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Trump Taj Mahal Funding, Inc.

$125.00

SKU: 1971

This product is sold out

Product Details

Beautifully engraved antique bond certificate from Trump Taj Mahal Funding, Inc. dating back to the 1990's. This document, which carries the printed signatures of the company President (Donald Trump) and Secretary (Robert Trump), was printed by the Security-Columbian / United States Bank Note Company, and measures approximately 12" (w) by 8" (h).

 

This certificate features a great vignette of the Trump Taj Mahal logo.

You will receive the exact certificate pictured.

    Historical Context

    This bond was offered by Trump Taj Mahal Funding Inc. beginning in 1988 at a price of 100 through underwriters led by Merrill Lynch Capital Markets.

    The funding corporation, which was owned by Donald J. Trump, issued the speculative-grade bonds to finance the purchase and completion of the Taj Mahal hotel and casino complex in Atlantic City. Mr. Trump bought the project from the entertainer Merv Griffin for $250 million when the two agreed to divide the assets of Resorts International Inc. More than $100 million of the proceeds were used to pay interest on the bonds for about 15 months after they were issued.

    The Trump Taj Mahal casino opened on April 2, 1990. With 120,000 square feet of gaming space, it claimed to be the largest casino in the world (though this was disputed by the Riviera), and billed itself as the "eighth wonder of the world". An elaborate grand opening ceremony was held three days later.

    In 1991, the Taj Mahal went through a prepackaged bankruptcy, resulting in Trump giving a 50 percent stake in the business to its bondholders in exchange for lowered interest rates and a longer payoff schedule.

    Trump's new publicly traded company, Trump Hotels & Casino Resorts, purchased the Taj Mahal in 1996, in a transaction that valued the property at $890 million. In the 1990s, Trump's Taj Mahal casino was "the world's largest, most flamboyant casino" and Trump took on an "enormous amount of debt" to launch it. During eighteen months after its April 2, 1990 opening, when the Casino was on the verge of bankruptcy, it became the "preferred gambling spot for Russian mobsters living in Brooklyn, according to federal investigators who tracked organized crime in New York City".

    The Taj Mahal was the highest grossing casino in the city until the opening of The Borgata in 2003. The Chairman Tower opened in 2008, bringing the complex to over 2,000 rooms.

    In 2013, the Taj Mahal opened the nation's first casino strip club, featuring scantily clad dancers.

    On Monday, October 10, 2016, the Trump Taj Mahal Hotel and Casino was shut down after the chaos of casino workers on strike.

    On March 1, 2017, Hard Rock International announced its purchase of the Trump Taj Mahal property, and officially reopened as the Hard Rock Hotel and Casino Atlantic City, on June 27, 2018.