August 4, 2021
The Rise and Fall of the Trump Taj Mahal
Want to further your knowledge of New Jersey casinos? Check out this video about why the Trump Taj Mahal didn’t make it.
Have you ever wondered what happened to the Trump Taj Mahal? Then you’ve got to check out this video that explores the rise and fall of this risky casino investment.
With a mixture of months-long labor disputes and rumors of money laundering and ties to Asian organized crime, the “Eighth Wonder of the World” was a notorious addition to the booming Atlantic City casino world of the 80s and 90s that met its bitter end in 2016.
Many years before he became president, Donald Trump was a prominent real estate investor and developer who helped transform Atlantic City into the bustling gambling Mecca of the East Coast. When Taj Mahal officially opened its gilded doors in 1990, the opening ceremony had Michael Jackson, one of the world’s biggest stars at the time, as a featured performer!
But it wasn’t long before Trump bit off more than he, or the town, could chew and the Trump Taj Mahal, and his other casino and resort properties in AC, took a turn for the worse. That’s because Trump used junk bonds, which have higher interest rates due to the increased chance of defaulting but increased earning potential, to fund the rest of the property’s development. And when the casino wasn’t making the returns they hoped it would, well … you’ll have to find out what went down.
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