Trump's Old Casino Sells, Will Ditch Trump Name
Atlantic City site goes for a record low of $20M
By Newser Editors and Wire Services
Posted Feb 14, 2013 7:06 PM CST
The Trump Plaza Hotel and Casino in Atlantic City N.J.    (Wayne Parry)

(Newser) – Trump Plaza, the Boardwalk centerpiece of Donald Trump's onetime Atlantic City empire, was sold today to a California company for $20 million in the cheapest of a series of bargain-basement deals for distressed gambling halls in the New Jersey seaside resort. The Meruelo Group of Downey, California, plans to close the deal by May 31. It is the lowest price ever paid for a casino in Atlantic City. The company has not decided on a new name for the casino-resort, but it will not continue to use Trump's.

Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Trump's pet projects. The real estate mogul has since limited his dealings in Atlantic City to a 10% stake in Trump Entertainment Resorts. Trump says he is a bit wistful to see his former properties in Atlantic City sold off and renamed. "There was a period of time when Atlantic City was the hottest place in the world," he says. "I got out years ago, and my timing was very good. But the world turns. They're getting a very good location."

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Showing 3 of 10 comments
right2dave
Feb 16, 2013 4:50 AM CST
In a seperate press release, the new comapny said they would be using Trump's bad toupee as a part of the logo.
smokefoot
Feb 15, 2013 1:45 PM CST
diogeron: Trump makes most of his money on his private construction business. So some percentage of that 210 million was raised from outside investors, but all of it was paid to his construction business at some unknown profit margin.
StevieGee
Feb 15, 2013 9:39 AM CST
906 room hotel, 7 restaurants, a health club, 750 seat showroom, and a 60,000 sq.ft. casino all on 2.6 acres of ocean front property for $20 mil? I'll take 2.