Trump Plaza was sold on Thursday for $20 million to a California Company, reported USA Today.
The 39-story Trump Plaza originally cost $210 million to construct and premiered in 1984. The plaza included a casino from Trump Entertainment Resorts and Trump Taj Mahal Casino Resort.
Over the years, many passerbys have set their eyes on the Trump Plaza, standing on Atlantic City Expressway adjacent to Boardwalk Hall. Trump Plaza has 906 hotel rooms in total and it's one of the smallest and most successful of Atlantic City's casinos that carry more than 2,000 rooms.
The new owner Meruelo Group is a construction, engineering, real estate and private equity company based in Downey, Calif. They are expecting to wrap up the deal on May 31 and it looked like quite a bargain. Trump's deal was the lowest paid for an Atlantic City casino. The group also owns Reno, Nev. Grand Sierra Resort and casino, so this new establishment is anticipating doing extremely well by the look of things.
USA Today reported the plaza was having trouble performing in the higher ranks in the past few years, rated as one of the worst for casino revenue. From the previous year they declined more than 40 percent in profits, barely making $4.9 million.
It's clear other casinos have trumped the plaza. Their winnings were more than $102 million for the last year and that's actually what the Borgata Hotel Casino & Spa makes in two months, according to USA Today.
The Colony Capital, LLC's Atlantic City Club Casino Hotel is also being bought by PokerStars website's parent company, the Rational Group. The amount is not yet released but is expecting to be sold at a bargain from $513 million paid price in 2005.
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