The final sale price wasn’t disclosed, but Hard Rock had said the investment group plans to spend more than US$ 300 million to purchase, renovate and reopen the casino. The company will host a press conference on April 5, to reveal more in detail its plans for the property.
Icahn Enterprises LP acquired the facility in February 2016 when Trump Entertainment Resorts emerged from bankruptcy. After failing to strike a deal with the casino workers’ union, Icahn eventually closed the property in October 2016 and started looking for potential buyers.
Hard Rock, which still operates a Hard Rock Café at the Taj Mahal, plans to reopen the Taj Mahal as a casino resort under the new name Hard Rock Hotel & Casino. Hard Rock’s partners on the venture are the Morris and Jingoli families and following the US$ 300 million investment, the casino is scheduled to relaunch in summer 2018 and is expected to create 3,000 temporary and permanent jobs.
Jim Allen, Hard Rock President and CEO, said: "We are excited to be part of this revitalization of Atlantic City, creating thousands of jobs to help local employment.”
