History
Trump began purchasing properties along the Atlantic City boardwalk in the early 1980s and received a gaming license from New Jersey's Casino Control Commission (CCC) on March 15, 1982. He had planned to build his own casino on the boardwalk, but was stalled on the project when Mike Rose, then CEO of Holiday Inn and Harrah's approached him to manage construction of a Holiday Inn Casino-Hotel. It opened in May 1984 and two years later Trump bought out Holiday Inn's shares in the property and renamed it the Trump Plaza Hotel and Casino.
In 1985, Trump purchased the nearly-complete Atlantic City Hilton hotel and casino property at the Atlantic marina from Hilton Hotels for $325 million. The hotel chain sold the property after its application for a gaming license was turned down by the CCC. Trump originally opened the property as Trump's Castle Hotel Casino, and later renamed it the Trump Marina.
In 1988, Trump purchased the unfinished Taj Mahal property from Resorts International for $230 million after negotiations with Merv Griffin in which the two men divided the assets of the failing company. The casino, at the time the largest in Atlantic City, would eventually cost almost $1 billion by the time it opened in 1990. Trump completed the project using junk bonds, a decision that hurt the company afterward as the gaming industry struggled in a recession and interest rates became unmanageable.
In 1995 Trump created Trump Hotels and Casino Resorts (DJT) and began issuing public shares in his Atlantic City holdings.
Read more about this topic: Trump Entertainment Resorts
Famous quotes containing the word history:
“When the history of guilt is written, parents who refuse their children money will be right up there in the Top Ten.”
—Erma Brombeck (20th century)
“While the Republic has already acquired a history world-wide, America is still unsettled and unexplored. Like the English in New Holland, we live only on the shores of a continent even yet, and hardly know where the rivers come from which float our navy.”
—Henry David Thoreau (1817–1862)
“It’s nice to be a part of history but people should get it right. I may not be perfect, but I’m bloody close.”
—John Lydon (formerly Johnny Rotten)