Trump Plaza Hotel and Casino Sells for $20 Million
Visitors to Atlantic City will remember the Trump Plaza Hotel and Casino opening in 1984, the project cost $210 million to complete and was initially greeted with great enthusiasm.
However, just like many of the city’s other attractions, the casino has seen its fortunes wane in recent times.
It was just announced that the casino is going to be sold for just $20 million to The Meruelo Group of Downey, California.
The group specialises in construction and real estate development but has interests in many other businesses such as banks, TV stations and the Grand Sierra Resort and casino in Reno.
This sale will leave Trump Entertainment Resorts with just the Trump Taj Mahal Casino Resort to run. The company was found by Donald Trump in the 1980’s but he resigned as Chairman of the Board of Directors in 2009.
After the sale was announced, Trump said, “There was a period of time when Atlantic City was the hottest place in the world. I got out years ago, and my timing was very good. But the world turns. They’re getting a very good location.”