Atlantic City’s Trump Plaza demolished after 5 years of vacancy
Atlantic City’s Trump Plaza has officially been demolished and turned to ruins. In mere moments, the 39-floor tower fell to the ground and marked the end of Donald Trump’s status in the gambling industry. The tower had been sitting emptily for about 5 years.
Atlantic City Mayor Marty Short reportedly “got chills” as the building fell at around 9 AM local time yesterday. The mayor said this was a “historic moment” as he expressed his excitement for this step in the right direction.
The destruction of the tower will surely leave the city’s residents more comfortable as debris had been falling for a while from the building and landing on those walking by. The city’s mayor had been attempting to convince the owner of the tower Carl Icahn to break it down for quite a long time, but this fell on deaf ears as the close friend of the former United States president wanted the New Jersey Casino Reinvestment Development Authority to pay the bill. His wishes were of course ignored and ultimately he ended up listening to Short.
The former US president formerly owned Trump Entertainment Resorts (TER), the company which owned multiple casinos all over the United States. The company did not find much success however as it faced losses of about $1.1 billion throughout its 13 years of operation, and it was then handed over to Avenue Capital. Back in 2009, Avenue Capital let go of Trump, but gave him a 5% share to use his name and an additional 5% stake. This pushed the former POTUS out of the casino and gambling industry. He was still always connected to his namesake casino in Atlantic City. He did however attempt to withdraw his name from the property in 2014, as well as the Trump Taj Mahal which is owned by Hard Rock International.
The removal of the eyesore monument has been wonderful for the general look of the city, but it also had more benefits as it raised money for a great cause. An auction was halted at the last minute to gather money for the local chapter of the Boys & Girls Club, since Icahn complained, however he ended up donating the same amount as the highest bid, which was $175,000.
There was then another auction started, which provided 20 packages to acquire front-row seats to the demolition of the tower, including an overnight stay at the Hard Rock, $200 in for dining and two tickets to witness the collapse of the building. However that event was ignored for the most part and only gathered $6,375, and Hard Rock gave another $10,000.