Trump's Former Atlantic City Jewel Exits Bankruptcy, Now Icahn'sby
Casino company founded years ago by candidate is debate fodder
New owner calls Taj Mahal a signature Atlantic City property
Trump Entertainment Resorts Inc., the casino operator founded by Republican presidential candidate Donald Trump, emerged from bankruptcy court protection on Friday and is now a subsidiary of billionaire Carl Icahn’s Icahn Enterprises LP.
While Trump hasn’t owned the parent of the Taj Mahal casino for years, his record in Atlantic City, New Jersey, has become a topic on the campaign trail, most recently at the Republican debate in Houston Thursday night after he said his opponent, U.S. Senator Marco Rubio, didn’t know “anything about business.”
“I don’t know anything about bankrupting four companies,” Rubio responded.
Trump opened the Taj Mahal in 1990. The parent company continually struggled with debt, and Trump Entertainment filed for bankruptcy court protection in September 2014. The filing coincided with a protracted downturn in betting in Atlantic City that led four of the city’s 12 casinos to close. It was the Trump casino businesses’ fourth time in bankruptcy.
“The Taj is one of Atlantic City’s signature properties,” Icahn said in a statement. “Although both Atlantic City and the Taj have had a few tough years, today marks the beginning of the turnaround.”