The Trump Taj Mahal in Atlantic City is likely to close

Following the closure of four casinos in Atlantic City, many analysts felt that the eight gambling establishments that are still remaining in the city should gradually get out of the difficulties they have been facing for several years.
Now, the New York Post has just announced that the Trump Taj Mahal could soon go bankrupt as well, and may have to close.
In fact, the well-known resort failed to pay several older debts.

An ongoing negotiation

Trump Entertainment Resorts have been negotiating with their bank for some time now to restructure their debts and not be excluded in the event of not being able to pay.
If no solution is found, the company may be forced to file for bankruptcy of their casino-hotel Trump Taj Mahal, which would be the fifth property in Atlantic City this year to close their doors.

After the Atlantic Club, the Showboat, Revel and the Trump Plaza

In January this year, the Atlantic Club was forced to close its doors.
Then there was the case of the Showboat on Sunday, August 31, and the Revel on Tuesday, September 2.
Next Tuesday, on September 16, the Trump Plaza will become number four.
These closures will result in only eight remaining gambling establishments in Atlantic City.
The Trump Taj Mahal currently employs approximately 2,800 people who could be added to the nearly 6,000 people who have already lost their jobs, following the previously mentioned closures.

The conversion of debt into equity

There is still some hope for the casino-hotel.
In fact, Carl Icahn, who holds most of the debt of Trump Entertainment Resorts would agree to convert debt into shares in order to prevent the bankruptcy of the Trump Taj Mahal.
However, this hope seems to gradually diminish as the market for Atlantic City casinos continues to decline.

The second largest casino in the city

The Trump Taj Mahal has 2,248 hotel rooms and nearly 14,000 square feet of space dedicated to gambling.
It has become the second largest casino in Atlantic City.
Trump Entertainment Resorts, who own a total of three facilities in the famous city of the state of New Jersey, recorded a gross profit of $1.8 million with the Trump Taj Mahal in the second quarter of this year, which represents a decrease of 69% compared to the same period of last year.