The Trump Taj Mahal Stays Open Until December 20th

I have been here since January 1990, months before the casino opened. There are so many people who have given their lives to this company. Valerie Bisset, slot manager, www.usatoday.com;

The Trump Taj Mahal, with one of the largest poker rooms in Atlantic City, has been operating since 1990. With 50 regular tables and 25 tournament tables, it was the largest and the most luxurious casino until opening of Bogarta in 2003.

Now, when Taj Mahal is dying, there is not much left of its former fame and glory but there is still hope for the casino and its employees. Maybe the Trump Taj Mahal could be one of the Atlantic City survivors because delay will buy them some time. The negotiation of The Trump Entertainment, Taj Mahal’s parent company, and Carl Ichan with city’s main casino union and the state will hopefully bring something good. Carl Ichan is willing to invest $100 million into the Taj Mahal and cancel $286 million in accrued debts.

The Trump Entertainment said that if the city and the state don't provide $175 million for the bankruptcy plan, the casino will be shut down.

The Trump bankruptcy, that happened on September 10th 2014, is in hands of the US bankruptcy judge Kevin Gross now. The hearing, which will decide whether the bankruptcy will continue with the chapter 11- reorganization or if it will be converted to chapter 7 - liquidation, is postponed.

If a company is successful in chapter 11, it will typically be expected to continue operating in an efficient manner with its newly structured debt. If it is not successful, then it will file for chapter 7 and liquidate. In both instances, common shareholders will most likely see little (if any) return on their investments. investopedia.com;

Atlantic City has already lost five casinos and 11,000 people has lost their job. Destiny of the Taj Mahal is still unknown but if it closes on December 20th, it will not be a very merry Christmas for 3,000 employees of Taj Mahal.

Did you like this article?

Tweet +0