Jones Lang LaSalle
Trump Taj Mahal Unveils Plans for $250M Hotel Tower
By Eric Peterson
Last updated: March 9, 2006 08:18am
ATLANTIC CITY-Putting some teeth in his casino company's bounce-back plan, Donald Trump has unveiled detailed plans for a $250-million, 45-story, 800-room addition to his Trump Taj Mahal Casino Resort here. If all goes as planned, work could be under way by mid-year, with completion slated for the summer of 2008.
The project is the next step in Trump Casinos' post-bankruptcy bounce-back effort. Step one came in late 2005 when company officials announced they would spend $110 million to renovate the existing Taj Mahal, the Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino.
"We did a wonderful deal when we did the recapitalization," Trump said in a prepared statement. "We have a lot of cash on hand and access to a lot of cash. Now we're going to make a big investment to make the Taj number one in Atlantic City again."
The project comes as the Borgata Hotel Casino & Spa is starting work on a new $325-million tower, the second phase of a $525-million expansion that will add 800 rooms, more gaming and retail space. And Harrah's is spending $500 million to add more rooms and new retail and entertainment attractions.
A sidelight to Trump's announcement is that when the Borgata opened in the summer of 2003, it wrested away the title of Atlantic City's tallest building from the Taj, its 479 feet topping the Taj by just over 60 feet. The Taj's 45-story expansion will top out at 485 feet, which would narrowly take the title back by just six feet.
"That wasn't a big factor on our thinking," Trump told reporters this week. "This wasn't a deliberate plan to build the tallest building. But I always like height." In any event, the 485 feet might not even be enough once the construction dust clears. The final heights for the Borgata and Harrah's expansion haven't been announced yet.
This week's unveiling of the new tower, which would be located on Boardwalk side of Pacific Avenue, was part of the construction application process with the New Jersey DEP. The expansion will need the state agency's final approval under the terms of the Coastal Area Facilities Review Act. According to Trump Casinos' president and CEO, James B. Perry, company officials don't expect any problems in the approval process.
Also in the works for Trump is a plan for redeveloping the Steel Pier, situated across the Boardwalk from the Taj. Plans would likely include some combination of retail and entertainment. In recent years, the pier has been operated by a local company as an amusement park under a lease with Trump, but the lease expires after this upcoming summer season.
Trump Taj Mahal Unveils Plans for $250M Hotel Tower
By Eric Peterson
Last updated: March 9, 2006 08:18am
ATLANTIC CITY-Putting some teeth in his casino company's bounce-back plan, Donald Trump has unveiled detailed plans for a $250-million, 45-story, 800-room addition to his Trump Taj Mahal Casino Resort here. If all goes as planned, work could be under way by mid-year, with completion slated for the summer of 2008.
The project is the next step in Trump Casinos' post-bankruptcy bounce-back effort. Step one came in late 2005 when company officials announced they would spend $110 million to renovate the existing Taj Mahal, the Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino.
"We did a wonderful deal when we did the recapitalization," Trump said in a prepared statement. "We have a lot of cash on hand and access to a lot of cash. Now we're going to make a big investment to make the Taj number one in Atlantic City again."
The project comes as the Borgata Hotel Casino & Spa is starting work on a new $325-million tower, the second phase of a $525-million expansion that will add 800 rooms, more gaming and retail space. And Harrah's is spending $500 million to add more rooms and new retail and entertainment attractions.
A sidelight to Trump's announcement is that when the Borgata opened in the summer of 2003, it wrested away the title of Atlantic City's tallest building from the Taj, its 479 feet topping the Taj by just over 60 feet. The Taj's 45-story expansion will top out at 485 feet, which would narrowly take the title back by just six feet.
"That wasn't a big factor on our thinking," Trump told reporters this week. "This wasn't a deliberate plan to build the tallest building. But I always like height." In any event, the 485 feet might not even be enough once the construction dust clears. The final heights for the Borgata and Harrah's expansion haven't been announced yet.
This week's unveiling of the new tower, which would be located on Boardwalk side of Pacific Avenue, was part of the construction application process with the New Jersey DEP. The expansion will need the state agency's final approval under the terms of the Coastal Area Facilities Review Act. According to Trump Casinos' president and CEO, James B. Perry, company officials don't expect any problems in the approval process.
Also in the works for Trump is a plan for redeveloping the Steel Pier, situated across the Boardwalk from the Taj. Plans would likely include some combination of retail and entertainment. In recent years, the pier has been operated by a local company as an amusement park under a lease with Trump, but the lease expires after this upcoming summer season.
posted by Jones Lang LaSalle NJ News Blog at 3:53 PM
<< Home