Beginning with the closure of the Atlantic Club in January 2014, Atlantic City has seen the fat trimmed from its casino industry. The city has gone from 12 casino properties to just seven, following today’s closure of the Trump Taj Mahal.

The closure of Trump Taj Mahal is hitting people differently than the other four casinos that closed over the course of 2014 — Atlantic Club, Showboat, Trump Plaza, and Revel — due to the iconic nature of “The Taj,” which will forever hold a place in gambling history.

The Taj becomes an icon

With the news that Trump Taj Mahal is closing after Labor Day, here's a look back at the five casinos that have shuttered in Atlantic City since 2014. Plus: What's in store for the extravagant properties. Jul 22, 2018  We visited Atlantic City for a 1 day trip. We visited Taj Casino and Hotel, didn't stay there so I cannot comment on the hotel rooms but the Casino was pretty much comparable to the Vegas casinos. However, cleanliness was a question!! Overall, a nice place to visit if you are in.

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Despite its persistent financial troubles, The Taj was the gambling destination on the East Coast for over a decade.

Its place in the pantheon of gambling destinations shouldn’t be overly surprising considering it was the first billion-dollar casino on the East Coast, and the only billion-dollar casino in Atlantic City for over a decade. Borgata, opened over a decade later, and just barely eclipsed the cost of the Trump Taj Mahal, coming in at a final cost of $1.1 billion.

In effect, The Taj was a Las Vegas Strip casino in Atlantic City.

The Taj poker room was the place to play poker, with poker players traveling from New York, Philadelphia, D.C. and Boston to grab a seat in the weekend games at The Taj. As popular as the poker room was, it was the movie Rounders that made The Taj poker room as well known in poker circles as the World Series of Poker, and really cemented its place in poker history.

The Taj tries to shoot the moon

As mentioned above, the beauty and impressiveness of the property hid Trump Taj Mahal’s big secret.

The casino was a financial disaster from the day it opened its doors in 1990, with only brief periods of prosperity in its two-and-a-half-decade history.

The Taj’s financial woes didn’t come about because the casino wasn’t busy, or because it was seen as lacking in any respect. The problem wasn’t execution; it was planning. The price tag to build it, and the interest rates on the bonds Donald Trump agreed to pay in order to get the necessary financing for the casino simply set the property up to fail. The Taj was doomed before it ever dealt a card or rolled a dice.

As Politifact has reported:

“He [Donald Trump] funded the construction of the $1 billion Trump Taj Mahal casino in Atlantic City, N.J., which opened in 1990, primarily with junk bonds at a whopping 14 percent interest. A year later, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities.”

In 1991, Trump Taj Mahal filed for the first of what would eventually be four bankruptcies:

• The second bankruptcy occurred in 2004 (Trump Hotels and Casinos Resorts);
• The third in 2009 (Trump Entertainment Resorts);
• The fourth in 2014 (Trump Entertainment Resorts).

Trump’s personal interest in the casino was reduced from 47 percent to 27 percent following the 2004 bankruptcy, and to just 10 percent following the 2009 bankruptcy. His name remained on the side of the building but Donald Trump had been ousted as the chairman and lost control of operations following the 2009 bankruptcy.

Carl Icahn took control of the casino this year, and promised a $100 million investment in the property that many thought would breathe new life into the once opulent casino that had fallen into an extreme state of disrepair.

Icahn had recently turned around the Tropicana in Atlantic City, but a labor dispute resulted in a month-long strike, and with North Jersey casinos at least a possibility, Icahn decided to pull the plug and cut his losses.

Closure of the Taj Mahal may not be the end

Atlantic City’s capacity to support 12 casino properties was an open question well before neighboring states got into the casino business.

Once casinos started popping up on all sides of New Jersey, the question being asked wasn’t if Atlantic City could support 12 casino properties. Rather, it was “how many casinos need to close in order for Atlantic City’s casino industry to right-size itself?”

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The current number of operational casinos in Atlantic City is seven. Developer Glenn Straub is trying to reopen Revel (which has been rebranded to TEN), which would bring the number of operational casinos in Atlantic City back up to eight. That may or may not be a viable number.

