Well, many have in Atlantic City, and that includes Icahn, who doesn t typically lose.
The billionaire sold Trump Taj Mahal in May for just $50 million to Hard Rock International, which into a rock n roll-themed casino. Icahn said he lost $350 million owning and operating the Taj.
At Trump Plaza, the South Jersey Times reports this week that a contractor has been hired to clean out the rooms, and auction houses have purchased various items that will be sold at a later date. After the building is free of furniture and decorations, a testing and subsequent asbestos removal process will need to be completed. All told, Atlantic City Department of Licensing and Inspections Director Dale Finch believes the building could fall in as little as four months.
Demolition expenses vary depending on the difficulty of the explosion, the Riviera costing $42 million to take down in 2016.
About That LandIcahn reportedly tried to entice Hard Rock into also buying the Plaza this year, but the company owned by the Seminole Tribe in Florida passed. It might be a tough sell, as Trump Plaza sits on land it doesn t actually own, and its contracted lease comes at a premium.
Donald Trump reached a lease agreement back in the early 1980s that pays the man who owns the three acres , or through 2078. The man, now almost as old as his lease at 89-years-old, is still collecting his annual payments despite the casino folding three years ago.
