A contentious dispute between Icahn and the Unite Here Local 54 workers union over a wage increase and the restoration of benefits led the corporate raider to shutter the Taj Mahal and put thousands out of work.<\/p>\n<\/div>\n
Though many are saying the Seminole Tribe, which owns the Hard Rock brand, essentially rewrote the “Art of the Deal,” Trump’s signature book, by buying the formerly valued $1.2 billion resort for just $50 million, the bargain price comes with its fair share of drawbacks.<\/p>\n
In addition to Hard Rock saying it will spend up to $400 million in rebranding and renovating the resort, the company also assumes the Taj’s massive property tax bill. Atlantic City officials have the venue valued at over $224 million, an assessment that Icahn has repeatedly appealed.<\/p>\n
\nHard Rock will also be forced to begin participating\u00a0in the state’s PILOT program (payment in lieu of taxes) that mandates the city’s remaining casinos jointly remit a $120 million annual disbursement to local government instead of paying on gaming revenue.<\/strong><\/p>\n<\/blockquote>\nThe Seminoles will additionally be on the hook for the resort’s property taxes. The Florida Native American group should only expect to see those tariffs increase, as Atlantic City will likely raise its $224 million valuation as the tribe dumps hundreds of millions of dollars into the Boardwalk facility.<\/p>\n","protected":false},"excerpt":{"rendered":"
The former Trump Taj Mahal was sold in March to Hard Rock International for $50 million, a massive discount on what it cost to build the Atlantic City property more than a quarter-century ago in 1990. Throughout the country’s history, real estate has typically been a relatively safe investment that’s returned strong returns for homeowners, […]<\/p>\n","protected":false},"author":42,"featured_media":49992,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18,61],"tags":[],"acf":[],"yoast_head":"\n
Trump Taj Mahal, Built for $1.2 Billion in 1990, Sold for $50 Million in 2017<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n