You Can Now Bet on the Auction to Demolish Trump Casino

Trump Plaza Casino

For years, officials in Atlantic City have been calling for the demolition of the Trump Plaza Casino. This gambling property has been closed since 2014. Now, Atlantic City is setting an auction to demolish Trump Casino.

It’s an interesting time for Atlantic City’s casino industry. Today, we’ll discuss the upcoming Trump Casino demolition. We’ll also check out some of the odds available for this historic moment for the city!

Let’s get into it!

Looking Back at the History of the Trump Plaza Casino

The Trump Plaza Casino first opened its doors back in 1984. At that time, Atlantic City was still a small, developing casino industry. This venue became an instant success and began attracting high-rollers from around the country.

In the late 1980s, this property started dipping into the entertainment business. Trump Plaza decided to host WrestleMania IV and WrestleMania V, two events that ended up being huge hits. Things appeared to be going extremely well for this property.

Unfortunately, the upward trend began to change in the early 90s. Around this time, the Trump Taj Mahal opened its doors in Atlantic City. This sister property became one of the Trump Plaza Casino’s biggest competitors and took away from much of the venue’s player base.

In 1995, Trump gave ownership of this venue to one of his publicly traded companies, Trump Hotels & Casino Resorts. This company worked to expand the Plaza in an attempt to draw in more players.

This didn’t work out as planned. By 2011, Trump Hotels announced it would either need to sell or completely renovate this gambling venue. The idea of a sale won out, yet all attempts to hand the venue over failed. In 2014, the Trump Plaza Casino officially closed its doors for good.

Many have been calling for the demolition of this property over the years. That is finally set to take place in 2021.

Here’s How to Bet on the Auction to Demolish Trump Casino

Some of the top officials in Atlantic City have confirmed that the Trump Plaza will officially be demolished next year. It’s a big moment for this city and could finally allow for another casino to open its doors here. Interestingly, city officials have allowed companies to bid on the right to demolish this property.

As you might expect, a large number of companies are interested in securing the rights to take this venue down. Some of this might be politically motivated. Others may simply want the marketing that would come with this demolition.

Atlantic City Mayor Marty Small Sr. has confirmed that the bidding process has already begun. He is hoping to see $1 million come in from this bid. The money will be used to fund the local chapter of the Boys & Girls Club of America.

The mayor claims he’s being “bombarded” with calls on how to bid. BetOnline, one of the best online casino sites in the US, is now allowing its members to bet on the auction to demolish Trump Casino. There are some great odds on where this bidding process ends up.

Odds that this demolition auction ends up generating more than $1 million currently stand at -300. The odds that it produces less than $1 million currently stand at +200. Based on Mayor Small’s comments, it’s easy to see how the auction could easily surpass the $1 million mark.

This demolition, scheduled to take place sometime in February, will be a historic one. We’ll be sure to offer updates on which properties may be constructed here over the next few months!

Sports Betting Revenue Continues to Surge in New Jersey

Atlantic City is now home to some of the most popular casinos in the United States. In recent years, this city has gone through a sort of revival. Many credit the legalization of sports betting for the city’s recent success.

As many know, New Jersey’s sports betting industry has surged throughout 2020. Revenue from this industry has been increasing almost every single month. That was true once again during the month of November.

Last month, the state saw a new monthly sports betting handle record at $931.6 million. That’s a massive increase from the $803 million seen in October. This money is proving to be extremely valuable for the casino industry here.

Unfortunately, land-based casino revenue in Atlantic City has been plummeting throughout 2020. This situation seems to be getting worse as the winter months continue. Tourism into Atlantic City is plummeting and no one expects this to change anytime soon.

Some even fear that Governor Phil Murphy could order casinos in the state to shut down again. Covid-19 rates have been surging here in recent weeks. Without new regulations set in place, this could continue to get worse. We’ll continue offering updates on what is going on here over the next few weeks!

Do you plan to bet on the auction to demolish Trump Casino? How much money do you expect this auction to generate? Let us know in the comments section below!

DraftKings Falls 10% After Reporting Larger Than Expected Losses

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Sports betting company DraftKings fell by as much as 10% during Friday’s trading after it reported a larger-than-expected loss for the second quarter of 2020 and even after its revenues exceeded expectations.

Effect of COVID-19 Shutdown

The Boston-based gambling company posted a loss of $164.1M for the second quarter, or 55 cents per share which is steeper than the $28.11M loss, or 15 cents per share, which it reported for the same period last tear. Analysts polled by Dow Jones pegged the expected loss to be at 20 cents per share.

DraftKings’ losses emerged as the COVID-19 pandemic continues to bring havoc to sports. Professional and collegiate league schedules have been derailed and games have been suspended as athletes and fans have been forced to stay at home.

Most sporting events were suspended in mid-March, meaning the top professional sports leagues like the NBA, MLB, and NHL were forced into a hiatus during the second quarter of 2020. Recently, NCAA college leagues like the Big 10 and Pac 12 have also announced the cancellation of their respective seasons due to concerns about the coronavirus.

New Offerings

The NBA, MLB, and NHL have since returned and DraftKings says it has seen a revenue boost. But aside from that, the company said that it is focused to deliver new and innovative offerings that will lead to healthier financial figures as sports continues to gradually resume. Said CEO and co-founder Jason Robins:

“In the second quarter, while several major sports leagues including the NBA, MLB and the NHL remained on hiatus due to COVID-19, the Company worked creatively to engage fans with new fantasy sports and betting products for NASCAR, golf, UFC, and European soccer.”

DraftKings also announced its full 2020 outlook, revealing that it expects a pro forma revenue of $500M to $540M, which is an equivalent of 22% to 37% growth for the second half of the year. In its report, the company reported $1.2B in cash and no debt on its second quarter balance sheet.

DraftKings went public last April after it combined with special purpose acquisitions company Diamond Eagle Acquisition Corp. and gaming technology provider SBTech. The move allowed DraftKings to circumvent the typical processes for initial public offerings.