Casino Owner Removes Bids to Demolish Trump Casino

Trump Plaza Casino

Not long ago, reports surfaced claiming there would soon be a bidding process available for those looking to demolish the Trump Plaza Hotel-Casino in Atlantic City. Unsurprisingly, many expressed interest in earning the right to take this property down. This week, reports came out claiming Carl Icahn has removed bids to demolish Trump casino.

It’s an interesting move for Icahn. This venue will still be demolished, albeit without the same spectacle that some predicted. Today, we’ll talk about what is happening with this property.

Here’s what we know.

Atlantic City Casinos Hope for a Better Year in 2021

Over the past decade, Atlantic City has grown to become one of the largest casino destinations in the world. It’s not much of a surprise. This city is home to a huge number of world-class casino-resorts. Many have gone through huge renovations over the past few years.

Things appeared to be going smoothly here. With the introduction of sports betting back in May of 2018, the casino industry here began to grow quickly. Many expected casino revenue here to rise steadily as the years went on.

2020 halted all of the progress made here. In March of last year, state leaders in New Jersey forced all of the casinos in this city to close their doors. It wasn’t until July that Atlantic City’s casino industry was given permission to reopen again.

Revenue has remained extremely low since this time. Atlantic City continues to see extremely small tourism numbers when compared to 2019. As a result, the casinos here are having a difficult time bringing in money.

The casino owners are now hopeful that 2021 proves to be a significantly better year for the industry here. Many believe that with effective vaccine distribution, more visitors will begin flocking to Atlantic City’s casinos. We should get a better idea of what to expect here this year over the next few months.

We’ve seen several major casino-resorts permanently shut their doors over the last few years. That includes one formally owned by Donald Trump. Here’s an update on this venue.

Carl Icahn Removes Bids to Demolish Trump Casino

The Trump Plaza Casino first opened its doors in Atlantic City back in 1984. For a time, it was one of the hottest gambling venues in the city. Due to competition and a drop in tourism rates, this property eventually went bankrupt and officially shut down in 2014.

Billionaire Carl Icahn eventually took control of this property and the land it sits on. Interestingly, he hasn’t decided to tear it down. To the disappointment of many officials in Atlantic City, this venue has simply remained closed and is beginning to fall apart.

Officials finally decided that a change was needed. News broke last year that Carl Icahn would soon be demolishing this venue. Reports then came out that a group was allowing businesses and individuals to bid for the right to demolish this property.

It now appears that Icahn has ordered to stop all bids to demolish Trump casino. Icahn reportedly sent a cease-and-desist letter on this bidding process. Instead, he will personally donate $175,000 (the amount expected to come in from bids) towards the Boys and Girls Club of Atlantic City.

Icahn believes that allowing untrained individuals to be involved with this demolition process is unsafe. A spokesperson offered more information about this situation to the media this week.

“From the beginning, we thought the auction and any other related spectacle presented a safety risk, and we were always clear that we would not participate in any way,” the spokesperson said. 

Those hoping to personally tear this property down are now out of luck. That doesn’t mean the Trump Plaza Casino will remain standing, though. Icahn still prepares to demolish the venue early this year. We’ll offer more information on this situation over the next few weeks!

Biggest US Casino-Resorts Opening in 2021

It will be interesting to see the Trump Plaza Casino torn down. This was one of Atlantic City’s most beloved venues for decades. It will now be torn down, making way for an exciting new casino-resort to open its doors here.

There are many incredible new casino-resorts scheduled to open their doors throughout the US over the next few years. Obviously, most are looking at Las Vegas. There are several major venues opening here in 2021.

The biggest and most exciting is Resorts World Las Vegas. This multi-billion-dollar venue is slated to open its doors to the public sometime this summer. More details on this casino-resort have been coming out lately. It’s expected to be one of the most impressive gambling properties ever built in Las Vegas.

Many are also excited about the new Virgin Hotel-Casino opening its doors this year. This is the first casino ever owned and operated by Virgin. It is also expected to be incredible and is expected to open its doors in Las Vegas early this year.

We will see many casinos built around the US this year. There are also a large number of casino-resorts scheduled to be torn down. Don’t expect to make any bids to demolish Trump casino, though.

Are you surprised Carl Icahn stopped the demolition bidding process? Let us know in the comments section below!

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!

Demolition On the Trump Plaza Casino is Now Underway

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.Trump Plaza Casino

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!