Just like the presidency of Donald Trump, after years of decay, the Trump Plaza fell to the ground in a spectacular implosion. The Trump Plaza was a hotel and casino on the Boardwalk in Atlantic City, New Jersey, owned by Donald Trump. It operated from May 15, 1984, until September 16, 2014.
Trump Plaza’s revenues took a sharp decline in 1990 and narrowly averted a default on a 1991 payment to bondholders by taking out a $25 million mortgage on its parking garage. Trump then negotiated a debt restructuring with the Plaza’s creditors, under which the $250 million of debt would be exchanged for $200 million of bonds with a lower interest rate, plus $100 million of preferred stock. The plan was submitted as a prepackaged bankruptcy in March 1992.
In 1993 Trump sought to obtain the property of Vera Coking, a retired homeowner whose house was adjacent to the Penthouse casino. Coking, represented by the Institute for Justice, was victorious and plans to build a limousine parking lot were thwarted.
After decades of decline, the Trump Plaza closed permanently on September 16, 2014. This was the last of the Trump properties in Atlantic City to close down because of financial failure.
The building was set to be demolished in the spring of 2018. However, on May 29, 2018, the demolition plans had been delayed until at least the following fall due to funding disputes. On December 14, 2018, another demolition deadline passed. Carl Icahn, a billionaire and personal friend of Donald Trump, bought the deed to the land Trump Plaza sits on.
On June 11, 2020, Mayor Marty Small Sr. announced that Icahn has submitted plans for the hotel towers to be imploded, as they were considered a danger to public safety because of falling debris. Most of Trump Plaza in Atlantic City was slated to be demolished on January 29, 2021.
Atlantic City planned to auction off the right to press the button detonating the explosives, with the proceeds to benefit the Boys & Girls Club of Atlantic City. However, the auction was canceled, after lawyers for Carl Icahn demanded the auction be stopped.
Finaly on February 17th, 2021 the Trump Plaza Hotel and Casino was imploded at 9:08am.
