Deed would keep Trump Plaza shut for at least 10 years

[onehandle]

Source: Philadelphia Inquirer

ATLANTIC CITY, N.J. (AP) - 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 has filed a deed restriction for the casino, which closed last September, preventing it from being used again as a casino for at least a decade. It could still 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 8½ 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 Friday 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.'"

Read more: http://www.philly.com/philly/business/20150628_ap_0781460dd37c49a3866893ae87b530aa.html

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[font size="5"]‘I will be the greatest jobs president that God has ever created’: Trump[/font]

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[SunSeeker]

1. Trump is a loser. Unfortunately, he spreads it to whatever he touches. nt

[ManiacJoe]

2. Anyone want to explain

the "casinos make payments in lieu of taxes" thing?

I am guessing that the article's author did not really understand what he was writing about....

[freshwest]

6. The town I live in formed its own muncipality because of he lure of employment and sales taxes

instead of paying property taxes. The payments were o go a special fund. Now the city is being shafted and the casinos are giving them the bird finger.

There is not enough sales taxes or jobs to help the economy. But they helped the city to secede from the larger city that didn't allow that kind of waiver.

It's one of several kinds of waivers to promote jobs from development. It's often done, and some times the business holds back on the sales taxes and flees the state.

And it's usually a scam, but it looks good at the outset.

[George II]

3. It's New Jersey, and Atlantic City, where casinos have been coddled to by Christie....

....and other politicians for a LONG time.

What's even more bizarre (slightly off-topic) is that a 3rd U.S. Circuit Court of Appeals decision is coming down early this week regarding New Jersey casinos/tracks handling sports betting. One of the three judges making this decision is Donald Trump's SISTER!!!

[localroger]

4. It takes a special kind of stupid

...to lose money with a casino, a feat only a few truly elite stupids have managed. Steve Wynn is the even bigger example, but he's at least not stupid enough to run for office.

[George II]

12. Steve Wynn lied in his Mass. proposal about the ownership of the land on which he wants...

...to build his Boston casino. I was owned by one or two mobbed up guys.

There are a couple of lawsuits filed, but he'll probably get away with it.

[longship]

5. Stupid Glue to keep Trump's mouth shut for ten years.

Nobody complained except late night comedians and others in the clown car.

[freshwest]

7. I really, REALLY want Trump to win the GOP race. They'd be so screwed. n/t

[They_Live]

8. Oh. At first glance, I thought it said:

"Dead would keep Trump Plaza shut for at least 10 years."

That would be entertaining at least.

[onehandle]

9. ‘I will be the greatest zombie jobs president that God has ever created’: Trump nt

[Spitfire of ATJ]

10. These guys aren't dodging taxes because they're HIGH. It's the principle of the thing.

[brush]

11. If this happens Atlantic City is finished

Can you imagine a huge property like that on the boardwalk boarded up and shut down for 10 years?

Talk about decreased property values of the other casinos.

Can't believe the rest of the gaming industry is going to let this happen.

[George II]

13. Although Christie (who is in the pocket of casino owners) keeps throwing money at them....

....Atlantic City IS finished. Four of 12 casinos closed last year, one or two are in trouble. The sad thing is that Christie gave the Revel Casino $250M in taxpayer funds, and they declared bankruptcy within a year and closed. It was sold at auction for less than $100M, and the taxpayers are still out the quarter billion.

[brush]

14. God! What a mess.

How does that state manage to screw it up where you lose money running casinos that have mathematical advantages over bettors?

[George II]

15. They totally ignored the fact that every bordering state now...

...has slot machines or full table games. Foxwoods and Mohegan Sun in CT started the decline. Now there are casinos in Delaware, Pennsylvania, and New York, too. Atlantic City thrived off bettors from Philadelphia and New York, many of whom can now bet locally.

I could go on about this, but Christie has royally screwed up the gambling industry in New Jersey, including the two major race tracks (Atlantic City Racetrack, which had been around since the '40s or so, closed for good a few months ago)

[Hassin Bin Sober]

16. Is there any way to keep Trump's MOUTH shut for 10 years?