The billionaire owner of Trump Taj Mahal Casino Resort in Atlantic City has offloaded the property to Hard Rock International.
Carl Icahn’s Icahn Enterprises already owns the Tropicana Casino & Resort in AC, and has no need for a second resort in the city, Icahn said.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City. We wish Hard Rock and its partners the best of luck with the Taj Mahal.”
No purchase price was disclosed but Hard Rock will spend more than $300 million to buy and renovate the shuttered resort.
Atlantic City Mayor Don Guardian said Hard Rock will reopen the resort in the summer of 2018.
The Trump Taj Mahal closed last year after a damaging strike by more than 1,000 workers and had been in financial trouble for many years.
President Trump had not been involved in the resort for many years but still permitted his name to be used.
The news has brought a new sense of optimism to the much maligned city.
“This is a once-in-a-lifetime opportunity to be part of revitalizing one of our nation’s most iconic destinations. Atlantic City has a rich and dynamic history and we are so proud to help recapture that greatness,” said Hard Rock CEO Jim Allen.