Trump Plaza in Atlantic City sells for $20M

New York /
Feb.February 15, 2013 01:30 PM

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


Related Articles

arrow_forward_ios
Allen Weisselberg and Manhattan District Attorney Cy Vance (Getty)
Feds subpoena Trump CFO’s personal bank records
Feds subpoena Trump CFO’s personal bank records
From left: Joshua Kushner and Karlie Kloss; Melania and Donald Trump; Ivanka Trump and Jared Kushner; and Tiffany Trump (Getty Images)
Here’s where Trumpworld has put down roots in South Florida
Here’s where Trumpworld has put down roots in South Florida
Donald Trump (Getty/Illustration by Kevin Rebong for The Real Deal)
Trump in NYC reportedly to check on family business
Trump in NYC reportedly to check on family business
Marc Fisher Footwear founder Marc Fisher, Trump Tower and Eric Trump (Getty)
Trump Org sues Marc Fisher for $1.5M in rent
Trump Org sues Marc Fisher for $1.5M in rent
Donald Trump, Cy Vance and Trump Organization CFO Allen Weisselberg (Getty)
Manhattan DA narrows focus on Trump Org CFO
Manhattan DA narrows focus on Trump Org CFO
Gucci at Trump Tower (Getty)
Gucci renews lease in Trump Tower
Gucci renews lease in Trump Tower
Eric Trump and 6 East 57th Street (Getty, Google Maps)
Trump Org has big retail vacancy looming
Trump Org has big retail vacancy looming
Attorney General Letitia James and Trump's Seven Springs in Upstate, New York (Getty, Trump Organization/Photo Illustration by Kevin Rebong for The Real Deal)
NY’s top prosecutors ramp up investigations into Trump’s business
NY’s top prosecutors ramp up investigations into Trump’s business
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...