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More than 60, people a day visited the Taj Mahal in its opening days. The Trump Organization relinquished half of its holdings in the Castle to the bondholders.
Trump opened the Castle in The casino remains in operation under new ownership and a new name, the Golden Nugget.
Trump Plaza closed in September , putting more than 1, people out of work. Trump gave up a 49 percent stake in the company to lenders, as well as his salary and his day-to-day role in its operations.
He later sold a controlling stake in the property, which remains in operation. Trump relinquished the majority control to bondholders and gave up his title of chief executive officer, according to The Press of Atlantic City newspaper.
Atlantic City casinos were also hurting, according to published reports, because of new competition from across the state line in Pennsylvania, where slot machines had come online and were drawing gamblers.
The holding company emerged from bankruptcy in February and became a subsidiary of investor Carl Icahn's Icahn Enterprises. Icahn took over the Taj Mahal then sold it in to Hard Rock International, which renovated, rebranded, and reopened the property in Share Flipboard Email.
To come up with the funds he needed, he sold a foot yacht, as well as the Trump Shuttle, the airline he operated at the time that flew between Washington, D.
He had to give up half of his ownership stake in the Trump Taj Mahal, but he did retain control of the property. Now Icahn is Trump's pick for Treasury secretary should he be elected.
In less than a year he was back in bankruptcy court for his other Atlantic City casinos. He gave up half his interest in the New York Plaza to Citibank, but retained his stake in the casinos.
Trump didn't go back to bankruptcy court again until November , when he filed to shed debt at his various Atlantic City casinos and a riverboat in Indiana.
Trump turned over majority control of the company to his bondholders but remained the largest single shareholder, and he once again kept control of the casinos.
That was pretty much the end of the road for Trump in Atlantic City. While his name remained on three casinos , he resigned from the board and gave up his remaining stake in the company.
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