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New Jersey loses 4th casino as Trump Plaza closes

By WTOP Staff

WAYNE PARRY
Associated Press

ATLANTIC CITY, N.J. (AP) — Beset by crushing debt, fleeing customers and run-down facilities, Trump Plaza on Tuesday became the fourth casino in Atlantic City to shut down this year.

The 30-year-old casino at the heart of the Boardwalk had been the town’s worst performing for years. It won about the same amount from gamblers this year as the market-leading Borgata takes in every two weeks. And at pennies on the dollar, no one wanted to buy it.

Trump Plaza is the latest victim of casino contraction brought on by competition in neighboring states in the saturated northeastern U.S. gambling market.

Atlantic City began the year with 12 casinos; it now has eight. The Atlantic Club, Showboat and Revel also closed, and the Taj Mahal could be next on Nov. 13.

Theresa Volpe, a cocktail server at the Plaza for 26 years, is looking for a new job — along with about 8,000 others suddenly cut loose by Atlantic City’s casinos since January. An unemployment assistance session will be held Wednesday at Boardwalk Hall.

“I don’t know if we’re going to have a difficult time because of our age,” she said. “Someone in their 50s is not necessarily what they want. Friends have been on interviews and they never get called back.”

Dealer Ruth Hardrick worked at Trump Plaza for 26 of its 30 years. She, too, is jobless.

“You think something will come along (to save the casino),” she said. “And it didn’t.”

Donald Trump told The Associated Press that he “will be taking a very serious look” at buying back the company after it declared bankruptcy this month and that the decision will come down to price. He said he would then have to determine whether Trump Plaza is “viable” and worth re-opening.

“I got out years ago, the timing was good, but I feel really badly about the people,” Trump said. “I’ll take a good strong look at it.”

Trump owns a 9 percent stake in Trump Entertainment Resorts and went to court last month to try to get his name removed from the properties.

Trump Plaza had its heyday in the ’80s and early ’90s. Bedazzled with chandeliers, it hosted many a star-studded after-party when a big event like a Rolling Stones concert or a Mike Tyson prize fight was held next door at Boardwalk Hall. The casino even had a cameo in the film “Ocean’s Eleven;” when George Clooney and Brad Pitt recruited actor Bernie Mac’s character to help with a Las Vegas casino heist, they plucked him from Trump Plaza, where he was a dealer.

Unlike Revel, which opened just over two years ago and was considered new and luxurious before closing, or the still-profitable Showboat, shuttered by its owner in the name of reducing competition for the remaining casinos in town, the demise of Trump Plaza could be seen a long way off.

Gamblers have been abandoning it for newer, ritzier casinos for years. Its owners, Trump Entertainment Resorts, let it deteriorate in recent years, particularly after a sale for the bargain-basement price of $20 million to a California firm fell through last year.

Yomari Blanco, a housekeeper at Trump Plaza for 18 years, plans to file for unemployment this week, and may go back to school.

“It’s really hitting me,” she said. “You realize the reality that’s coming right at you.”

Jim Redmond is a 60-year-old from Montreal who loves Atlantic City and regularly stayed at Trump Plaza. He says its decline was obvious over the last seven years.

“It was so sad to see it get a little worse every year, he said. “They really seemed to give up about five years ago.”

A glass-enclosed walkway over Pacific Avenue would be blistering hot under the sun because of the property’s frantic cost-cutting moves. Air conditioning the area was one of the expenses deemed non-essential.

Illuminated letters advertising the casino’s name on its front and back facades burned out and were never replaced. Restaurants have been shut down for months, and a self-serve kiosk to redeem player’s club points near the parking garage was disconnected and covered in dust.

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Associated Press writer Josh Cornfield in Trenton contributed to this report.

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Wayne Parry can be reached at http://twitter.com/WayneParryAC

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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