Former Trump-Owned Atlantic City Casino Hotel Listed on the Market
Trump Plaza Hotel and Casino in Atlantic City Offered for Sale Again
The Trump Plaza, a hotel and casino tower located at 2201 Boardwalk in Atlantic City, has been shuttered for a long time and is now back on the market. This property, along with its adjacent parking garage across Pacific Avenue, was originally constructed in the early 1980s.
Details About the Property and Its Sale
The complex, which covers approximately 10.7 acres, includes the closed hotel and parking garage. The property is owned by IEP AC Plaza, LLC, a branch of Icahn Enterprises. A commercial real estate company, Avison Young, has been hired to list the site, though no sale price has been made public.
In fact, this Boardwalk location was also listed earlier in 2023 by another brokerage, Binswanger. The site consists of about 1.87 million square feet and is zoned for resort commercial use. The portion of the property facing the Boardwalk once contained restaurants like Rainforest Café and Nathan’s Famous. Given the severity of its deterioration, this section looks likely to be demolished.
Background: Trump’s Ventures in Atlantic City’s Casino Business
Donald Trump’s investment in Trump Plaza, which opened in May 1984 with an investment close to $1 billion, ultimately did not succeed as hoped. Despite offering lavish high-stakes suites, these saw limited occupancy, and the casino consistently lagged behind competitors. This decline worsened further after the Taj Mahal casino opened in 1990.
Trump Entertainment Resorts (TER), overseen by Trump for 13 years, reportedly incurred losses around $1.1 billion from its Atlantic City casino operations. After TER underwent bankruptcy, control was taken over by a private equity group. Trump exited the Atlantic City casino business but allowed his name to remain on the properties in exchange for licensing fees.
In August 2014, Trump sought unsuccessfully to have his name detached from the Trump Taj Mahal, which has since been rebranded as the Hard Rock Hotel & Casino. During their prime, Trump’s casinos in Atlantic City were viewed as luxury destinations catering to upscale visitors.
The 2014 legal action argued that since Trump’s departure years prior, the casinos licensed to use his name had fallen into significant disrepair and had not upheld the quality and luxury standards required by the licensing agreement. The lawsuit emphasized that Trump’s brand was associated with premium quality, prestige, and success.
Additional Information and Recent Allegations
Aside from the financial and business developments related to Trump’s Atlantic City casinos, there have been notable personal allegations. Earlier this summer, Jack O’Donnell, a former president and chief operating officer of Trump Plaza, claimed to have witnessed Donald Trump engaging in conversations with Jeffrey Epstein on multiple occasions during the late 1980s, occurring on the casino floor.
