Trump Critics Celebrate as Trump Plaza Atlantic City Implosion Scheduled Week After Biden Inauguration
Posted on: November 9, 2020, 12:17h.
Last updated on: November 9, 2020, 01:08h.
Much of Trump Plaza in Atlantic City is slated to be brought down on January 29, just 10 days after presumptive President-elect Joe Biden (D) is scheduled to be sworn in and President Donald Trump put out of the White House.
The closed casino resort on the Boardwalk has sat vacant since September 2014. Billionaire Carl Icahn assumed control of the property in January 2016 when he acquired the bankrupt Trump Entertainment Resorts, the former casino company owned by the president.
Local officials have deemed Trump Plaza a public safety hazard, and while Icahn has continually pledged to demolish the hotel structure, the corporate raider worth an estimated $15 billion has displayed little urgency. However, in early September, the city announced the January 29 implosion date, and now opponents of the president say there’s “something poetic” about the building’s removal coinciding with Trump’s ouster from the Oval Office.
There is something poetic that the Trump Plaza in Atlantic City is scheduled for implosion about a week after President Biden takes office,” opined former Sen. Claire McCaskill (D-Missouri).
Videos and photos of people celebrating outside the fenced-off Trump Plaza were shared to social media in the days following the Associated Press declaring Biden the 2020 presidential election victor.
Codeveloped by Donald Trump and Harrah’s, Trump Plaza opened in 1984. Trump took full control of the casino for $70 million two years later after a disagreement between the two developers.
The casino’s implosion is expected to cost Icahn as much as $10 million.
Campaign Backdrop
Trump Plaza isn’t being totally removed. Situated on approximately 12 acres, the implosion will bring down the casino’s original structure and 39-floor hotel. An adjacent hotel, which is above the Rainforest Café, will remain, as will the property’s parking garage across Pacific Avenue.
The building being imploded was used by Hillary Clinton during her 2016 presidential campaign.
The unsuccessful Democratic candidate said in front of Trump Plaza a little more than four years ago, “What he did here in Atlantic City is exactly what he will do if he wins in November. How can anybody lose money running a casino?”
Trump critics are now linking Trump Plaza’s impending implosion to Trump’s refusal to accept the 2020 election results. CNN contributor Miles Taylor tweeted over the weekend, “BREAKING — The Trump Administration will soon achieve the same status as Trump Airlines, Trump Casinos, Trump Steaks, Trump Vodka, and Trump University: out of business.”
End of Trump Entertainment
Donald Trump exited Trump Entertainment Resorts in 2009 during the company’s latest bankruptcy. He allowed his name to be used on the company’s casinos in exchange for a five percent share of profits.
Icahn closed the Taj Mahal in Atlantic City in 2016, which marked the closure of the last casino built by Trump. That Boardwalk property has since been bought by Hard Rock International and reopened as Hard Rock Atlantic City.
While Trump Entertainment no longer has a property in operation, Icahn continues to own the firm. Once Trump Plaza is demolished, the billionaire will hold the power to determine what comes next for the land that welcomes arriving cars to town via the Atlantic City Expressway.
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Trump property all over is losing valuation. It would be smarter to change the name of any property to retain value. Trumo name produces -22% return. Have not seen one property with his name that retains value.
2016, 2020... History repeats itself, or seemingly so. This time at least, Trump critics waited for the election results. This is more cautious than Hilary's attempt. Reminds me of her laugh whenever journalists asked her about Trump's bid in the 2015 primary. One can ask a question, now: is 5% a legit cost, does Trump name bring value to any property? It's not easy to answer this one.