Later in 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International.[67] The casino was opened in April 1990, and was built at a total cost of $1.1 billion, which at the time made it the most expensive casino ever built.[68][69]
Financed with $675 million in junk bonds[70] at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year.[71] Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt.