Icahn Enterprises Lists Remaining Relics of Trump Plaza for Sale
Posted on: August 15, 2023, 11:42h.
Last updated on: August 15, 2023, 11:42h.
Carl Icahn’s Icahn Enterprises L.P. (NYSE: IEP) has put up for sale the remaining relics of Trump Plaza in Atlantic City, according to recent reports. The former Boardwalk casino hotel, which has been vacant since September 2016, was demolished in February 2021. Now, a nearby tower and 9.46 acres of land owned by Icahn Enterprises affiliate, IEP AC Plaza, LLC, are on the market.
The tower at 2201 Boardwalk, along with the adjacent land, is currently being used by some small businesses, including a restaurant. However, it has not been profitable for Atlantic City, with IEP AC Plaza only paying $125,000 in taxes for the property last year.
Icahn’s Sale Timing Raises Eyebrows
The recent listing of the tower and land coincides with the indictment of former President Donald Trump and 18 of his associates on charges related to attempts to overturn the 2020 presidential election results in Georgia. Though the timing seems coincidental, it may add an intriguing layer to Icahn Enterprises’ efforts to sell the property.
Shares of Icahn Enterprises have experienced a significant decline this year due to negative reports from Hindenburg Research. The company recently slashed its dividend by 50% to conserve cash. Neither Carl Icahn nor Icahn Enterprises have commented publicly on the sale of the Trump-affiliated property in Atlantic City.
Carl Icahn is a well-known figure in the gaming industry, having previously acquired bankrupt Atlantic City operators and playing a major role in the $17.3 billion takeover of Caesars Entertainment by Eldorado Resorts. This sale represents a potential end to any remaining connections between Atlantic City and the former president.
Atlantic City’s Uncertain Future
If IEP AC Plaza successfully finds a buyer for the tower and land, it would mark the removal of any lingering ties to the Trump brand in Atlantic City. However, the city’s track record with razed gaming properties is uncertain, as the land from the demolished Sands Atlantic City casino hotel remains unused. Furthermore, some Boardwalk venues are in need of renovations, and there is debate within the gaming industry about whether the city can sustain its current nine casinos.