A sign at the former Trump Taj Mahal gaming facility in Atlantic City, New Jersey. Photo: Shinya Suzuki
Business Deals

Seminole Tribe paid just $50M for casino Donald Trump built for $1.2B

The Seminole Tribe paid just $50 million for a casino that Donald Trump said he built for $1.2 billion, the Associated Press reports.

The tribally-owned Hard Rock International finalized the purchase of the former Trump Taj Mahal in Atlantic City, New Jersey, last month. But it wasn't until Tuesday that the purchase price was revealed, the AP said, citing documents filed with the Securities and Exchange Commission, a federal agency.

The tribe and its partners are converting the 17-acre waterfront property into Hard Rock Hotel & Casino Atlantic City. The target opening date is summer 2018.

Trump opened the Taj Mahal in 1990 and starting lashing out at tribes, who were his primary competition. He accused them of being unable to protect their casinos from crime and other problems but it was his operation that ran into financial and regulatory trouble in Atlantic City.

Trump's company eventually declared bankruptcy and the Taj Mahal was transferred to a new owner. It closed in October 2016.

The Seminoles were one of the early pioneers in the Indian gaming industry and have grown their business into a multi-billion dollar global enterprise. The tribe bought the Hard Rock corporation for nearly $1 billion in December 2007.

Read More on the Story:
Trump’s ‘8th wonder of the world’ sold for fraction of cost (AP 5/9)

Related Stories:
Seminole Tribe finalizes purchase of failed Trump casino in New Jersey (April 6, 2017)
Seminole Tribe putting Hard Rock name on failed Trump casino (March 3, 2017)