Icahn wants tax funds to cover casino demolition

The casino magnate wants to use a tax fund that casinos contribute annually for the demolition of the Trump Plaza.

US.- The owner of the Trump Plaza Hotel and Casino is asking that a tax fund casinos help pay for the demolition of the closed facility. The Casino Reinvestment Development Authority is set to discuss the petition today.

The authority receives the Investment Alternative Tax through a 1.25 percent tax on every casino’s annual gaming gross revenue (GGR), local media reported. Icahn wants the agency to approve the usage of what the company has paid into the fund through the years to cover the demolition cost, as Chris Howard, executive director of the agency said.

Earlier this month, Don Guardian, Mayor of Atlantic City, announced that the landmark property that carries the name of the President of the United States, is scheduled to be imploded sometime in Spring 2018.

Whilst the Carl Icahn-owned building has scheduled a timeframe, the property still needs to file a demolition permit with the city, as well as a remediation process for asbestos prior to the destruction. According the Don Guardian, the hotel tower and the garage will not be touched during the procedure. The implosion will come four years after Trump Plaza closed its doors, but the last couple of weeks have been very busy as there were sales of pieces that used to belong to the casino. The gambling facility was one of the four that closed in Atlantic City in recent years.