Trump Plaza, one of the most recognized resorts in Atlantic City, has been sold to the Meruelo Group of Downey, California, for the bargain price of $20 million according to a Washington Post report today, February 15, 2013.
Costing $210 million to build when it was opened back in 1984, Trump Plaza was one of Donald Trump’s proudest achievements. It dwarfed other Atlantic City resorts in terms of luxury, amenities, and other quality measurements. It did well financially in the early years, but its popularity suffered along with the rest of the Atlantic City resorts as the east coast resort town watched its tourist activity taper off sharply.
Still, Meruelo Group feels the investment was worth it and has high hopes for turning the property into something attractive and profitable. “Trump Plaza is one of the world’s most recognized gaming resort destinations and is an integral part of the Atlantic City landscape,” said Alex Meruelo, the founder and CEO of Meruelo Group. “Our company is thrilled to have the opportunity to become the new owners of this property, and we are firmly committed toward establishing it as one of the elite destinations in Atlantic City and on the East Coast.”
Meruelo Group has not yet selected a new name for the resort and entertainment complex, but its management has said it will no longer use the Trump moniker. Meruelo owns other resort properties, such as the Grand Sierra Resort and Casino in Reno, Nevada. It may go with a more generic name or select a name befitting of the Atlantic City area. No final decision has been made at this time.
Atantic City’s tourism business has been struggling for some time and its gambling and other resorts have sold for very low prices as of late. The $20 million paid for the Trump Plaza is the cheapest yet, but there could be even better financial deals in the coming months as Atlantic City fights to regain its status as an East coast, Vegas- style resort town.
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