“The sale of Trump Plaza to the Meruelo Group is wonderful news for the property and for Atlantic City,” said Chief Executive Officer of Trump Entertainment Resorts Robert Griffin. “This transaction shows that there is continued interest to invest in Atlantic City.”
Meruelo Gaming had agreed to purchase the Atlantic City casino for $20 million, which is subject to a working capital adjustment at closing.
“Trump Plaza is one of the world’s most recognized gaming resort destinations and is an integral part of the Atlantic City landscape. Our company is thrilled to have the opportunity to become the new owners of this property, and we are firmly committed towards establishing it as one of the elite destinations in Atlantic City and on the East Coast,” said Alex Meruelo, founder and CEO of the Meruelo Group.
If all goes well with the deal, it is expected to close on or before May 31, 2013 and Trump Entertainment Resorts is planning to use the net proceeds from the transaction to reduce its long-term debt.