Jump to content

Trump Plaza Hotel and Casino

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Toohool (talk | contribs) at 05:57, 29 April 2016 (Reverted to revision 715607814 by Jnestorius (talk). (TW)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

For other buildings of the same name, see Trump Plaza
Trump Plaza
File:Trumpplazacasinologo.JPG
Location Atlantic City, New Jersey
Address 2500 Boardwalk
Opening dateMay 15, 1984
Closing dateSeptember 16, 2014
No. of rooms906
Total gaming space91,181 sq ft (8,471.0 m2)[1]
Notable restaurantsMax's Steakhouse, Rainforest Cafe
Casino typeLand-based
OwnerTrump Entertainment Resorts
Operating license holderTrump Plaza Associates
Renovated in2006
Websitetrumpplaza.com

Trump Plaza is a closed hotel and casino on the Boardwalk in Atlantic City, New Jersey, owned by Trump Entertainment Resorts. Designed by architect Martin Stern, Jr., it operated from May 15, 1984 through September 16, 2014.[2]

History

The Trump Organization began construction of the casino in June 1982.[3] Harrah's, the gaming unit of Holiday Inns, joined as a partner a month later.[4] Trump would oversee the construction, while Harrah's would operate the property, referred to as Harrah's Boardwalk, after opening.[3]

The property opened as Harrah's at Trump Plaza on May 14, 1984.[5] The complex contained 614 rooms, seven restaurants, a health club, a 750-seat showroom and a 60,000 sq.ft. casino, all on a narrow 2.6-acre plot of land next to Caesars Atlantic City. Five months after opening, the name was changed to simply Trump Plaza, to avoid confusion with Harrah's Marina.[6] Part of the reason for this is that Harrah's was commonly associated and attracted low-rolling gamblers, but Trump had built 85 high-roller suites, which were rarely used.[7] The casino performed poorly, with pre-tax profits of just $144,000 in the first half of 1985.[8] The poor results exacerbated disagreements between Trump and Harrah's,[8] leading to Trump buying out Harrah's interest in the property for $70 million in May 1986.[9]

In 1989, Trump paid $62 million to purchase the neighboring, unfinished Penthouse Boardwalk Hotel and Casino, including a hotel tower that had formerly been a Holiday Inn, and a nearby parking lot.[10] Trump planned to expand the Plaza onto the Penthouse site.[10] Trump also spent $63 million to purchase the bankrupt Atlantis Casino Hotel, separated from Trump Plaza by the Atlantic City Convention Hall, and rebranded it as the Trump Regency, a hotel annex to the Plaza.[11][12]

Trump Plaza hosted the Wrestlemania IV and Wrestlemania V events in 1988 and 1989 respectively. Although the World Wrestling Federation billed the events as being held at Trump Plaza, in reality Trump was only the sponsor of both events, which were held at the Atlantic City Convention Hall.

The casino was the scene of a notorious baccarat session in May 1990, in which the Japanese high roller Akio Kashiwagi lost $10 million.[13] The incident was later fictionalized in Martin Scorsese's film Casino.

Trump Plaza's revenues took a sharp decline in 1990 due to competition from its newly opened sister property, the Trump Taj Mahal.[14] The casino narrowly averted default on a 1991 payment to bondholders by taking out a $25 million mortgage on its parking garage.[14] Trump then negotiated a debt restructuring with the Plaza's creditors, under which their $250 million of debt would be exchanged for $200 million of bonds with a lower interest rate, plus $100 million of preferred stock.[15] The plan was submitted as a prepackaged bankruptcy in March 1992.[16]

Construction of a $42-million expansion began in 1993.[17] The plan called for demolition of the unfinished Penthouse casino, the addition of 30,000 square feet of gaming space, and renovation of the former Holiday Inn building to become Trump Plaza's East Tower, with 361 hotel rooms.[17] The expansion was at the center of a major eminent domain court case, when Trump sought to obtain the property of Vera Coking, a retired homeowner whose house was adjacent to the Penthouse casino.[18] Coking, represented by the Institute for Justice, was victorious,[19] and plans to build a limousine parking lot were thwarted.

In 1995, Trump granted ownership of Trump Plaza to his new publicly traded company, Trump Hotels & Casino Resorts (later Trump Entertainment Resorts).[20][21] The company also acquired the Trump Regency hotel.[22]

The East Tower opened in two phases, in October 1995 and February 1996.[23][24] The expansion continued with the May 1996 opening of Trump World's Fair, a $48-million renovation of the Trump Regency with an added casino, connected to Trump Plaza by a loggia across the Atlantic City Convention Hall.[25]

On May 24, 2011, Trump Entertainment Resorts announced that a decision would be made within two months to either sell the casino or to renovate and expand it, possibly with a joint venture partner.[26] In February 2013, the company proposed to sell the property for $20 million to the Meruelo Group, a California-based company whose businesses include the Grand Sierra Resort in Reno. Meruelo planned to make significant investments in the property and rename it.[27] The deal fell through when Carl Icahn, senior lender for Trump Plaza's mortgage, declined to approve the sale for the proposed price.[28][29]

Closure

On July 12, 2014, it was reported that the Trump Plaza Hotel and Casino would close on September 16, 2014, if a buyer was not found, putting an estimated 1,000 employees out of work. In early August 2014 Donald Trump filed a lawsuit requesting his name be removed from the facility since he no longer ran or controlled Trump Entertainment Resorts at the time.[30]

Trump Plaza closed permanently on September 16, 2014.[2] This was the fourth Atlantic City casino to close in 2014, after the Atlantic Club, Showboat, and Revel. The closing left approximately 1,300 employees out of work.[31][32]

Dining

Fine dining

  • Max's Steakhouse
  • Roberto's Ristorante

Casual dining

Quick service

Bars & Nightclubs

Trump Plaza contained two nightclubs, Liquid Bar and Jezebel's, and a seasonal bar on the beach named The Beach Bar at Trump Plaza.

