Trump Properties to Close in Atlantic City; iGaming License Still Available to Trump Plaza

Atlantic-City-CasinosJust last week, we reported several casino properties have closed or will be closing in Atlantic City, one of which was the Trump Plaza. The Trump Plaza is scheduled to close on September 16th and the Trump Taj Mahal was reportedly going to be filing for bankruptcy. Now, we have learned that the Trump Plaza will be holding on to their iGaming license even though they are closing this month and the Trump Taj Mahal is not only filing for bankruptcy but also closing, this November.

The Press of Atlantic City has reported that the Trump Plaza will cease operations on the 16th and will allow patrons to redeem gaming vouchers for up to one year from the date of issuance. The Trump Taj Mahal will be redeeming gaming chips and slot tokens for patrons and players who have funds on deposit at the Trump Plaza have until the 16th to take the funds from the Plaza. The funds will then be made available at the Trump Taj Mahal.

With the closure, the Trump Plaza has asked to retain their iGaming license in the state. The Division of Gaming Enforcement in New Jersey approved the request as long as the casino adheres to certain conditions. These conditions include an audit of the iGaming revenues by the 8th to the Revenue Certification Unit,  and then a continuation of audits on a weekly basis. The casino must also show daily reports that there are sufficient funds with iGaming to ensure the safety of player funds. The casino must also show a list of safeguards that will be used to guarantee that player security is intact.

On to the Trump Taj Mahal. According to a report by CBS Philly, the casino has filed bankruptcy and will be closing in November. A date has yet to be set but we do know that the casino has missed the terms of the creditor loans they owe and bankruptcy was the only option. The casino previously employed more than 5,000 employees and had cut that number to just under 3,000 back in August. Once the casino closes in November, the city will have lost over 10,000 jobs, including the closure of the Atlantic Club, Showboat, Revel and the soon to be Trump Plaza. While bankruptcy seemed imminent for the Trump Taj Mahal, the closure is an unexpected announcement.

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