The shuttered Atlantic City Trump Taj Mahal will become a Hard Rock casino and hotel after Carl Icahn reached a deal Wednesday to sell the property to Hard Rock International and two other investors.
The hotel was closed last year after Icahn failed to reach a deal with labor unions and reportedly lost $300 million on the property since he began financing it in 2014.
Details of the deal were not disclosed, though Hard Rock International chairman Jim Allen said the company plans to invest $300 million in renovating and rebranding the property.
“We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment," he said in a statement. "We are 100 percent convinced Hard Rock Hotel and Casino Atlantic City will be a success."