Will Billionaire Icahn Get Tax Dollars For Trump Plaza Implosion?

[toc]Billionaire Carl Icahn apparently wants monetary help with tearing down one of his old Atlantic City casinos.

Icahn and the imploding Trump Plaza

We learned earlier this month that plans were afoot to tear down the Trump Plaza, one of several closed casinos in New Jersey.

The new part of the equation? That demolition may take place thanks to help from tax money paid by casinos, as first reported by the Press of AC.

A Casino Reinvestment Development Authority meeting is scheduled for Tuesday afternoon. On the agenda for the meeting is the “preliminary determination of project eligibility” for using CRDA money for imploding Trump Plaza.

More from the Press of AC:

The Casino Reinvestment Development Authority, which receives the Investment Alternative Tax funds through a 1.25 percent tax on each casino’s annual gross gaming revenue, will discuss the request at its meeting Tuesday. …

Icahn is asking the agency to use what his company has paid into the fund to pay for part of demolition cost, said Chris Howard, executive director of the agency.

Given that Icahn and Trump Plaza did pay into this fund — and that the implosion would seem to fit into the CRDA’s mission — it doesn’t seem like a far-fetched request.

Icahn is still involved with AC as the owner of the Tropicana, but he no longer owns the shuttered Trump Taj Mahal.

Something new for AC?

Getting rid of the vacant Trump Plaza could lead to new investment in the city, which has already attracted money from Hard Rock International and Stockton University.

What might go on the site of the Plaza is still a matter of speculation. But it is a prime piece of AC property for a city that appears to be on the rebound.

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Farewell to Trump casinos in New Jersey

If and when Trump Plaza comes down, it would be the last vestige of President Donald Trump’s name in a town that used to be synonymous with the former New Jersey casino owner.

The Taj Mahal closed last year and is on its way to becoming a Hard Rock resort and casino in 2018. Golden Nugget is the resort situated on the property that was once known as Trump’s Castle and Trump Marina.

Image credit: cheapbooks / Shutterstock.com

About the Author

Warren Jones

Aside from his role as editor at LegalSportsReport.com, Warren Jones writes extensively about the legal online gaming and US online poker industries, having played poker recreationally for his entire adult life. He has also covered sports for The Washington Post and the D.C. Examiner, among others.