Vacant casino in Atlantic City to be demolished

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BY MORGAN GSTALTER - 06/12/20 08:30 AM EDT

... Atlantic City Mayor Marty Small on Thursday announced that plans to implode the entire Trump Plaza have been submitted by Icahn Enterprises, the company which now owns the building ...

“It’s an embarrassment, it’s a blight on our skyline, and that’s the biggest eyesore in town,” Small said in January.

The plaza opened in 1984 after two years of construction and closed down in 2014. A month after it shuttered, Trump sued to have his name removed from the plaza building ...

... debris and panels have fallen off from as high as the 34th floor ...

https://thehill.com/business-a-lobbying/502416-vacant-trump-plaza-casino-in-atlantic-city-to-be-demolished

[ck4829]

1. A sign of the times

[Hermit-The-Prog]

2. The trumps should tour it, preferably as it's collapsing.

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3. Sues to remove his name from casinos (2014)

August 6, 20144:34 PM ET
ALAN GREENBLATT

... The real estate baron has sued to have his name taken off .. the Trump Plaza and the Trump Taj Mahal ...

"I let them use my name, but I have nothing to do with it, he said in July. "I got out seven years ago — my timing was impeccable" ...

One place where he doesn't intend to remove his name is Chicago, where a "Trump" sign in 20-foot-high letters along the riverfront has become a source of local controversy ...

"Trump is one of the 'hottest' and most recognizable brands in the world, and that only works to Chicago's benefit," Trump wrote. "To me, it's a perfect match."

https://www.npr.org/sections/thetwo-way/2014/08/06/338367389/donald-trump-sues-to-remove-his-name-from-atlantic-city-casinos

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4. Sues to strip his name from casinos (2014)

AUGUST 6, 2014 / 1:10 PM / 6 YEARS AGO
Daniel Kelley

... Trump’s stake in Trump Entertainment Properties was wiped out when the firm filed for bankruptcy in 2009. He emerged from the reorganization with a 10 percent stake and a licensing agreement that allowed the properties to continue to use his name ...

https://www.reuters.com/article/us-usa-trumpcasino-new-jersey/donald-trump-sues-to-strip-his-name-from-nj-casinos-in-disrepair-idUSKBN0G61Y520140806

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5. Casino bankruptcies screwed workers out of millions in retirement savings

OCTOBER 17, 2016
Patrick Caldwell

... those who suffered as a result of Trump’s bankruptcies were his own casino employees, who collectively lost millions of dollars in retirement savings when the company’s value plummeted.

Trump’s company encouraged its employees to invest their retirement savings in company stock ... Then, when the stock price was near its nadir as bankruptcy loomed, the company forced the employees to sell their stock at a huge loss. More than 400 employees lost a total of more than $2 million from their retirement accounts ...

“I didn’t realize he was as stupid as he is,” says a former casino worker at Trump Plaza who asked not to be named. “Honestly. I thought, way back when, the guy was way brighter than we were. He was running the company and we were working for him. We thought he was brilliant. When we invested in it, we thought, how could this stock go so low?”

Trump has never had to declare personal bankruptcy, but the company he set up to operate his Atlantic City casinos went through numerous corporate restructurings to reduce its debt load. As the New York Times recounted last year, Trump used his company as a means of transferring his personal debt load onto shareholders, issuing rounds of junk bonds to build up cash that would erase his own debts. “Even as his companies did poorly, Mr. Trump did well,” the Times wrote. “He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments. The burden of his failures fell on investors and others who had bet on his business acumen” ...

https://www.motherjones.com/politics/2016/10/donald-trump-atlantic-city-bankruptcy/