Carl Icahn Plans to Demolish Former Trump Casino in Atlantic City

Carl Icahn Plans to Demolish Former Trump Casino in Atlantic City

Billionaire investor Carl Icahn is planning to demolish a former Atlantic City casino. The city and Icahn are yet to agree on the time at which the property should be razed.

Former Trump property to be demolished

The property in question was earlier owned by Donald Trump before he became president of the US. On Thursday, Mayor Marty Small held a news conference to announce the demolishment plans. Initially, only one of the two towers were to be demolished. However, now, they are planning to raze both the towers.

Carl Icahn Plans to Demolish Former Trump Casino in Atlantic City

The only point of contention between the two is the timeline of demolition. Icahn plans to demolish both structures by June 2021 but Small said that it is not acceptable to the city. He said that the administration plans the work to be done by the end of 2020. He said that a maximum timetable could be of February 2021.

Icahn has not commented on the story yet but in March, it said through a spokesman that his company is committed to tearing down the building. It said that it does not have to push by the city, which has already dragged it to court for forcing the demolition.

What is the city doing?

Icahn requested the city to use more of its $5 million redevelopment tax payments made by the Trump Plaza property while it was operating. It said that the money could be used to offset the cost of demolition. Small said that it is not a part of the equation. The mayor praised Icahn for being willing to work with the city to raze the casino.

The Trump Plaza opened its doors in 1984 at the Boardwalk. It was located at a prime location. However, it shut down in 2014, alongside three other casinos. Another Trump property- the Taj Mahal also closed down in 2016. The property has already reopened as Hard Rock casino.

Trump Plaza has not been acquired since the last six years because of which the property is deteriorating. The hotel’s towers have already lost large pieces of its façade during a recent storm. The city’s Fire Chief Scott Evans said that vacant buildings are not good for the city. He said that debris from the building has been falling, even from the 34th floor during high winds.

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Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.