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

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Trump Plaza, Atlantic City, sells for $20 million

Feb 15 2013, 3:46pm CST | by

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

  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...

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1 year ago

Trump Plaza, Atlantic City, sells for $20 million

Feb 15 2013, 3:46pm CST | by

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

 

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.

 
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4

1 week ago

Revel wanted to shut down its casino on Monday; New Jersey made it wait until Sept. 2

Aug 17 2014 8:31pm CDT | Source: Canadian Business Online

ATLANTIC CITY, N.J. – If the owners of Revel Casino Hotel had their way, the $2.4 billion resort would be shut down on Monday. Revel Entertainment had asked New Jersey casino regulators for permission to close on Aug. 18. But the state Division of Gaming Enforcement denied the request, eventually prevailing upon Revel to remain open until Labor Day weekend. Revel’s hotel will close at 11 a.m. Sept. 1, and the casino will shut down at 5 a.m. the next morning. The talks ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
3

2 weeks ago

Atlantic City’s Revel Casino to close in September after 2-year-old resort fails to find buyer

Aug 12 2014 8:09am CDT | Source: Canadian Business Online

ATLANTIC CITY, N.J. – Atlantic City’s Revel Casino Hotel says it will shut down in September after failing to find a buyer in bankruptcy court. The company announced the move Tuesday, saying it would close its doors Sept. 10. The $2.4 billion casino opened just over two years ago, and never turned a profit. It was due to be sold at a bankruptcy court auction last week. But that auction was postponed until Thursday to allow casino officials to study bids that were receive ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
2

6 weeks ago

Atlantic City casino revenue increased by 4 per cent in June, when shuttered site excluded

Jul 14 2014 2:08pm CDT | Source: Canadian Business Online

ATLANTIC CITY, N.J. – Like a ship struggling to right itself in a roiling sea, Atlantic City’s casinos are trying mightily to find balance amid a rapidly contracting and constantly changing gambling market. On Monday, they got some unexpected good news, even if it might not last long. Not counting the Atlantic Club, which closed in January, the 11 casinos that operated in both 2014 and 2013 increased their revenue by nearly 4 per cent in June. ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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<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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