A bank report predicts the Trump Taj Mahal will likely close within three years, following the next-door Showboat Casino which will close Aug. 31 and is among four casinos closing in 2014.
ATLANTIC CITY, N.J. —- In a recent report, Deutsche Bank said the Trump Taj Mahal will “join the list of shuttered properties” in coming years.
“By 2017, we foresee Atlantic City to have two boardwalk casinos (Caesars and Bally’s), the Tropicana, and three casino hotels located in the Marina district (Borgata, Harrah’s and Golden Nugget),” said the report, released on Aug. 14.
Caesars Atlantic City is the site of the annual LCT-NLA Show East limousine trade event and conference, also held at the Atlantic City Convention Center. The event, which launched last year, will be held Oct. 19-21, 2014.
Recently, Donald Trump filed a suit in New Jersey Superior Court requesting that his name be removed from the two casinos that bear his name: The Trump Plaza, which is closing in September, and Trump Taj Mahal, which remains open, because he asserts that the properties have fallen into an “utter state of disrepair.” Trump, who no longer owns or operates the properties but leases his name to the owners, said he does not want his name associated with the casinos because they tarnish his good name.
The Trump Plaza is one of four casinos that have recently closed, or are set to close. In January, the Atlantic Club closed, and Showboat announced it will cease operating on Aug. 31. The Revel plans to close by Sept. 10 if a last-minute buyer cannot be found.
Atlantic City, which once had a monopoly on East Coast gambling, has seen stiff competition from neighboring states that have siphoned off gamblers while a generally weak economy has reduced profits during the recession and slow recovery.
Observers have said that after the weaker casinos are gone, the remaining properties should emerge stronger due to less competition in the city and an improving economy.
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Related background article: Atlantic City Faces Malaise With Closure of Revel
Related background article: Trump Sues To Remove Name From Atlantic City Casinos