Taj Mahal Casino Closes - Not All Donald Trump's Fault

The Trump Taj Mahal officially closed its doors this morning. Opened by Donald Trump in 1990, the Taj Mahal had a 26-year run before its doors were shuttered.

The casino still bears the name of billionaire Donald Trump, but, as the Washington Post points out, Trump has had nothing to do with the casino for over a decade.

In fact, Trump has had little to do with Atlantic City in general since the mid-2000s. All four casinos that he once owned a stake in are now closed, and his friend, billionaire Carl Icahn, shut down the Taj Mahal.

Icahn and unionized workers had been locked in a bitter dispute for months after he slashed healthcare and pensions. Icahn eventually proposed to cover part of the workers’ benefits, but the Local 54 of the Unite-HERE union rejected the plan.

Local 54 tried to come back with a last-ditch offer in late August, but Icahn rejected the plan and proceeded to shut down the casino.

As promised, the shutdown happened this morning on October 10th. Now, almost 3,000 workers are out of jobs.

The Washington Post article mentions that one reason why Icahn, the previous ownership group, and Trump were never profitable with the Taj Mahal is because Atlantic City’s economy wasn’t sustainable.

“Even when the city was the hottest gambling destination in the world, it never built a sustainable path from its past to a prosperous future,” read the Post. “Trying to base your economy on gambling alone, it turns out, is a lot like gambling itself: The odds, long term, are against you.”

With multiple states legalizing gambling near New Jersey (Connecticut, 1993; Delaware, 1996; New York, 2004; Pennsylvania 2006; Maryland, 2011), it was only a matter of time before Taj Mahal and other Atlantic City casinos felt the sting.

Atlantic City began a steady decline after reaching a revenue peak of $5.2 billion in 2006. Last year, Atlantic City casinos only hauled in $2.6 billion, which has taken its toll.

Since 2014, five casinos have shut down in the gambling resort, including the Taj Mahal today.

As for Trump, his name will always have a negative association with the Taj Mahal. After all, he boldly proclaimed that the Taj Mahal casino was the “Eighth Wonder of the World” in 1990.

But he wisely cut ties when he couldn’t see a path towards profitability in the mid-2000s. And now, a decade later, Atlantic City’s reliance on gambling is what finally doomed the once-great casino resort