Yahoo Finance Trump Taj Mahal Officially Closes After Losing $350 Million
After months of failed union negotiations and $350 million in losses, the Trump Taj Mahal hotel and casino closed Monday, putting 3,000 people out of work.
Carl Icahn, billionaire investor and friend of Donald Trump, owns the 26-year-old Atlantic City hotel. Icahn announced the decision in August, saying that to remain in negotiations would cost the company millions more in losses.
Some 1,000 employees went on strike in July, alleging a series of grievances, including that they had seen just 80 cents per hour in raises over the past 12 years in a city where the cost of living had gone up by 25 percent, USA Today reported. Striking workers also demanded changes to severance pay, vacation time and health benefits, and no agreement was reached after several months.
I felt they should have been able to make a deal, Republican presidential nominee Donald Trump told the Associated Press in a recent interview. It's hard to believe they weren't able to make a deal.
The shuttering of the Taj Mahal marks the fifth casino loss in Atlantic City since 2014, including Trump Plaza, AP reported.
It's a very sad day, Pete Battaglini, a bellman who started the day the casino opened, told NJ.com. I never thought I would see this.
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