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.