Trump Plaza in Atlantic City, New Jersey, sold Thursday to a California company for $20 million in the cheapest of a series of bargain deals for struggling casinos at the New Jersey seaside. The Meruelo Group plans to close the deal by May 31, making the Trump Plaza sale the lowest price ever paid for a casino in Atlantic City.
Trump Plaza cost $210 million to build and opened in 1984 right next to Boardwalk Hall on the famous Atlantic City Boardwalk. Trump Marina Hotel Casino sold for $38 million in May 2011 and the new owners renamed it the Golden Nugget. Donald Trump has limited himself to a 10 percent stake in Trump Entertainment Resorts, which now has just one casino left, the Trump Taj Mahal Casino Resort.
Prices for the resort town's struggling casinos have been consistently falling. The Atlantic City Club Casino Hotel is being bought by the parent company of the PokerStars website site for a price that is expected to be a fraction of the $513 million its owners paid for it in 2005.
"There was a period of time when Atlantic City was the hottest place in the world. I got out years ago, and my timing was very good. But the world turns. They're getting a very good location," Trump said, somewhat nostalgic toward his former casinos, despite no longer having a significant business stake. He took time out yesterday to Tweet about the success of other, newer properties and golfcourses.