Carl Icahn Puts Trump Atlantic City Casino Tower, Land Up For Sale

Posted on: August 15, 2023, 11:42h. 

Last updated on: August 15, 2023, 11:51h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

A unit of Carl Ichan’s Icahn Enterprises L.P. (NYSE: IEP) has put the remaining relics of Trump Plaza in Atlantic City up for sale.

Trump Plaza Atlantic City casino
The implosion of Trump Plaza is seen on Feb. 17, 2021. Carl Icahn is attempting to sell a tower and 9.46 acres tied to the venue. (Image: AP)

The former Boardwalk casino hotel, which had sat vacant since September 2016, was imploded in February 2021. A nearby tower at 2201 Boardwalk, owned by IEP AC Plaza, LLC, the Icahn Enterprises affiliate, and 9.46 acres of adjoining land remained and that’s what’s on the market.

Binswanger is pleased to offer this generational oceanfront redevelopment opportunity in Atlantic City,” according to the listing agent.

The building, constructed in 1985, is 1.86 million square feet and is currently home to some small businesses, including a restaurant. It’s not a money maker for Atlantic City, as records indicate IEP AC Plaza paid just $125K in taxes last year for the tower and the unused acreage.

Interesting Time for Sale by Icahn

It appears the building at 2201 Boardwalk and the aforementioned 9.46 acres came to market on the day that — or soon before — former President Donald Trump and 18 of his associates were indicated by a Fulton County, Ga. grand jury on charges they attempted to overturn that state’s results in the 2020 presidential election. President Biden narrowly won the state.

It’s the fourth batch of indictments levied against the 45th president in recent months. As it pertains to Atlantic City, the timing is coincidental, but there could be more to the story regarding Icahn Enterprises’ efforts to sell the tower and land.

Shares of the financier’s company have shed more than 52% year to date after short-selling activist Hindenburg Research issued a scathing report on the firm. Earlier this month, Icahn Enterprises slashed its dividend by 50% in a bid to conserve cash. Neither the billionaire nor his company have publicly commented on efforts to sell the once Trump-affiliated tower and land in Atlantic City.

Icahn has long-running imprints on the gaming industry, including buying a pair of bankrupt Atlantic City operators, Tropicana Entertainment and Trump Entertainment Resorts. He’s also viewed as the architect of the 2020 $17.3 billion takeover of Caesars Entertainment (NASDAQ: CZR) by Eldorado Resorts, a transaction that included four Boardwalk casino resorts.

Atlantic City Can’t Gloat Yet

Should IEP’s AC Plaza find a buyer for the tower and the unused land, the transaction would mark the end of any remnants tying Atlantic City to the former president. Owing to New Jersey’s political leanings, that’s sure to be to the delight of many voters in the state and in Atlantic City.

However, the Garden State’s gaming center can’t celebrate quite yet. Its history with razed gaming properties is dubious. What will become of the Trump Plaza land is unclear, and the land of the last casino hotel razed in the city, Sands Atlantic City in 2007, remains unused.

Additionally, some Boardwalk venues have reputations for being run down and in dire need of enhancements while some gaming industry insiders believe the current population of nine gaming properties is too much and cannot be supported by the city.