Trump Taj Mahal era: 1990–2016 Construction of what was originally known as the
Taj Mahal commenced in 1983 by
Resorts International, owner of the neighboring
Resorts Casino Hotel, with an estimated budget of $250 million. Resorts head James Crosby said it might be named the United States Hotel, in reference to the city's first major hotel. After Crosby's death in April 1986, Resorts International became a takeover target. The Taj Mahal had encountered construction problems, and Crosby's heirs, lacking experience in large development projects, doubted their ability to complete it successfully.
Donald Trump, who owned two other Atlantic City casinos, beat out several other bidders to purchase a controlling stake in the company for $79 million in July 1987. Trump was appointed chairman of Resorts International, and said he would complete the Taj Mahal in about a year. As the total budget had ballooned to $930 million, Resorts sought to raise $550 million to complete the Taj Mahal, but struggled to find the financing. With the company claiming to be near bankruptcy in early 1988, Trump made a
tender offer to buy all outstanding stock for $22 a share, stating that he was willing to personally finance the construction but only if he owned the entire company. Television producer
Merv Griffin made an unexpected offer to purchase the company for $35 a share, sparking a highly publicized takeover battle, with Trump and Griffin filing lawsuits against each other. The two ultimately reached a settlement, which was executed in November 1988, with Griffin purchasing the company, and Trump purchasing the Taj Mahal from the company for $273 million. Trump raised $675 million to finance the purchase and completion of the casino, primarily through
junk bonds with a 14 percent interest rate. The casino opened on April 2, 1990. With of gaming space, it claimed to be the largest casino in the world (though this was disputed by the
Riviera), and billed itself as the "eighth wonder of the world". An elaborate grand opening ceremony was held three days later. In 1991, the Taj Mahal went through a
prepackaged bankruptcy, resulting in Trump giving a 50 percent stake in the business to its bondholders in exchange for lowered interest rates and a longer payoff schedule. In 1996, Trump's new publicly traded company
Trump Hotels & Casino Resorts purchased Taj Mahal in a transaction that valued the property at $890 million. In the 1990s, Trump's Taj Mahal casino was "the world's largest, most flamboyant casino" and Trump took on an "enormous amount of debt" to launch it. During eighteen months after its April 2, 1990 opening, In 2001, the building hosted the
UFC 31 and
UFC 32 events, which were the first UFC cards held during the leadership of
Dana White. The Taj Mahal was the highest grossing casino in the city until the opening of
The Borgata in 2003. In 2008, The Chairman Tower opened, bringing the complex to over 2,000 rooms. In 2013, the Taj Mahal opened the nation's first casino strip club, featuring scantily clad dancers.
Bankruptcy filing Trump Entertainment Resorts filed for bankruptcy on September 10, 2014, and announced plans to close the Taj Mahal on November 13 if the casino did not get concessions from its unions. A sister property, the
Trump Plaza, did close in 2014. Workers from the casino marched to Mayor
Don Guardian's office on the morning of November 3, 2014 to ask him to reconsider granting concessions, which the casino said were necessary to remain open. About 1,000 employees signed a petition calling on the mayor and other officials "to do everything possible" to keep the casino open. At the time, four of twelve casinos in Atlantic City had closed and the Trump Taj Mahal would have been the fifth if it were to close. In filing a revised reorganization plan in a
Delaware bankruptcy court, Trump Entertainment Resorts said its board had approved a shutdown of the casino by December 12, 2014. The shutdown date was later pushed back to December 20. On December 18, two days before the scheduled closure, the labor union
UNITE HERE! reached a deal with Trump Entertainment Resorts that saved the Taj from closing. The same day, billionaire
Carl Icahn committed $20 million in financing for the Taj. In February 2016, Trump Entertainment Resorts exited bankruptcy and became a subsidiary of
Icahn Enterprises. The casino retained the name "Trump Taj Mahal", though Donald Trump no longer held any ownership stake. In April, another Icahn affiliate,
Tropicana Entertainment, took over the property under a management agreement. Icahn also stated he would withhold a planned $100-million investment into the property if New Jersey approved casinos in the northern region of the state. On Monday, October 10, 2016, the Trump Taj Mahal Hotel and Casino was shut down. After the closing on that date, one UNITE HERE's leader raised the possibility that the casino would remain closed over the winter but will reopen in Spring 2017 as a non-union facility, an attempt that he said would try to prompt a union boycott. On March 1, 2017,
Hard Rock International announced plans to spend $300 million to purchase the resort and renovate it. It re-opened as the Hard Rock Hotel & Casino Atlantic City on June 27, 2018. However, it was revealed that the closing was to happen because it had not received the state and local tax breaks it sought. On October 10, 2016, the Trump Taj Mahal Hotel and Casino was shut down amidst chaos of casino workers on strike, though Hard Rock Cafe remained open.
Hard Rock: 2018–present On March 1, 2017,
Hard Rock International announced its purchase of the Trump Taj Mahal property, and officially reopened as the Hard Rock Hotel and Casino Atlantic City, In January 2019, the Hard Rock launched its online sportsbook, making it the 10th sportsbook app in New Jersey. In January 2020, Scores Nightclub officially closed down. One month later, in February 2020, Robert's Steakhouse closed.
Labor disputes On June 15, 2022, UNITE HERE union members voted overwhelming in favor of a strike if their agreement is not made by July 3. UNITE HERE Local 54, which represents workers at the casino as well as other casinos in Atlantic City demanded a raise in wages to help cover financial setbacks from the pandemic and increases in living costs. ==Money laundering==