Trump Taj Mahal Casino Chips
[toc]The Trump Taj Mahal in Atlantic City will close its doors early on Monday, Oct. 10. It will leave the seaside gambling town with justseven brick-and-mortar casinos.
Gamblers who currently have casino chips from the property can redeem them there for two hours after the gambling ceases, the casino said on its Facebook page.
The Trump Taj Mahal’s cage will be open until8 a.m. on Oct 10.
The Trump Taj Mahal’s cage will be open until 8 a.m. Closing timeline for Trump Taj Majal. Though Trump Taj Mahal casino chips won’t become worthless after Oct. 10, here’s a brief look at the schedule for this upcoming weekend for poker players looking to prepare: All register hotel guests must check out by noon on Sunday, Oct. By December 1990, when Mr. Trump needed to make an $18.4 million interest payment, his father, Fred C. Trump, sent a lawyer to the Castle to buy $3.3 million in chips, to provide him with an infusion of cash. Trump made the payment, but the Casino Control Commission fined the Castle $65,000 for what had amounted to an illegal loan.
Closing timeline for Trump Taj Majal
Though Trump Taj Mahal casino chips won’tbecome worthless after Oct. 10, here’s a brief look at the schedule for this upcoming weekend for poker players looking to prepare:
- All register hotel guests must check out by noon on Sunday, Oct. 9.
- Comp dollars can be redeemed until 11:59 p.m. on Oct. 9.
- Gaming vouchers and casino chips can be redeemed at the casino until 8 a.m. on Monday, Oct 10. After that point, you can redeem them at Tropicana Atlantic City.
- The property will close and cease casino and hotel operations on Oct. 10 at 5:59 a.m.
- Self-parking will end at 5:59 a.m. on Oct. 10, and cars can be retrieved until 5 p.m. on Oct. 10.
- The valet entrance closes at 5:59 a.m. on Oct. 10, and cars can be retrieved until 1 p.m. on Oct. 10.
- All promotional offers with valid dates after 5:59 a.m. on Oct. 10 are canceled and invalid.
Why is the casino shutting down?
Despite gaming win falling significantly, the casino’s owner, billionaire Carl Icahn, said that the casino can’t be profitable without cutting its labor costs. The labor union fought back and with no resolution, Icahn moved to close the facility.
Icahn acquired the casino through Chapter 11 bankruptcy in February 2016 for roughly $300 million. At the time, he said he was “confident” he could turn around the casino’s business.
Trump Taj Mahal gaming win in 2016
According to figures from the New Jersey Division of Gaming Enforcement, the casino won $116.5 million from gamblers through the first eight months of this year. That was a 7.9 percent decline compared to the same period a year prior.
The casino was the worst performing in Atlantic City. It wasn’t involved with regulated NJ online gambling.
Trump Taj Mahal Casino Chips Worth
[show-table name=cta-tropicana]
The poker room
The casino closed its storied poker room in February 2015. It reopened with 24 tables (down from 48 in the past) in May 2016 and raked $112,000 for the month.
In January 2015, the last full month the poker room was open prior to reopening this year, rake was $178,000. Trump Taj Mahal poker revenue fell to $80,000 in August.
The casino originally planned to reopen the room just months after it closed, but it took over a year for it to do so.
Golden Nugget NJ had poker revenue of $75,000 in August (the least among the city’s poker rooms), but it had just 10 tables.
Citywide, poker revenue (both live and online) was $4.52 million in August. About $2.35 million came from live poker, while $2.17 million came from internet poker.
The Trump Taj Mahal’s poker room was once a decent draw for the property. It raked $3.57 million in 2014, the last full year it was in business. That put it in fourth behind Borgata ($19.87 million), Bally’s ($4.4 million) and Harrah’s ($3.8 million).
At this point, its second closing will have a negligible effect on the Garden State poker market.
Image credit: Paul Dempsey / Shutterstock.com
After nearly three decades taking bets, the Trump Taj Mahal in Atlantic City closed its doors for good on Monday morning. It leaves Atlantic City with just seven casinos.
In early September, billionaire casino boss Carl Icahn rejected a last-ditch union bid to keep the property open. Icahn, who acquired the casino through Chapter 11 bankruptcy early this year for $300 million, said the casino couldn’t stay open unless it reduced labor costs.
Some people thought he was bluffing, but he went through with the plan to close the storied casino.
The property won $116.5 million from gamblers through August, a 7.9-percent decline compared to the same period a year prior.
That made it the worst performing of the remaining casinos. The casino was the highest grossing in the city until the opening of Borgata in 2003.
In 2014, four Atlantic City casinos closed, including Revel, the most expensive casino ever built there.
The Taj Mahal reopened its poker room this past spring.
According to the casino’s Facebook page, gaming vouchers and casino chips can be redeemed at Tropicana Atlantic City, which is also owned by Icahn.
In early July, Atlantic City’s main casino workers union went on strike against the casino over health insurance and pension benefits. More than 3,000 jobs were lost when it closed.
Icahn’s acquisition wiped out the small ownership stake that Donald Trump still had in the casino’s parent company. Though Trump originally tried to get his name off the casino, a deal was worked out for the Taj Mahal to keep the presidential candidate’s name.
Gaming win in Atlantic City hit a high of more than $5 billion in 2006, only to be slashed in half over the next decade. However, the market is stabilizing. Through the first eight months of this year, Atlantic City gaming revenue was $1.76 billion, up two percent compared to $1.73 billion a year prior.
Trump Taj Mahal Casino Chips
An effort by Governor Chris Christie and the majority of state lawmakers to put casinos in north Jersey is losing steam. Atlantic City will likely retain its casino monopoly in the Garden State.