Trump Plaza is well on its way to vanishing from the face of Atlantic City, as Atlantic City Mayor Don Guardian announced that the building is going to be demolished in the upcoming months. It will be imploded sometime in the spring because it has not been in operation since 2014 when it closed for business. At the moment the owner of the venue is billionaire Carl Icahn and he oversees the location until its demolishing.
There was a time when President Donald Trump was the proud owner of the integrated hotel and casino venue and Trump Plaza was known by many as a place which must be visited by everyone spending their time in the gambling hub on the East Coast. The reason why the venue had to cease operation was that of the casino market in the gambling city underwent considerable shrinking. This eventually effected Trump Plaza and the location had to put an end to its operation.
Back in the early 1980s when it was constructed, the location cost about $210 million to be finished. Ever since its glory days, however, the location has slowly deteriorated and turned into what is now a shadow of its former glamorous state. As a result from many years of operators who have not managed the facility properly and even resident Trump borrowing against the casino in order to pay off his personal debts, Trump Plaza was slowly brought to its knees.
The demolition process is going to be performed through the use of the implosion method and in result, the space which is going to be cleared out will be available for a more successful venture to take place. As it is known the Trump Plaza property is an oceanfront one which provides a lot of options for future development. The several acres of property is expected to attract millions of dollars in investment both in domestic and international investors.
Hopes for Future Investment in the Property
According to Ken Calemno, Chief Operating Officer of Cooper Levenson and Co-Chair of the Economic Development Committee of the Greater Atlantic City Chamber, the community expects big interest towards building on the property once Trump Plaza is demolished. This is because the location is estimated as one of the best in the gambling hub and the proximity to the expressway and the center fo the Boardwalk is going to ensure that more than 29 million visitors will have an easy access to it throughout the year.
As it was confirmed by experts in the industry, at this point it is necessary that the building undergoes asbestos remediation before it could be safely torn down. In the recent weeks, there has been active selling off the furniture pieces and anything left inside the casino venue.