Not even Trump’s spin machine, AKA his self-aggrandizing mouth, can spin this one into a success story. Mr. Happy Hair finally sold Trump Plaza to The Meruelo Group of Downey, Calif for $20 million.
It is the lowest price ever paid for a casino in Atlantic City and reflects Trump Plaza’s bottom place ranking as the worst performing casino in town in terms of casino revenue. For all of last year, Trump Plaza won just over $102 million from gamblers — or about what the city’s top casino, the Borgata Hotel Casino & Spa, wins in two months. Trump Plaza’s winnings for 2012 were down 25 percent from 2011.
Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Donald Trump’s pet projects. The real estate developer has since limited his dealings in Atlantic City but still owns the Taj Mahal.