Trump Taj Mahal to Close; AC Casino Workers to Lose Their Jobs

The Trump Taj Mahal casino in Atlantic City, NJ is set to close after Labor Day weekend, putting nearly 3,000 employees out of work.

The closure is a result of the Taj Mahal's owner, billionaire Carl Icahn, being unable to reach a new contract agreement with the casino's union workers.

Icahn has been attempting to get the union workers to agree to a rollback in benefits and pension payments, but the union has refused to do so.

As a result, the Taj Mahal will become the fifth Atlantic City casino to close in the past two years.

Atlantic Club Casino Sold to Tournament Treasure Bowl Gaming, LLC

Atlantic Club Casino, one of the first casinos to open in Atlantic City, has been sold to Tournament Treasure Bowl Gaming, LLC. The casino will close temporarily on January 13th for an extensive renovation and is expected to reopen in early summer.

The new owners have big plans for the property, complete with a modern makeover and a new focus on tournaments and gaming. There are also plans to add a hotel and conference center.

Atlantic Club Casino is one of the smaller casinos in Atlantic City, but it is well known for its poker room. The new owners say that they plan to make the poker room even better, with bigger tournaments and more excitement.

This is the second Atlantic City casino to be sold in recent months. In December, Revel was sold to Florida developer Glenn Straub for $95 million.

Trump Plaza to Close; Another Blow to Struggling Atlantic City

Atlantic City, long known as a tourist destination for its beaches and casinos, continues to struggle in the age of legalized gambling in neighboring states. With the closure of Trump Plaza scheduled for September 16, 2014, four of the city's twelve casinos will have gone dark this year.

The Atlantic Club closed in January, The Showboat is shutting down August 31, and Revel may close if a buyer is not found by August 18.

Trump Plaza is the latest casualty of a city that has failed to keep up with competition from Maryland, Delaware, Pennsylvania, and New York. "This is another sad day for Atlantic City," said Mayor Don Guardian at a press conference announcing the closure. "We are fighting hard to make Atlantic City attractive to investors, hoteliers and others who can provide jobs and economic stability to our residents."

Atlantic City had been riding high in 2006 when it hosted nearly 40 million visitors. But that number has dwindled to just over 27 million last year. In addition to competition from other states, the city has been hampered by its own regulations that have limited development and gaming opportunities.

Despite these challenges, Guardian remains hopeful about the city's future. "We will not give up," he said. "We are going to continue to work hard every day to make Atlantic City a place where people want to invest and do business."

Revel Casino to Remain Open After being Bought by Treasure Bowl Investors

Revel Casino, the iconic Atlantic City casino that closed its doors in September of 2014, will reopen in May of 2018. The casino was bought by Treasure Bowl investors for $200 million and will remain open under its new ownership.

The Revel Casino was praised for its design, but struggled to turn a profit. It was one of five casinos to close in Atlantic City within a two-year period. The closure of Revel Casino cost 3,100 jobs.

Treasure Bowl investors plan to invest an additional $75 million into the casino, which is expected to create 1,000 jobs. The resort will be renamed "TEN" and will have a Asian theme.

Anthony Rodio, CEO of Tropicana Entertainment, which manage the casino, said "We are excited to bring Revel back to life and back into the market."

Atlantic City's resurgence is being led by its newest casino, the Hard Rock Hotel and Casino. The Hard Rock Hotel and Casino opened in June of 2018 and has been a success since it opening.

Atlantic City's Treasure Bowl Emergency Funding in Jeopardy

The fate of Atlantic City's $5 million emergency funding is in jeopardy after the state Senate Budget and Appropriations Committee failed to take a vote on the measure before adjourning Monday night.

Without the funding, Atlantic City could run out of cash next month, according to treasury officials.

The money was set aside in April to help the resort town avoid a state takeover after its municipal government nearly ran out of cash.

State Senate President Stephen Sweeney said the committee's failure to act was "absolutely inexcusable."

"They're playing chicken with people's jobs and people's lives," Sweeney said.

Atlantic City Mayor Don Guardian said he was "absolutely livid" about the development.

"This is political grandstanding at its worst," Guardian said. "My city is on the brink of financial disaster, and the state Senate has done nothing to help us."

The fate of Atlantic City's $5 million emergency funding is in jeopardy after the state Senate Budget and Appropriations Committee failed to take a vote on the measure before adjourning Monday night. Hosted by Caesars Entertainment Corporation, The Treasure Bowl is an annual black tie event that raises money for local charities. This year, however, organizers say they are in trouble because they have not been able to sell any tickets. Without the emergency funding, Atlantic City could run out of cash next month, according to treasury officials.