The Wall Street Journal: Icahn to sell Trump Taj Mahal in Atlantic City

Billionaire investor Carl Icahn is selling the former Trump Taj Mahal Casino Resort in Atlantic City, N.J., to focus on the Tropicana, another iconic property on the strip that Icahn acquired much the same way: buying its debt on the cheap and eventually taking it over.

“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” Icahn said Wednesday in announcing the sale to a group led by Hard Rock International Inc.

The sale price wasn’t disclosed, but Hard Rock said the buyers plan to invest more than $300 million to purchase, renovate and reopen the casino.

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