See also

References

  1. ^ "Trump Plaza Hotel & Casino Review by Casino City". Trumpplaza.casinocity.com. Retrieved 2013-02-15.
  2. ^ a b http://www.trumpplaza.com/d/trumpplaza/media/message.pdf
  3. ^ a b Fen Montaigne (November 19, 1982). "10th casino heralded at shore". Philadelphia Inquirer – via NewsBank.
  4. ^ "National news briefs". UPI NewsTrack. July 16, 1982 – via NewsBank.
  5. ^ Donald Janson (May 15, 1984). "10th and largest casino opens in Atlantic City". New York Times. Retrieved 2015-10-03.
  6. ^ Donald Janson (August 13, 1985). "Trump and Harrah's feud over name". New York Times. Retrieved 2016-03-27.
  7. ^ "Gaming in Atlantic City.............. A History of Legalized Gambling in New Jersey" (PDF). Ccgtcc.com. Retrieved 12 Jul 2014.
  8. ^ a b Steve Swartz (November 11, 1985). "Holiday, Trump drafting terms to end rocky alliance over Atlantic City casino". Wall Street Journal.  – via ProQuest (subscription required)
  9. ^ "Trump is said to hold a stake in Holiday Corp". Wall Street Journal. September 4, 1986.  – via ProQuest (subscription required)
  10. ^ a b Daniel Heneghan (March 20, 1989). "Trump buys neighboring Penthouse Casino site". Press of Atlantic City – via NewsBank.
  11. ^ "Trump deal for Atlantis is completed". Philadelphia Inquirer. AP. June 30, 1989 – via NewsBank.
  12. ^ "Regency to stay open without ties to the Plaza". Press of Atlantic City. July 29, 1992 – via NewsBank.
  13. ^ The impact of a finite bankroll on an even-money game
  14. ^ a b David Johnston (April 6, 1991). "Deal protects Trump Plaza from bankruptcy". Philadelphia Inquirer. Retrieved 2016-03-29.
  15. ^ "3d Trump casino has bailout plan". Philadelphia Inquirer. January 23, 1992. Retrieved 2016-03-29.
  16. ^ Terry Mutchler (March 10, 1992). "Two Trump casinos file for Chapter 11". Philadelphia Inquirer. AP.  – via ProQuest (subscription required)
  17. ^ a b Douglas A. Campbell (June 23, 1993). "Small wrinkle in Trump's A.C. project". Philadelphia Inquirer. Retrieved 2016-03-29.
  18. ^ "In Atlantic City, the widow vs. the real-estate mogul". The Philadelphia Inquirer (February 14, 1997). Retrieved April 4, 2012.
  19. ^ Law Offices of Glenn A. Zeitz
  20. ^ Floyd Norris (June 7, 1995). "Trump Plaza casino stock trades today on Big Board". New York Times. Retrieved 2016-03-31.
  21. ^ Form 10-K: Annual Report (Report). Trump Hotels & Casino Resorts. March 27, 1996. pp. 12–13 – via EDGAR.
  22. ^ Form 10-K: Annual Report (Report). Trump Hotels & Casino Resorts. March 27, 1996. pp. 98–99 – via EDGAR.
  23. ^ "Trump Plaza beats the clock". The Star-Ledger. Newark, NJ. October 31, 1995 – via NewsBank.
  24. ^ Donald Wittkowski (February 17, 1996). "Trump Plaza cuts ribbon on new expansion". Press of Atlantic City – via NewsBank.
  25. ^ Joe Weinert (May 16, 1996). "World's Fair debuts". Press of Atlantic City – via NewsBank.
  26. ^ "Trump Plaza may be sold or may be expanded, company CEO says - pressofAtlanticCity.com: Breaking News". pressofAtlanticCity.com. Retrieved 15 Feb 2013.
  27. ^ "'You're acquired': Atlantic City's Trump Plaza fetches $20 million in bargain-basement deal". NJ.com. AP. February 14, 2013. Retrieved 2013-02-14.
  28. ^ "California company's deal for Trump Plaza put on hold". Las Vegas Review-Journal. April 19, 2013. Retrieved 2013-04-19.
  29. ^ Wittkowski, Donald. "Carl Icahn won't approve sale of Trump Plaza for $20M", The Press of Atlantic City. Accessed August 2, 2013.
  30. ^ Parry, Wayne. "Trump: Plaza and Taj Mahal to shabby to bear his name anymore". philly.com. Associated Press. Retrieved 23 August 2014.
  31. ^ "Trump Plaza owners confirm plan to close in September". pressofAtlanticCity.com. 12 Jul 2014. Retrieved 12 Jul 2014.
  32. ^ "Thousands out of work in Atlantic City as big casinos shut doors". Atlantic City News.Net. 1 September 2014. Retrieved 1 September 2014. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Trump_Plaza_Hotel_and_Casino&oldid=717696742"