The shuttered Trump Plaza casino resort in Atlantic City is not going be demolished anytime soon as the popular gaming hub is entering its tourism season, The Press of Atlantic City reports.
The casino closed doors in the fall of 2014 and has remained vacated since then. It was announced last fall that the property would be razed as it was located at the heart of Atlantic City’s Boardwalk and its demolition would create space for new development in that key part of the city.
Former Atlantic City Mayor Don Guardian said last November that the closed gaming resort would be demolished this spring. However, it has become known that owner Icahn Enterprises is yet to file the required demolition permit so as to be able to move forward with the plan.
Icahn Enterprises is owned by New York businessman Carl Icahn. Last fall, when news that Trump Plaza would be demolished emerged, Mr. Icahn approached the New Jersey Casino Reinvestment Development Authority with a request to be granted the amount of $5.6 million from the state’s alternative investment tax to partially cover demolition costs. Proceeds from said tax are usually used for non-gaming expansion projects and improvements across the state. At present, funds are redirected to cash-strapped Atlantic City helping it recover from its financial ails.
The businessman’s request was criticized strongly by top New Jersey lawmakers, including New Jersey Senate President Steve Sweeney, who said back then that a request from a person who had had an “antagonistic record” when it had come to treating his employees should be rejected. Mr. Icahn eventually received a preliminary approval to his request by the authority later in November.
Demolition Likely This Fall
The 39-story building of Trump Plaza is to be imploded. The demolition was planned to take place this spring, but Atlantic City Director of Licensing and Inspection Dale Finch has told The Press of Atlantic City that the process would be postponed as the city is entering its busiest season.
Mr. Finch has explained that the demolition of the shuttered casino would require portions of the Boardwalk to be closed, which would not be possible during summertime. The official went on to say that demolition might eventually happen late this fall.
Mr. Finch also revealed that Mr. Icahn’s enterprise has been provided with price quotas for the property’s implosion, but it has not filed anything with the city as of yet. According to previous reports from local news outlets, Trump Plaza’s demolition could cost around $13.5 million.
Trump Plaza is Mr. Icahn’s last casino property in Atlantic City. He sold the former Trump Taj Mahal to Hard Rock International last spring. The Florida-based gaming and hospitality giant invested more than $500 million to redevelop the property into what would operate as Hard Rock Hotel & Casino Atlantic City from June 28.
Mr. Icahn has also cashed out $1.85 billion from the recent sale of Tropicana Atlantic City and six more Tropicana properties across the United States to Eldorado Resorts Inc.
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