A somber report from The Washington Post further shows the decline of the American economy. The report (link), from July, states, “Trump Plaza Hotel and Casino, which bills itself as “a first-class experience” at the center of Atlantic City’s famous boardwalk, announced Monday that it will close in September.
This is bleak news for casino’s employees, who received their notices a little more than two months before the casino is expected to close. But it’s also the latest bit of bad news for Atlantic City, a onetime gambling hub that has been in decline for several years.
More than 1,000 people were sent notices on Monday telling them that they will lose their jobs when the casino closes, according to Trump Entertainment Resorts, which owns the casino. The company said in a statement to The Washington Post that it is “reviewing alternatives” for the property.“
“Although this review has not been completed and no final decision has been made, the company expects that it will terminate the operations of Trump Plaza Hotel and Casino on or shortly after September 16, 2014,” the company said in the statement.
The hotel’s owners previously confirmed the closing over the weekend to the Press of Atlantic City. This closure comes a year after the casino was nearly sold. A company in California attempted to purchase it for just $20 million last year, but Carl Icahn, the investor who holds the mortgage, said he would not allow the sale to go forward because he felt the price was too low.
Trump Plaza, which opened in May 1984, employs 1,009 people, according to the New Jersey Division of Gaming Enforcement. The casino has been a poor performer, earning less and less from gamblers. During the first six months of 2014, Trump Plaza’s casino winnings fell by more than 27 percent from the same period last year, the New Jersey Division of Gaming Enforcement reported Monday.“
Read the full report on The Washington Post (link)
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