Trump Plaza casino owner Trump Entertainment Resorts has filed a deed restriction on Friday to Atlantic County officials to avoid mandatory payments in lieu of taxes.
The restriction prevents any buyer from opening a casino on the property for the next 10 years unless the buyer is willing to pay the unspecified “release fee” to cancel the restriction.
New Jersey lawmakers have passed five bills on Thursday to help Atlantic City’s struggling casinos and schools and now heads to Gov. Chris Christie’s desk.
One of the bill, the Casino Property Taxation Stabilization Act, attempts to stabilize the city’ tax base by allowing the eight remaining casinos to make mandatory payments instead of property taxes for 15 years depends.