For years, officials within Atlantic City have been calling for the demolition of the Trump Plaza Casino. Issues have come up, and until fairly recently, this abandoned property remained on the Atlantic City Boardwalk. Demolition on this hotel-casino has finally begun and should finish at some point in 2021.
Many are excited to hear this venue finally being taken down. Atlantic City is one of the country’s top casino destinations and many companies are interested in building a new hotel-casino where the Trump Casino currently sits. Today, we’re going to talk about what the demolition of this property means for the city moving forward.
Let’s get into it!
History of Donald Trump’s Atlantic City Hotel-Casino
Back in the 1980s, Atlantic City was one of the most exciting gambling destinations in the United States. Casino gambling had been officially legalized in 1976 and some of the biggest casino companies immediately began opening properties here. In June of 1982, The Trump Organization began the construction of a new major gaming venue on the Atlantic City Boardwalk.
In May of 1984, this property officially opened its doors to the public. It was one of the most impressive hotel-casinos in the city with 614 rooms, seven restaurants, and a 60,000 square-foot casino. It immediately became a hit with gamblers from around the East Coast.
Over the years, the Trump Plaza Casino became a major sports venue, as well. Several major events including Wrestlemania IV and Wrestlemania V were held here. This helped to bring the hotel-casino even more exposure.
Revenue figures here began to sharply decline in the 1990s. By 1995, Donald Trump granted ownership of this venue to the Trump Entertainment Resorts. In 2011, company officials announced they planned to either sell or renovate this property.
In September of 2014, the hotel and casino finally closed its doors for the last time. It wasn’t the only major casino-resort here to make this decision. The recession had taken a major toll on Atlantic City and four other hotel-casinos in the city had already shut down.
This venue has remained in Atlantic City over the years, despite being closed. Many have called for it to be demolished. This month, officials finally began the process of tearing this old gambling venue down.
The Trump Plaza Casino is Now Being Taken Down
Atlantic City was hurting badly from 2008 to 2016. Over the past few years, however, things have completely turned around. The legalization of sports betting and investments from outside companies have once again turned this New Jersey city into one of the best casino destinations in the US.
Of course, the pandemic has halted the progress that was being made here. Back in March, all of Atlantic City’s casinos were ordered to shut down. It wasn’t until July that they were given permission to reopen.
There have been calls to demolish the Trump Plaza Casino for years. Many felt its removal would open the opportunity for a new hotel-casino to be constructed. Billionaire Carl Icahn now owns the land this venue sits on, and repeatedly told the media that demolition would begin once all the contracts were agreed to.
It took time, yet the process of tearing down this property has finally begun. A demolition crew from Pennsylvania have begun taking the hotel-casino down piece by piece. If all goes according to plan, the official implosion of the venue will happen sometime in 2021.
It’s not entirely clear what will be built here. Most feel another hotel-casino will be opened on the property. Carl Icahn has not publicly revealed what’s being planned. We’re likely to hear more about this situation once demolition is complete.
Atlantic City Casinos Still Struggle to Generate Revenue
For years, the small city of Atlantic City was seeing its local economy flourish. Tourism rates were high and casinos here were bringing in an incredible amount of revenue from their land-based and regulated online gambling operations. Things took a major turn in March after these casinos were forced to close.
Most of the gambling venues in the city have been reopened for more than a month. Unfortunately, revenue figures are considerably lower than what was seen at the start of 2020. It’s not entirely clear when this trend will change.
The truth is that most people are hesitant to visit a crowded casino right now. That’s particularly true with the new health and safety rules set in place inside these casinos. Most experts feel things will stay that way for the rest of 2020.
Things are very similar over in Las Vegas. Here, casinos have been open for even longer. Several companies here released their second-quarter revenue reports for 2020 and things are just as bad as most predicted they would be.
Many casino companies are now beginning to focus more on their online gambling operations. Revenue from the internet casino industry has actually increased since March. It seems likely that more states will begin looking into online gambling regulation as the months go on.
It will be interesting to see what replaces the Trump Plaza Casino. Make sure to stay tuned for updates!