The Trump Taj Mahal hotel and casino, located on Atlantic City's Boardwalk and opened 26 years ago by DonaldsTrump, has announced that it will shut down after Labor Day.
The hotel-casino now belongs to Trump's friend and fellow billionaire Carl Icahn, who decided he can no longer support a casino losing millions of dollars each month amid a crippling strike. Trump has named Ichan as a possible Treasury Secretary in a Trump administration.
Icahn told The Associated Press Wednesday he has lost nearly $100 million on the Taj Mahal in the past 18 months, including money he spent to keep it afloat during bankruptcy court before he even owned it.
"It was a bad bet," he said. "How much good money do you throw after bad?"
Atlantic City's main casino workers union has been on strike against the Taj Mahal since July 1. On Thursday, the strike will become the longest by Local 54 of the Unite-HERE union in the city's 38-year casino era, eclipsing the 34-day walkout it staged against seven casinos in 2004.
Hope Hicks, a spokeswoman for Trump's presidential campaign, told the AP, "Mr. Trump made a tremendous amount of money in Atlantic City during its prime. He has not been involved for seven years, with many people giving him great credit for his timing and success."
(Sources: ABC 7 New York)