Carl Icahn has purchased the deed to Atlantic City’s Trump Plaza and terminated a lease agreement on the property in what appear to be moves to sell his last remaining casino property in the resort.
The Press of Atlantic City reported on the two moves citing official documents filed in Atlantic County New Jersey. Icahn did not comment on the moves or his plans for the property, which was closed in 2014.
According to county records, IEP AC Plaza LLC, a subsidiary of Icahn Enterprises, paid $3 million December 6 for the nearly 40-year-old deed to the property from Plaza Hotel Management Co. On the same date, IEP AC Plaza and Plaza Hotel Management terminated a $1 million-per-year ground lease agreement. The lease was scheduled to be in effect until 2078, according to the paper’s report.
Plaza Hotel Management, owned by Miami-based Stanoff Corp., also did not comment on the deal. Stanoff, headed by Robert K. Lifton, owned the deed on the property when the Plaza was under the control of President Donald Trump.
Icahn purchased the debt of Trump Entertainment Resorts in 2016 and gained control of the Plaza and Trump Taj Mahal Casino Resort. Icahn has since sold the Taj Mahal to Hard Rock International, which re-opened the property in June.
However, Icahn has not been able to sell the Plaza and has been seeking to demolish the casino. The Press reported that asbestos removal was completed in the 34-year-old building last year.
Icahn has also completed a $1.85 billion sale of Tropicana Entertainment and seven properties, including Tropicana Atlantic City, to Eldorado Resorts Inc. and Gaming and Leisure Properties Inc.
That leaves the Plaza as the billionaire’s last remaining property in the resort.
