Trump
Plans Addition to Taj Mahal
As reported by the Press of
Atlantic City: "Rising 485 feet above Atlantic
City, it will give Donald Trump's gaming empire
some much-needed upward mobility.
"Plans
were submitted Tues-day for a 45-story addition
to the Trump Taj Mahal Casino Resort that will
serve as the centerpiece of the company's post-bankruptcy
turnaround.
"Besides
the financial benefits, the new 800-room hotel
tower will allow Trump to reclaim bragging rights
for Atlantic City's tallest building. Borgata
Hotel Casino & Spa, which tops out at 479
feet, eclipsed the Taj Mahal's existing 42-story
tower by 64 feet when it opened in 2003. Now
Trump will take back the title by a mere 6 feet.
"…Architectural
renderings show the Trump name emblazoned on
the top of the tower in gigantic letters. Pending
regulatory approvals, construction of the estimated
$250 million project is expected to begin in
June, with completion by summer 2008.
"…Since
emerging from Chapter 11 bankruptcy last May,
the company has slashed its debt, reduced interest
payments by $102 million annually and secured
a $500 million line of credit to spruce up and
expand its three aging casinos.
"The
new tower is the next phase of a capital plan
that started last year with $110 million in
renovations to the Taj Mahal, Trump Plaza Hotel
and Casino and Trump Marina Hotel Casino…"
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