Trump Taj Mahal Closes After 26 Years; 3000 Lose Jobs

(RTTNews) - The Trump Taj Mahal casino ceased operations and closed on Monday morning, 26 years after it was opened. It now becomes the fifth casino to close in Atlantic City since 2014, amid stiff competition from casinos in neighboring states.

The iconic casino hotel on the Atlantic City boardwalk was opened by its then-owner and current Republican presidential nominee Donald Trump in 1990. However, Trump's friend and current owner of the casino, Carl Icahn, closed it on Monday.

The Trump Taj Mahal was themed on the famous Taj Mahal in India. After years of losses, the casino came to the brink of closure in 2014 as its parent company, Trump Entertainment Resorts, went through bankruptcy. However, the casino continued to remain open under the new ownership of Icahn Enterprises.

Trump Entertainment Resorts exited bankruptcy in February 2016 and became a subsidiary of Icahn Enterprises. But the Trump Taj Mahal failed to reach a deal with its striking union workers to restore health care and pension benefits they had lost in a bankruptcy court.

In a statement on its website, Trump Taj Mahal said, "Trump Taj Mahal has ceased all casino and hotel operations as of Monday, October 10, 2016 at 5:59am."

The Trump Taj Mahal joins the Atlantic Club, Showboat, Trump Plaza and Revel as the other Atlantic City casinos that have closed since 2014 amid labor strife as well as the decline in Atlantic City's appeal as a resort and gaming destination. The casino's closure means 3,000 workers lose their jobs.

Carl Icahn said in a statement, "After our last offer, which included medical, was rejected, it was simply impossible to find a workable path forward that would not have required funding additional investments and losses in excess of $100 million over the next year. Like many of the employees at the Taj Mahal, I wish things had turned out differently."

Icahn added that he was unable to save the Taj Mahal casino despite his best efforts, which included losing almost $350 million over just a few years.