Trump Plaza casino would stay closed for 10 years or more under plan

Print
Trump Plaza casino would stay closed for 10 years or more under plan

ATLANTIC CITY, N.J. — The owners of Atlantic City's former Trump Plaza casino plan to keep it shut for at least 10 years as a tax-saving measure.

Trump Entertainment Resorts filed a deed restriction for the casino, which closed in September, preventing it from being used again as a casino for at least a decade. It could be used for another purpose.

The move was done to avoid potentially higher taxes under a bill Gov. Chris Christie could sign soon allowing casinos to make payments in lieu of taxes for 15 years as part of an Atlantic City rescue plan. The bill applies to any property that was licensed to operate as a casino in 2014 and that does not have a deed restriction. Trump Plaza operated for 8 12 months during 2014, and the company feared it might be included in the alternative tax program.

“The Plaza could be required to make mandatory payments under the PILOT program notwithstanding the fact that it generates no revenue and its hotel rooms are closed,” the company wrote in its filing with a Delaware bankruptcy court in which the existence of the deed restriction was revealed. “The PILOT program applies to casino gaming properties that are ‘not subject to recorded covenants prohibiting casino gaming.' ”

Trump Entertainment filed the deed Friday with Atlantic County officials. Trump Plaza closed Sept. 16.

Subscribe today! Click here for our subscription offers.
TribLive commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments — either by the same reader or different readers.

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.

Read more http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNEjm94hSKbZ4uM6HgjBLAIeFSUwXw&clid=c3a7d30bb8a4878e06b80cf16b898331&cid=52778890250797&ei=w8KQVZiSIdW93gHSiLqwBg&url=http://triblive.com/business/headlines/8647788-74/casino-trump-closed