The closed Trump Taj Mahal will reopen as a hotel and a casino — and with new owners and a new name.Owner Carl Icahn announced Wednesday night that a group of investors, led by Hard Rock International, have agreed to buy the property. No sale price was announced.
The deal, which was first announced by The Press of Atlantic City, could bring 3,000 temporary and permanent jobs to the city.
The property will be known as Hard Rock Hotel & Casino Atlantic City.
Jim Allen, chairman of Hard Rock International, said the company will invest $300 million in the property.
“We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment,” he said in a statement Wednesday night. “We are 100 percent convinced Hard Rock Hotel and Casino Atlantic City will be a success.”
Hard Rock International is based in Orlando, Florida. Allen, however, has strong ties to the state. The Press reported Allen is a 1978 graduate of Mainland Regional High School in Linwood and that Allen still owns a home in Linwood.
Two other investors, the Jingoli and Morris families, also have strong ties to the state.
Joseph Jingoli is the construction manager for Stockton University’s Atlantic City campus.
Jack Morris is the CEO of Edgewood Properties, a real estate development company based in Piscataway.
Atlantic City Mayor Don Guardian said in a statement that the sale is a positive sign for the embattled city.
“We have over 160 years of investors who believe in Atlantic City, investors who continue to believe that our best days are still ahead,” Guardian said.
“Now is the time to invest in our great city. The price is right. We need to bring back thousands of jobs for our Atlantic City residents and for South Jersey. Today’s announcement is a great step in that direction.”
Icahn, who also owns Atlantic City’s Tropicana Casino and Resort, said in a statement that he only wanted to own one casino in Atlantic City.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” he said in a statement Wednesday night. “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.”
Icahn, the well-known billionaire investor, had closed the casino last October after failing to come to an agreement with union workers. He said in January that he had lost $300 million on the property.