{"id":18011,"date":"2013-02-15T10:39:28","date_gmt":"2013-02-15T10:39:28","guid":{"rendered":"http:\/\/www.gaming-awards.com\/NEWS\/?p=18011"},"modified":"2013-02-15T10:39:28","modified_gmt":"2013-02-15T10:39:28","slug":"trump-plaza-sold-for-just-20-million","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/trump-plaza-sold-for-just-20-million\/","title":{"rendered":"Trump Plaza sold for just $20 million"},"content":{"rendered":"
\"\"<\/a>

Cost over $200 million to build in 1984, now sold for only $20 million<\/p><\/div>\n

Trump Plaza, the Boardwalk centerpiece of Donald Trump’s\u00a0one-time Atlantic City empire, was sold Thursday to a\u00a0California company for $20 million in the cheapest of a series of bargain-basement deals for the struggling New Jersey seaside resort.<\/p>\n

The Meruelo Group who purchased the Plaza plans to close the deal by\u00a0May 31. It is the lowest price ever paid for a casino in\u00a0Atlantic City.<\/p>\n

It was not clear at present\u00a0what the new casino would be\u00a0called.<\/p>\n

The Meruelo Group, which counts construction, engineering, real\u00a0estate, food service and private equity among its businesses,\u00a0also owns the Grand Sierra Resort and casino in Reno.<\/p>\n

“Trump Plaza is one of the world’s most recognized gaming\u00a0\u00a0resort destinations and is an integral part of the Atlantic\u00a0City landscape,” said Alex Meruelo, founder and CEO of the\u00a0Meruelo Group. “Our company is thrilled to have the opportunity\u00a0to become the new owners of this property, and we are firmly\u00a0committed toward establishing it as one of the elite\u00a0destinations in Atlantic City and on the East Coast.”<\/p>\n

Robert Griffin, CEO of Trump Entertainment Resorts, said the deal shows the Atlantic City market is\u00a0still attractive to investors, given the right price.<\/p>\n

\u00a0“This is good news for the city, for the state, and for the\u00a0Plaza,” he said. “There is still considerable interest in this\u00a0market.”<\/p>\n

Trump Plaza has about 900 employees.<\/p>\n

Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Donald Trump’s pet projects. The real estate mogul has since limited his dealings in Atlantic City.<\/p>\n

The sale leaves the company he once ran, Trump Entertainment\u00a0Resorts, with just one casino, the Trump Taj Mahal Casino Resort.<\/p>\n

Griffin also said his company would consider selling the Trump\u00a0Taj Mahal, if the price were right. He said there have been no\u00a0talks with potential buyers for the Taj thus far. The company\u00a0sold the former Trump Marina to a Texas company that rebranded\u00a0it as the new Golden Nugget in 2011.<\/p>\n

“If someone comes in and makes an offer that makes sense, our\u00a0\u00a0board has shown that we are willing to do the right thing for\u00a0our shareholders,” Griffin said. “Blow me away with an offer,\u00a0and I’ll be happy to take it to the board.”<\/p>\n

Trump Entertainment Resorts plans to use proceeds from the\u00a0Plaza sale to pay down its debt, which will be about $270 million after the sale, Griffin said.<\/p>\n

Trump Plaza is one of the first casinos many visitors to\u00a0Atlantic City see. It sits at the foot of the Atlantic City\u00a0Expressway on the Boardwalk, directly next to Boardwalk Hall,\u00a0and sometimes markets itself as being in “the center of it\u00a0all.”<\/p>\n

\"\"<\/a>

Trump Plaza now the worst performing casino in Atlantic City<\/p><\/div>\n

It stands 39 stories over the Boardwalk, and has 906 hotel\u00a0rooms, ranking it among the smallest of the city’s 12 casinos,\u00a0the most successful of which have 2,000 or more rooms apiece.<\/p>\n

Trump Plaza has struggled mightily in recent years, despite its\u00a0central location. It has become the worst-performing casino in\u00a0town in terms of casino revenue. Last month, Trump Plaza took\u00a0in less than $4.9 million, a decline of more than 40 percent\u00a0from a year ago.<\/p>\n

For all of last year, Trump Plaza won just over $102 million\u00a0from gamblers \u2014 or about what the city’s top casino, the\u00a0Borgata Hotel Casino, wins in a good two months.\u00a0Trump Plaza’s winnings for 2012 were down 25% from 2011.<\/p>\n","protected":false},"excerpt":{"rendered":"

Trump Plaza, the Boardwalk centerpiece of Donald Trump’s one-time Atlantic City empire, was sold Thursday to a California company for $20 million, it cost over $200 million to build in 1984.<\/p>\n","protected":false},"author":3,"featured_media":18014,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,18],"tags":[9],"class_list":["post-18011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gaming","category-n-america","tag-featured"],"yoast_head":"\nTrump Plaza sold for just $20 million - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/trump-plaza-sold-for-just-20-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Plaza sold for just $20 million - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"Trump Plaza, the Boardwalk centerpiece of Donald Trump's one-time Atlantic City empire, was sold Thursday to a California company for $20 million, it cost over $200 million to build in 1984.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gaming-awards.com\/NEWS\/trump-plaza-sold-for-just-20-million\/\" \/>\n<meta property=\"og:site_name\" content=\"iGaming Post\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-15T10:39:28+00:00\" \/>\n<meta name=\"author\" content=\"Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@igamingpost\" \/>\n<meta name=\"twitter:site\" content=\"@igamingpost\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/trump-plaza-sold-for-just-20-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/trump-plaza-sold-for-just-20-million\\\/\"},\"author\":{\"name\":\"Staff\",\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/#\\\/schema\\\/person\\\/38b848f26341d94a3f6b1f5d9642234c\"},\"headline\":\"Trump Plaza sold for just $20 million\",\"datePublished\":\"2013-02-15T10:39:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/trump-plaza-sold-for-just-20-million\\\/\"},\"wordCount\":597,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/gaming-awards.com\\\/NEWS\\\/trump-plaza-sold-for-just-20-million\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"featured\"],\"articleSection\":[\"Gaming\",\"N. 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