The Trump Taj Mahal, an iconic casino hotel on the Atlantic City boardwalk, ceased operations Monday after hemorrhaging losses for years and negotiations with employees' union broke down, according to its owner, Icahn Enterprises.

The shutdown, which leaves 3,000 employees out of work, was widely expected after its management announced the planned closure in August. Beset by labor strife and the decline of Atlantic City as a resort and gaming destination, the hotel was lost "almost $350 million over just a few short years," said a statement released Monday by billionaire investor Carl Icahn via his investment firm, Icahn Enterprises.

Its union employees went on strike on July 1, seeking health care and pension benefits. Icahn says its last offer, which included medical benefits, was rejected and keeping it open would have required additional investments and triggered losses in "excess of $100 million over the next year."

"Today is a sad day for Atlantic City," Icahn said. "Like many of the employees at the Taj Mahal, I wish things had turned out differently."