Tuesday, September 9, 2014

Atlantic City’s Trump Taj Mahal Casino in Bankruptcy

I wrote about Atlantic City casino closings a week ago, and now we know of one more. In Press of Atlantic City:

There were several coordinated bankruptcy filings, but the gist of it is that the Trump Taj Mahal casino has run out of cash and will close before the end of the year. The casino had issued a going-concern warning last month, indicating that there were reasons to doubt its ability to continue operating.

The biggest question in the casino closings is whether street-level restaurants and bars in the closed casino buildings can continue to operate. They may need revised city licenses and court approvals to stay open. It makes sense to keep these businesses open as long as safety, security, and utility issues can be worked out. You have to wonder what will ultimately happen to the massive empty hotel buildings, but it will probably be years before we have those answers.