AC's Trump Plaza sold for $20M
Trump Plaza, the Boardwalk centerpiece of Donald Trump's one-time Atlantic City empire, was sold Thursday to a California company for $20 million in the cheapest of a series of bargain-basement deals for distressed gambling halls in the struggling New Jersey seaside resort.
The Meruelo Group of Downey, Calif., plans to close the deal by May 31. It is the lowest price ever for a casino in Atlantic City.
The Meruelo Group, which counts construction, engineering, real estate, food service and private equity among its businesses, owns the Grand Sierra casino in Reno.
“Trump Plaza is one of the world's most recognized gaming resort destinations,” said Alex Meruelo, founder and CEO of the Meruelo Group.
Robert Griffin, CEO of Trump Entertainment Resorts, said the deal shows the Atlantic City market is still attractive to investors, given the right price.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Toyota Yaris adds French flair for ’15
- First Niagara sets aside $45 million
- Faulty air bags in 30M vehicles
- Amazon investors’ patience wears thin
- Mini goes mainstream
- Bond mutual funds continue to carry their weight
- Motoring Q&A: ‘Check engine’ light doesn’t reset itself
- Stocks rise broadly on earnings; Amazon sinks
- Sell-off reins in complacency
- Education Management removes itself from Nasdaq listing
- Highmark seeks double-digit increase for more benefits, heavy use