Trump Taj Mahal casino to close, eliminating 3,000 jobs

The Trump Taj Mahal casino, opened 26 years ago by Donald Trump, announced yesterday it would close after Labor Day, eliminating 3,000 jobs.

The casino is no longer owned by Trump. It belongs to Trump's friend and fellow billionaire Carl Icahn, who decided he can no longer support a casino losing millions of dollars each month amid a crippling strike.

During the past 18 months, Icahn has lost nearly $100 million on the Taj Mahal.

"It was a bad bet," he said. "How much good money do you throw after bad?"

After the closure, Atlantic City would have seven casinos left.

Read more from The Associated Press.