy.

Activist investor Icahn took control of the company in bankruptcy – spending about $86 million to keep the Taj open – and Trump Entertainment Resorts emerged from bankruptcy in February.

The Taj is run by the same managers as the Icahn-owned Tropicana. The casino kept Trump’s name but is no longer owned or controlled by him.

Analysts have long questioned the industry’s financial footing, predicting additional casino closures in the competitive market.

The Taj Mahal has been in particularly rough financial waters. Of the eight casinos, the Taj was the only one to report a loss in the first three months of this year, according to the most recent state data available.

It’s seemingly impossible to lose money running a casino, but Trump has managed to lose money running casinos, but also water, among other failed ventures.

Sad!

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