NEWS & VIEWS

Trump Plaza Sold to Meruelo Group

Pending approval by New Jersey casino regulators, the Meruelo Group of Downey, California, will purchase Trump Plaza for $20 million, and plans to close the deal by the end of May.

By Ray Schweibert
Add Comment Add Comment | Comments: 3 | Posted Feb. 15, 2013

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ATLANTIC CITY, NEW JERSEY — Long rumored to have been for sale, and coming to fruition almost two years to the day that his marina-district property was bought by Landry’s Restaurants for what was then considered a rock-bottom price tag, Donald Trump’s smaller of two Boardwalk casinos, Trump Plaza, was sold for about half the price Trump Marina went for in May 2011.

According to an Associated Press report, the Meruelo Group of Downey, California, purchased Trump Plaza for $20 million and plans to close the deal by the end of May.

The sale is subject to approval by New Jersey casino regulators. The transaction would represent the lowest price ever paid for a casino in Atlantic City, and is about one-tenth what Trump Plaza cost to build in 1984.

Trump Marina (now Golden Nugget) was sold to Landry’s owner Tilman Fertitta for $38 million in 2011. Trump Entertainment Resorts, of which Donald Trump now owns a 10 percent stake, is left with just one Atlantic City casino property, the Trump Taj Mahal.

Meruelo has not decided on a new name for property but it was reported that it will not continue to use the Trump name.

According to its Web site (meruelogroup.com), the Meruelo Group is a minority-owned-and-operated holding company with vested interests in construction and engineering, and affiliated interests in real estate, food services and private equity.

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1. RG said... on Feb 15, 2013 at 04:19PM

“Wow, $20 mil! Who woulda thunk it. That's really telling of the economic times we're living in right now.”

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2. DP4SHORE said... on Feb 17, 2013 at 08:32PM

“It is good to see new companies and new money coming into AC. The Golden Nugget came out beautiful. Resorts is going through major changes. Now the Trump Plaza will get a new name and facelift. Just what that property needs.”

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3. thisisAC said... on Feb 21, 2013 at 04:36PM

“Glad to hear the property was sold. AC is in prime condition for NEW ENERGY!”

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