Investors led by Hard Rock International paid million for the former Trump Taj Mahal casino in Atlantic City according to a report in the Press of Atlantic City which cited U.S. Securities and Exchange Commission filings by former owner Carl Icahn.
Icahn Enterprises had valued the property at $86 million in 2016. The Taj was initially built for more than $1 billion and opened in 1990.
Hard Rock International and its partners have announced they intend to invest nearly $400 million rebranding the property into the Hard Rock Hotel and Casino Atlantic City. Plans call for two separate arenas with seating totaling 7,000 and more 2,400 slot machines. The property is expected to open in the summer of 2018, according to the Press.
Icahn closed the property in October during a long labor dispute with the city’s main casino labor union. The Press reported that Hard Rock has already hired 23 employees as part of the rebranding.
