Former Trump Plaza in Atlantic City to be Imploded

submitted by Nemacolin from (inquirer.com)

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[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

You would have to be an idiot to lose money on a casino.

[–]pulverize 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

That's not what happened. Trump Plaza was in operation for 30 years. It lost business to Trump's other Atlantic city property Trump Taj Mahal which folded after 26 years. He made a shitload of money from those casinos.

A business bankruptcy is not the same thing as a personal bankruptcy.

[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

I understand that. Still how often do you see a casino go belly up?

The mayor wants that thing down ASAP. The owners want to do it next summer, during tourist season. I wonder if it is possible to do it on election day, just for giggles.

[–]pulverize 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

They demolish old casinos on the Las Vegas strip all the time to make way for new, more profitable casinos often owned by the same corps. Trump Plaza didn't go belly up. It wasn't profitable after a time and Trump wanted to sell it for more than it was worth. There's nothing remarkable about it. He did some tax dodging that was totally illegal and had to pay a massive fine, but he paid the fine. Justice served.

They close old grocery stores, like a Kroger or Safeway, just to open a new one less than a mile away. The new one has higher prices, a more favorable lease, and brings in more profits for a few years. Then when it needs costly repairs they tear it down and build a new grocery store closer to the new housing development a mile away charge high prices and a more favorable lease... ad infinitum

I think it's fucked, but that's the way it works.

[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Plans to demolish the former Trump Plaza Casino in Atlantic City have been submitted, Atlantic City Mayor Marty Small said in a press conference Thursday afternoon.

Icahn Enterprises, which now owns the building, submitted plans to demolish the entire plaza by implosion, Small said. The company had previously planned on keeping the section of the building above the Rainforest Café standing, but is now set to demolish that as well.

It’s not clear when the building will be demolished. Icahn Enterprises is aiming for a June 2021 completion date, something Small called “not acceptable.”

“That’s smack dab in the middle of our season. My administration’s goal is to get it down,” Small said. “By the end of the year, or late February, and time for cleanup for next summer season."