Former Trump Plaza in Atlantic City Up for Grabs
The former Trump Plaza hotel and casino in Atlantic City is once again available for purchase, presenting a significant opportunity for investors in the gambling hub.
Key Takeaways:
- Former Trump-owned Atlantic City casino property listed for sale
- Site spans 10.7 acres with 1.87 million square feet of space
- Property zoned for ‘resort commercial’ use, ideal for redevelopment
Atlantic City’s Iconic Property Returns to Market
The once-bustling Trump Plaza hotel and casino tower, located at 2201 Boardwalk in Atlantic City, along with its associated parking garage, has been put up for sale. This property, which has been closed for several years, represents a substantial 10.7-acre parcel in the heart of the city’s famous Boardwalk area.
IEP AC Plaza, LLC, a subsidiary of Icahn Enterprises, is selling the property through commercial real estate firm Avison Young. While no asking price has been disclosed, the site’s prime location and zoning for ‘resort commercial’ use make it an attractive prospect for potential buyers looking to invest in Atlantic City’s evolving landscape.
A Look Back at Trump’s Atlantic City Venture
The Trump Plaza, which opened its doors in May 1984 with a price tag of nearly $1 billion, was once part of Donald Trump’s ambitious foray into the Atlantic City casino scene. However, the property struggled to compete with rival establishments and consistently underperformed financially.
Trump’s 13-year tenure operating Trump Entertainment Resorts (TER) reportedly resulted in losses of approximately $1.1 billion across its Atlantic City casinos. The company eventually filed for bankruptcy, leading to a change in ownership and Trump’s exit from the Atlantic City market.
Property Details and Potential
The Boardwalk-facing portion of the property, which previously housed popular dining establishments like Rainforest Café and Nathan’s Famous, is likely to be demolished due to its deteriorated condition. The main structure, encompassing 1.87 million square feet, presents a blank canvas for potential redevelopment in line with Atlantic City’s evolving entertainment and hospitality landscape.
Controversies and Connections
Beyond its financial history, the property has been linked to other controversies. Jack O’Donnell, a former president and COO of Trump Plaza, recently claimed to have witnessed interactions between Donald Trump and Jeffrey Epstein at the casino during the late 1980s, adding another layer of intrigue to the property’s storied past.
As Atlantic City continues to reinvent itself, the sale of this iconic property could mark a new chapter in the city’s ongoing transformation. Potential buyers will undoubtedly be weighing the opportunities presented by this expansive site against the challenges of redeveloping such a prominent location in one of America’s most famous gambling destinations.