The 39-story, 906-room Trump Plaza casino and resort in Atlantic City has sold to a California-based holding company the Meruelo Group for $20 million, the Associated Press reported. This purchase marks the lowest price ever paid for an Atlantic City casino, the AP said. Though the sale remains subject to state casino regulators, the sale is slated to close by May 31.
Meruelo will not continue to use the Trump name for the property, but a new name is yet to be determined.
“This is good news for the city, for the state and for the Plaza,” Robert Griffin, the CEO of Trump Entertainment Resorts, told the AP. “There is still considerable interest in this market.”
Griffin also said Trump Entertainment would entertain the idea of selling its remaining casino, the Trump Taj Mahal, for the right price. However, there have not been talks with potential buyers at this point he said, per the AP’s report.
Donald Trump developed Trump Plaza for an estimated $210 million in 1984.
“There was a period of time when Atlantic City was the hottest place in the world,” Trump told the AP. “I got out years ago, and my timing was very good.”
Trump Plaza has had its share of struggles in recent years, the AP said. The casino last month took in $4.9 million — a 40 percent year-over-year fall in revenue. [AP via CNBC] –Zachary Kussin