The company has proposed a $500 million casino resort in northern New Jersey. The property will receive $300 million in renovations and will be renamed Hard Rock Hotel. Last year, Icahn closed the casino due to a crippling strike, and this year, he has decided to sell it. However, the casino never reopened and was sold to Hard Rock International in 2018.
Icahn, who already owned the Trump Taj Mahal casino next door, said he planned to invest $100 million to turn the Taj Mahal into a first-class resort. The sale came as the casino was struggling to keep up with its debt payments and was facing the possibility of foreclosure. In 2016, the Taj Mahal, one of the most iconic casinos in Atlantic City, New Jersey, was sold to billionaire investor Carl Icahn.
