When it was announced that the Seminole Indian Tribe of Florida had purchased the former Trump Taj Mahal from Carl Icahn back in March, the gambling industry was abuzz as to how much was paid for the venue and what Hard Rock International would do with the space. While some details were given, the purchase price was not revealed. Yesterday, documents were filed with the Securities and Exchange Commission that revealed the purchase price, showing that Icahn only received $50 million for the casino property.
Hard Rock International was able to obtain the Trump Taj Mahal for a steal, actually 4 cents on the dollar when looking at the $1.2 billion price tag from when the property was first constructed. Trump created the venue and named it the ‘eighth wonder of the world’ in 1990 and by 2009, the now President of the United States had cut ties with Atlantic City, yet still retained some ties to the parent company of the venue, Trump Entertainment Resorts.
Last year, Trump lost his stake in the company as Icahn acquired the parent company out of bankruptcy. By October, the casino was shut down and Icahn stated he has lost around $350 million in the process.
Hard Rock International plans on renaming the venue the Hard Rock Hotel & Casino Atlantic City, and hopes to be open by summer of next year. The company will have 2,400 slot machines on-site along with 130 table games. A Hard Rock Café is already located in Atlantic City and the company plans on moving the restaurant from its existing location and placing it inside the former Trump Taj Mahal.
Around $375 million will be spent on the renovations by Hard Rock International, with items from their collection of music memorabilia, which is said to be the largest in the world, added to the space.