Icahn Gets Initial Approval To Demolish Trump Plaza in Atlantic City

Associated Press – Trump Plaza Closing

Carl Icahn, the billionaire developer and businessman, has received a green light from a New Jersey agency, keeping alive his hope of receiving $5.6 million for his demolition of the Trump Plaza casino in Atlantic City, N.J.

The Atlantic City Casino Reinvestment Development Authority decided Nov. 21 (pending final approval) that Carl Icahn qualified for assistance through the CRDA Investment Alternative Tax, which is a 1.25 percent tax on casinos in addition to the 8 percent state tax.

Icahn acquired Trump Plaza and Atlantic City’s Trump Taj Mahal casino in 2016 and shuttered the Taj Mahal later that year. The Plaza has been closed since 2014. 

Icahn has said he has plans to demolish Trump Plaza, as he feels it is impeding future development.

“We all feel the demolition of this tower is in the best interest of Atlantic City,” Robert Mulcahy III, the chairman of the CRDA said. “It’s part of the gateway into the city. That land could be very valuable.”

Trump Plaza’s final year saw it rake in $73.9 million, and it paid $924,000 in Investment Alternative Tax, according to Casino.org.

Icahn’s request for public money has generated blowback from figures like Democratic Senate President Steve Sweeney.

“Carl Icahn is no friend to Atlantic City and he has a record of harsh treatment of working people,” Sweeney said Nov. 27. “I have serious questions about allowing him to take $5.6 million in funds intended to promote economic development for the city and its residents and instead use the money for his own property. He has a track record as a profiteer who denies fair pay and benefits to workers.”