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Trump Plaza Hotel and Casino Sells for $20 Million

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.

Trump Plaza Hotel and Casino Sells for $20 Million

In a sign of the hard times hitting Atlantic City, the resort sold for just a fraction of the $210 million it cost to build.

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.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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