Trump Plans Addition to Taj Mahal
"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 "