Some analysts think the market could support as many as eight casinos depending on other circumstances in the city and beyond. Others feel the proper number is no more than five or six casino properties, and even less if casinos are built in the northern part of the state in the coming years.

When Will The Taj Mahal Casino Closed Today

What happens next?

What happens to these shuttered casino properties will dictate the future of the once popular resort town.

Showboat has been green-lighted to reopen as a non-gaming hotel. If Trump Plaza, Atlantic Club, and Trump Taj Mahal can be repurposed in somewhat similar ways, it could be a boon for the city and its remaining casinos, all of which have seen operating profits rise since the 2014 casino contraction.

There are any number of uses for these massive properties:

They could be:

• converted to housing;
• turned into a non-gaming entertainment complex;
• turned into shopping malls with retail and dining options.

The key is finding a way to repurpose these buildings so they’re not an eyesore on the Atlantic City skyline, or a depressing reminder of the city’s lost glory.

f11photo / Shutterstock.com

The sale of the shuttered Trump Taj Mahal to Hard Rock International was just finalized, paving the way for the Atlantic City casino to reopen. The relaunch — after some extensive and much-needed renovations — will bring a new look and a new brand.

Hard Rock detailed some of its plans for the property at a press conference. The changes will include a nearly $400 million facelift, with plans to reopen by the summer of 2018.

Based on the early conceptual art, visitors accustomed to the Lego-esque look of the Trump Taj Mahal will be unlikely to recognize the property.

Early look at rendering for entryway to a future Hard Rock to replace Trump Taj Mahal pic.twitter.com/gqO3u465i0

— Amy S. Rosenberg (@amysrosenberg) April 5, 2017

The purple carpet’s reign will be over, and the gaudy minarets that adorn most of the exterior will see bombs dropped between them as they’re eventually cleared away by a demolition crew. (Kudos to anyone who picked up on the two musical references.)

“There will not be one — and underscore the word ‘one’ — piece of design, architecture, minaret or anything left over from the Taj Mahal,” said Hard Rock CEO Jim Allenat a press conference. “We are removing it all.”

The new Hard Rock Casino AC

The sprawling Boardwalk property was once seen as the crown jewel of Atlantic City casinos. But the over-the-top décor and mountains of debt kept the Taj from evolving. Several bankruptcies later, the casino had fallen into a state of disrepair; it was purchased by Carl Icahn in 2015.

Icahn had planned to pump more than $100 million of his own money into the property, but ongoing labor disputes led to him shuttering the casino last October. The sale to Hard Rock International developed quickly earlier this year.

Plans for the new Hard Rock property include two separate arenas boasting a combined 7,000 seats, a large gaming floor, and the usual array of entertainment options and amenities.

“If we can’t do it right, we’re not going to do it,” Allen said. “Our commitment to Atlantic City has never been stronger and we look forward to being a catalyst for further growth and development of the area.”

There is a possibility Hard Rock gets into the New Jersey online gambling with its own online casino.

Are AC casinos repeating past mistakes?

The renovation and reopening of the property will lead to thousands of local jobs. But the reemergence of one of the city’s failed casinos has some people fearful the Atlantic City casino market is once again heading in the wrong direction. It could be become super-saturated — particularly if the former Revel ever reopens as TEN AC.

Allen doesn’t share these concerns. He sees room for a Hard Rock casino and, more importantly, room for growth in the market.

“Atlantic City, no doubt, has had some challenging times,” Allen said. “I think that it’s very important to understand that it’s still the second biggest gaming market in the United States.”

When Did The Taj Mahal Casino Close

This will likely necessitate investments in gaming (such as Hard Rock’s $400 million bet on the Taj Mahal) and non-gaming investment (such as the current goings-on at the former Showboat Casino and the still-shuttered Atlantic Club Casino. Those developments will reduce the city’s reliance on casino revenue and present more opportunities for local residents.

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The Taj Mahal Palace Hotel

Image credit: Sean Pavone / Shutterstock.com