Someone got away with a great deal, Thursday. A California company purchased the Trump Plaza, the centerpiece of Atlantic City’s boardwalk, for the bargain-basement price of $20 million, the Associated Press reports. The price is the lowest ever paid for a casino in the city.
While a name for the resort has not been decided, the new owners, The Meruelo Group, have confirmed it will not retain the “Trump” title. The Trump Plaza has fallen greatly from it’s former prominence, as most of founder Donald Trump’s casinos have become money pits.
Trump Entertainment Resorts plans to use the $20 million from the sale, compared to the $210 million is cost to build the casino in the 1980s, toward paying down nearly $300 million in debt. The company only has one casino remaining, the Trump Taj Mahal. However, CEO Robert Griffin doesn’t shy away from the possibility of selling it. “Blow me away with an offer, and I’ll be happy to take it to the board,” he says.
The news comes during a good time for Atlantic City. It was just announced that, after leaving for Las Vegas in 2006, the Miss America pageant will return home next year.