Several industry players are looking forward to the plan to revive Trump Taj Mahal in Atlantic City. The effort is expected to reward the economy of New Jersey as the iconic boardwalk casino could attract tourists and potential investors in the state.
Billionaire investor Carl Icahn is giving up on the Trump Taj Mahal and has decided to offload the property, according to a report on NJ.com. Icahn had faced several challenges in trying to bolster the performance of the boardwalk casino, but the final blow came when its workers' union decided to hold a strike that led to the closure of the property.
Icahn is now in talks with Hard Rock International and two New Jersey investors that promise to revive the gambling hall. The entities are promising to pour $300 million worth of investments to the boardwalk casino. The money will be used to find renovation, construction and rebranding of the property, The Chicago Tribune reported.
Gov. Chris Christie expressed optimism and excitement over the plan. He is hoping that the investment will revitalize the dying gambling industry in the state following the closings of several casinos in 2014.
The deal price that the investors are willing to pay for the property has not been disclosed. However, Icahn previously said that he will be happy and willing to sell the Trump Taj Mahal for half of the $300 million that he lost in the property.
The two investors who are willing to invest millions of dollars in the project are Joseph Jingoli and Jack Morris. Jingoli has a project to build a new campus for Stockton University in Atlantic City. Morris is the CEO of Edgewood Properties.
Jobs & Hire previously reported that Icahn tried to keep the Trump Taj Mahal afloat with a $20 million financing package.