by Nate Wooley | February 15, 2013 9:42 am
Once the jewel of Donald Trump’s real estate empire, Trump Plaza just sold for the paltry sum of $20 million.
It’s the cheapest price ever paid for a casino in the troubled Atlantic City gambling haven, reports USA Today. New owner The Meruelo Group hopes to complete the deal by the end of May.
Originally built in 1984 at a cost of $210 million, the Trump Plaza was to be the shining jewel of Trump’s ego and wealth. It was located at the end of the Atlantic City Expressway and billed itself as being the center of the action in town.
Still, over the year’s Trump has lost interest in Atlantic City, and the casino has fallen on hard times. It’s currently the city’s smallest casino and one of the worst performing. Last year it took in just $102 million in gambling receipts, also the city’s lowest.
While Trump Plaza sold at a steep discount, it’s not the only casino to have had that happen. In 2010, the Resorts Casino Hotel sold for $31.5 million, and in 2011 the Trump Marina Hotel Casino sold for $38.5 million.
Source URL: http://investorplace.com/2013/02/trump-plaza-in-atlantic-city-sells-for-a-song/
Short URL: http://investorplace.com/?p=308022
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.