Atlantic City Casino 'Trump Taj Mahal' will be closing its doors after Labor Day after the casino's new owner was unable to make the property profitable amid a strike with the casino's employees.
The closure will cost 3,000 people their jobs, and comes after owner Carl Icahn said that he was losing millions of dollars a month during a strike by casino workers. The strike has cost Icahn more than $100 million in the last 18 months, and the billionaire decided that enough was enough.
Speaking to the Associated Press Icahn said, "It was a bad bet. How much good money do you throw after bad?"
The billionaire had originally rescued the property from closure by bankrolling the casino as it went through bankruptcy proceedings.
Atlantic City's casino industry has shrunk in value over the past decade, with only seven casinos remaining open after the Taj Mahal closes its doors. In that time more than 11,000 casino workers have lost their jobs.
The Trump Taj Mahal once belonged to current Republican presidential nominee Donald Trump, who sold his stake in the property several years back, and recently agreed to a deal that would allow the casino properties in Atlantic City to continue carrying his name.
No firm date on the closure date has been established, but the casino needs to give employees a 60 day notice, so it looks like the casino won't be closing until October at the earliest.