The Trump Plaza in Atlantic City has been sold.
According to CardPlayer.com, the casino was purchased by the Meruelo Group for a shockingly low $20 million. It is reportedly the lowest price ever paid for an Atlantic City Casino.
According to the Associated Press, Trump Plaza, which was built in 1984 for about $210 million, was the worst performing casino, in terms of casino revenue, in Atlantic City. The building bills itself as “the center of it all” and is one of the first casinos gamblers see when they visit Atlantic City. Still, it brought in less than $5 million last month, down 40% from last year.
The casino won just over $100 million during 2012. The Borgata Hotel Casino & Spa, one of the city’s top casinos, makes that much in about two months.
Trump Entertainment Resorts used to have three casinos in its portfolio. The company sold the Trump Marina, which is now the Golden Nugget, in 2011. The company still owns the Trump Taj Mahal Casino Resort.
The Trump Plaza, of course, isn’t the only casino to be struggling in Atlantic City. Several casinos have sold in recent years at dramatically low prices. In 2010, Resorts Casino Hotel sold for $31.5 million. In 2011, Trump’s Marina Hotel Casino sold for $38 million.