Closing of Trump Taj Mahal a 'monumental decision' - Press of Atlantic City: Southern N... Page 1 of 3
Closing of Trump Taj Mahal a 'monumental
decision'
MARTIN DeANGELIS, Staff Writer | Posted: Thursday, August 4, 2016 6:30 am
ATLANTIC CITY — When a celebrity owner
hosted a lavish opening of Trump Taj Mahal
Casino Resort in 1990, it made huge news well
beyond the city.
And with the current owners’ announcement
Wednesday that they plan to close in a month, it
was a big deal all over again.
“I am surprised, given the new ownership,” said
Joe Weinert, an analyst with Linwood-based
Spectrum Gaming Group. “Tropicana is a
successful operator in multiple markets. Carl Icahn
has been a successful operator in multiple
markets.”
Taj closing
Local 54 Unite Here strikers continue to
picket the Taj Mahal after it was announced
the the Taj would be closing aftr Labor
Day. Wednesday August 3 2016 (The Press
of Atlantic City / Ben Fogletto)
Trump Taj Mahal announces it will close
ATLANTIC CITY — The owners of Trump Taj Mahal Casino Resort said Wednesday that the
casino will close after Labor Day weekend, blaming striking Unite Here Local 54 workers for
preventing a “pa…
Weinert called it a “monumental decision.”
“And I do mean monumental, as this was for years the iconic, must-see property in Atlantic City.
It was as big as Donald Trump’s ego,” Weinert said. “So a town that was once Trump City is now
Trumpless, in every respect.”
Trump, now a presidential candidate, left Atlantic City except in name years ago. Icahn formally
took control of the Taj Mahal this year and installed the management team from the Tropicana
Atlantic City, which he also owns, to run the Taj.
Alex Bumazhny, an analyst for Fitch Ratings, said the Taj Mahal — with its size, history and
amenities — had the potential to be one of the top Atlantic City casinos following four casino
closings in 2014 that reduced competition.
“But the bankruptcy and (Local 54) strike put it in a position that was hard to recover from,” he
said.
http://www.pressofatlanticcity.com/business/closing-of-trump-taj-mahal-a-monumental-deci... 8/4/2016
Closing of Trump Taj Mahal a 'monumental decision' - Press of Atlantic City: Southern N... Page 2 of 3
10 of the most memorable sports events at the Trump Taj Mahal
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at 10 of the biggest and most notable events.
Two sets of Taj Mahal owners have talked publicly about the possibility of closing the casino
since then, but Bumazhny doesn’t see Wednesday’s move as the start of another cycle of
shrinkage in the city.
“The market itself was probably right-sized for eight (casinos) at that point. All eight could have
managed probably under the right circumstances, but given the unique situation for the Taj
Mahal ... that made it very difficult to do,” he said. “We think the market is pretty healthy” —
although if state voters approve two casinos in North Jersey, he added, “we see another one or two
closures” in Atlantic City.
Developer Bart Blatstein, who just reopened the former Showboat next door to Taj Mahal as a
hotel-only operation in July, said he believes the Taj Mahal can still come back and reopen. But he
said he has no interest in buying it.
“We have a plan for Showboat that will be announced in the near future, and it doesn’t require Taj
Mahal to be open,” he said. He called Taj Mahal and neighboring Revel great properties and said
he sees a great future for that area of the city.
“I plan long-term,” he said. “Things will settle down and become bigger and better.”
Anthony Catanoso has a very close-up view of Taj Mahal from his business. Steel Pier is directly
across the Boardwalk from the casino, and the two are connected by a pedestrian bridge above the
Boardwalk.
“We’re not happy about it. And we’re hopeful it’s temporary and it reopens at some point in the
future,” said Catanoso, president of the family-owned Steel Pier.
“The property has got so much potential,” he said. “It’s a fantastic property.”
Another financial analyst, Douglas Goldmacher, of Moody’s Investors Service, called the closing
a “credit negative for Atlantic City” but added that “Moody’s rating has anticipated further
contraction in the city’s gaming industry.”
He also warned about the possibility of “additional casino closures, given the continued growth of
gaming in nearby states and potentially in northern New Jersey.”
26 years ago, Billy Fellows mades history with opening at Trump
Taj Mahal
Editor's note: This story was originally printed in The Press of Atlantic City on April 1, 1990.
http://www.pressofatlanticcity.com/business/closing-of-trump-taj-mahal-a-monumental-deci... 8/4/2016
Closing of Trump Taj Mahal a 'monumental decision' - Press of Atlantic City: Southern N... Page 3 of 3
Weinert remembers that opening day at the Taj a quarter-century ago, but he’s more concerned
with the years ahead.
“This could be another white elephant for the city,” he said of a property that actually does have
white elephants as part of its decorating scheme.
“It’s an enormously large and inefficently laid-out property,” Weinert said. “It wouldn’t surprise
me to see pieces of it reopened and potentially sold and parceled out. It has two large hotel towers
and an enormous expanse along along the Boardwalk. For the whole property to continue as a
single operation, I just don’t see it. But depending on what Tropicana wants to do with it, and
who’s interested, it could potentially be broken up.”
Staff Writer Diane D’Amico contributed to this report.
Contact: 609-272-7237
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