March 2 (UPI) -- Billionaire investor Carl Icahn is selling the closed Trump Taj Mahal Casino Resort to investors led by Hard Rock International, which New Jersey Gov. Chris Christie called "great news."
Hard Rock said it plans to invest about $300 million to renovate and re-brand the building. Details over the sale were not yet disclosed, the Press of Atlantic City reported.
Icahn in August announced he would shut down the resort later in 2016 due to a prolonged strike by workers. Christie -- partially taking credit -- said the sale would create 3,000 new jobs and that the investors would remodel the building.
"The plan announced by Hard Rock and its partners to purchase and re-open Atlantic City's former Taj Mahal as the new Hard Rock Hotel & Casino Atlantic City is great news for New Jersey," Christie said in a statement. "There is no doubt that this purchase was encouraged by our efforts to stabilize the finances of the city government. Businesses now know that the years of irresponsible spending and taxing by the city government are over and they are ready to once again invest in Atlantic City."
Atlantic City Mayor Don Guardian said the sale was an important step in reviving the city's famous boardwalk.
"Now is the time to invest in our great city," Guardian said. "The price is right. We need to bring back thousands of jobs for our Atlantic City residents and for South Jersey."
Despite bearing the name of Donald Trump, the business is owned by Icahn of Icahn Enterprises. It was built in 1990 and Trump has not been involved with it since 2009.
Icahn Enterprises said it has "lost almost $100 million trying to save the Taj."