Greenberg Traurig Advises on Hard Rock Cafe Purchase of Trump Taj Mahal Casino
Greenberg Traurig represented a Hard Rock International led joint-venture in the purchase of the former Trump Taj Mahal.
April 25, 2017 at 01:00 AM
20 minute read
When it became clear that billionaire Carl Icahn would be interested in selling his Trump Taj Mahal Hotel and Casino in Atlantic City, Greenberg Traurig's client Hard Rock International quickly reached out.
Orlando-based Hard Rock International, acquired by the Seminole Tribe of Florida 10 years ago for a reported $965 million, had been looking for opportunities in Atlantic City for years. But with multiple casinos in that area having closed in recent years due to increased competition from new gambling destinations elsewhere, an Atlantic City deal had to be just right.
Hard Rock announced plans in early March to spend $375 million to buy and overhaul the 17-acre property from Trump Taj Mahal Associates, a wholly-owned subsidiary of Icahn Enterprises. With Greenberg's help, Hard Rock International and two partners closed on the joint-venture deal on March 31—a venture that local officials are hoping will lead to an economic rebirth in the region and give other investors a reason to return to Atlantic City.
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