360° Coverage : Trump Plaza, Atlantic City, sells for $20 million

Trump Plaza, Atlantic City, sells for $20 million

Trump Plaza, in Atlantic City, N.J., has been sold to the Meruelo Group of Downey, Calif., for $20 million.

Feb 15 2013, 3:46pm CST | by

Trump Plaza, Atlantic City, sells for $20 millioncasino
Photo Credit: Getty Images

 

ATLANTIC CITY, N.J. – A Downey, Calif., corporation has bought the Trump Plaza, on the boardwalk of Atlantic City, N.J., for $20 million.

The Associated Press said that the sale was made on Thursday to the Meruelo Group, which owns construction, engineering, real estate and food service enterprises, along with the Grand Sierra Resort and casino, in Reno, Nev. The founder and CEO of the company, Alex Meruelo said his company was “thrilled” to purchase one of the world's most well-known casino resorts. The name of the casino will be changed, the company said.

The Trump Plaza is the latest Atlantic City casino to be sold for a song. The beach resort town has been dealing with a bad economy and took a hard hit from Superstorm Sandy, all of which has contributed to the financial trouble to the Atlantic City economy. A spokesperson for Trump Entertainment Resorts said that the sale is a good omen for Atlantic City and the state of New Jersey because it indicates that the area still attracts the interest of investors.

Mereuelo Group officials said the company plans to make a significant investment into the property. Before the sale becomes final, it must first be approved by the casino regulation commission of New Jersey. The casino employs about 900 people. Whether Mereuelo willl keep the current staffing level after the takeover is unknown.



Via the Associated Press on Yahoo News.

 
 
 

<a href="/latest_stories/all/all/19" rel="author">Jeffrey B. Roth</a>
A multi-award winning writer, Jeffrey B. Roth is a well-known investigative reporter, who covers crime, law, politics, sciences, business, medicine, education, history and a wide range of other topics. In 2010, Roth won first place for a new series in the Keystone Press Awards, sponsored by the Pennsylvania Newspaper Association. A published short story writer and poet, Roth is listed in the Locus Index of Science Fiction and Fantasy Authors. Currently, Roth writes for CBS Philadelphia, CBS Baltimore, the Philadelphia Examiner and regional publications, including Carroll Magazine, Carroll Business Quarterly and Hagerstown Magazine to name a few. In the past, Roth, a former crisis intervention counselor and teacher, has written for numerous Pennsylvania newspapers, state and national magazines and the Associated Press. He lives in the foothills of the Appalachian Mountains, west of Gettysburg, Pa.

 

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