This may have been due to the declining casino industry in Atlantic City where several casinos shut down along side Trump Plaza. It is said that he sold off the casino at a very cheap price compared to what he paid to have it built. This casino was a go-to insult from Trumps fellow Republican on the debate stage as a well-known business venture that eventually failed.
This short lived magazine was probably a failure because of the timing more than anything else. It came out during the financial crisis, which was not a good time to rely on large advertising budgets. It relied heavily on the booming yacht industry during the time for ad revenue, but was unable to sustain itself from that cash flow. Like many other business ventures by Trump, he was trying to appeal to the richer class with his “high class” magazine.