In 1990, when an industry analyst predicted the property would not generate enough money to pay off the bonds, Trump erupted in outrage and wrote a letter to the analyst’s employer, brokerage firm Janney Montgomery Scott, threatening “a major lawsuit.” The analyst, Marvin Roffman, was fired. By the time it opened in 1990, Trump ruled as the undisputed king of Atlantic City, with 25% of the casino market.Īt a cost of over $1 billion, financed at interest rates as high as 14%, the Taj Mahal was a huge gamble. The Taj was a monument to excess - more than 500 feet high, 17 acres of minarets, mirrors, purple carpets, elephants and giant chandeliers. Then, after a boardroom tussle over control of another firm, Resorts International, Trump ended up with the biggest property of all: the Taj Mahal, then the largest of the city’s casinos. failed to win a New Jersey gaming license, Trump snapped up its already-built casino and christened it Trump’s Castle it opened a year after the Trump Plaza, in 1985.
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