The Atlantic City casino industry implosion continues. Following the second, and final, bankruptcy of AC's "state of the art" Revel Casino a month ago, as well as the shuttering of Atlantic Club hotel Casino and the Showboat hotel casino, the grim corporate reaper has come for one of the most prominent boardwalk casinos of all: Trump Plaza.
The casino which opened in 1984 as a JV between Donald Trump and Harrah's AC, was for a long time the centerpiece of Donald Trump's one-time Atlantic City empire, which however promptly escalated into a series of sequential bankruptcies, chipping away at Trump's reputation and business model, as one after another of Trump's properties sought Chapter 11 protection.
The final punch came in February 2013 when Trump Plaza was sold to a California company for $20 million - the cheapest ever transaction for an Atlantic City casino, and a fitting testament to the death of this one-time east coast gambling mecca. It was here, however, where a very bored Carl Icahn, once again spread his wrinkled activist wings when in April 2013, as senior lender for the mortgage, Icahn declined to approve the sale for the proposed price and the deal was put on hold.