The New Jersey Supreme Justice says the Trump Taj Mahal hotel in Atlantic City is worth $2 million.

The landmark ruling by a state appeals court overturns a lawsuit in federal court by the state alleging the Taj is illegal because it violated state law when it marketed Trump goods.

“The Taj Maha is a casino property that is not in a casino,” the 10-member panel ruled in a 4-1 ruling.

“It is neither regulated as a casino, nor a casino business.

It is simply not a casino.”

The court said the casino industry’s “own experience with such businesses” shows the hotel is a “high-stakes, multi-million dollar, multiyear investment.”

Its lawyers, who called the decision “a landmark victory,” said the decision doesn’t apply to their clients, Trump Tower or his real estate company.

They said Trump, a billionaire real estate developer, can’t recoup the costs of his suit against the city because he could lose the casino, which he also owns.

The $2 billion lawsuit was filed in 2012 in federal district court in Atlantic County.

It alleged a violation of New Jersey law by Trump Properties when he sold some of the casino’s properties and made some of its property available for other real estate ventures.

In October 2014, the casino was purchased for $400 million.

In 2017, it sold for $1.3 billion and in 2019 was sold for a record $2,100 million.