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Icahn Enterprises will sell the defunct Trump Taj Mahal Casino to a group of investors led by Hard Rock International for an undisclosed sum.

Terms of the deal, announced on Wednesday evening, were not given. Icahn Enterprises bought the casino in February 2016 from Trump Entertainment Resorts as it emerged from bankruptcy, and in October the Trump-branded establishment ceased operations after years of losses. Donald Trump resigned from the board of Trump Entertainment Resorts in 2009 as the company went through a round of bankruptcy restructuring.

Billionaire activist investor Carl Icahn, the chair of Icahn Enterprises who in December was appointed by then President-elect Trump as a special adviser overseeing the overhaul of federal regulations, emphasised in the announcement that the sale would not include the former Trump Plaza Hotel and Casino, which remains up for sale.

Mr Icahn said:

We at IEP are extremely happy with our ownership of the Tropicana Casino & Resort, and after considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City. A sale of the Taj Mahal therefore represents the optimal outcome for us. We wish Hard Rock and its partners the best of luck with the Taj Mahal.

The sale is subject to customary closing conditions but not to any financing conditions, according to the announcement.

Copyright The Financial Times Limited 2017. All rights reserved.
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