Trump Taj Mahal casino shutting down; Icahn says he lost $100 million

[TexasTowelie]

Donald Trump has been gone from Atlantic City for years, but his name has lived on in glowing neon on the facade of a casino he no longer owned.

But later this year, the Republican presidential nominee's name will disappear from the seaside gambling resort — along with 3,000 jobs.

The Trump Taj Mahal casino, opened 26 years ago by Trump, announced Wednesday that it will shut down after Labor Day. The business now belongs to Trump's friend and fellow billionaire Carl Icahn, who decided he can no longer support a casino losing millions of dollars each month amid a crippling strike.

Icahn told The Associated Press Wednesday he has lost nearly $100 million on the Taj Mahal in the past 18 months, including money he spent to keep it afloat during bankruptcy court before he even owned it.

Read more: http://www.orlandosentinel.com/news/nationworld/ct-trump-taj-mahal-casino-shutting-down-20160803-story.html

[trusty elf]

1. I shudder to think of what the US would look like after a Drumpf term.

[Liberal_in_LA]

2. Sad for the workers

[Gabi Hayes]

3. wonder how many of them are planning to vote for trump

sure seems like millions of the same sort, even union workers, are planning on voting for him

Reagan democrats revivified, to a significant extent

that's his strength, according to the numbers

[Gabi Hayes]

4. send this around:

[bucolic_frolic]

5. Carl will make it up on Pep Boys bottom line

I paid almost double an average rate

[C_U_L8R]

6. How do you lose money on a casino?

The Trump brand must be really toxic for business.

[bucolic_frolic]

7. I don't think

the casino business watches costs very well

Admittedly they have to pay all the workers

but they rely on what they think of as easy cash: gambling volume

Now there's too much competition, and old venues have time decay

The solution is always to spend more on glitz and renovate ... those
ain't cheap

And who knows how much, if any, cash disappears ... milking a business
has happened here or there in America ... good accountants balance
the books any way you want

[Else You Are Mad]

9. AC casinos are losing tons of money...

Because there are now casinos in PA and DE -- both of which are about an hour away from AC. Atlantic City is no longer the only game in town when it comes to gambling. Specifically, people in Pennsylvania, Maryland and Delaware do not have to drive to NJ to gamble. That, combined with legislation preventing opening casinos in North Jersey and elsewhere in the state has driven competition out of state.

Also, outside of the few blocks around the boardwalk AC is a shit hole.

[IronLionZion]

8. Trump screws over his friends and investors

but he will totally help regular Americans get jobs!



Atlantic city has been losing visitors for a great many years. There just isn't much appeal. When's the last time someone said they were going on vacation to AC?

[Else You Are Mad]

10. Atlantic city

...is an awful and crime ridden city that I would not want to take any child to.

[closeupready]

11. The beachfront has always been and will likely always be incredible.

It's the Jersey shore - there's a reason people like to go there in summer and on holidays.

Now, the CITY of Atlantic City - THAT is a virtual death trap in many ways, and while I consider myself seasoned, AC scares even me.