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AC's Trump Plaza sold for $20M

| Friday, Feb. 15, 2013, 12:01 a.m.

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.

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