Efforts to sell the Trump Plaza and Trump Taj Mahal failed, court papers say, and the company turned to Unite Here Local 54, which represents casino workers in Atlantic City, asking for concessions that would support a "feasible business plan." While negotiations have stalled, the company said it expects to continue discussions with the union to cut the cash burn rate that has fed losses at the Taj Majal.
The most high-profile casino failure in Atlantic City came a week ago, when the $2 billion, high-end Revel Casino Hotel closed after two bankruptcy filings and a little more than two years in operation. The casino received a $261 million state tax credit to help finish construction after financing dried up, as well as push from Gov. Chris Christie in his bid to reinvigorate the slumping seaside resort.We wonder if Noah Smith has an opinion--thanks, Kevin Erdman--on that.