Atlantic City's Donald Trump Plaza goes for bargain $20M
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Trump Entertainment Resorts plans to use proceeds from the Plaza sale to pay down its debt, which will be about $270 million after the sale, Griffin said.
Trump Plaza is one of the first casinos many visitors to Atlantic City see. It sits at the foot of the Atlantic City Expressway on the Boardwalk, directly next to Boardwalk Hall, and sometimes markets itself as being in "the center of it all.''
It stands 39 stories over the Boardwalk, and has 906 hotel rooms, ranking it among the smallest of the city's 12 casinos, the most successful of which have 2,000 or more rooms apiece.
Trump Plaza has struggled mightily in recent years, despite its central location. It has become the worst-performing casino in town in terms of casino revenue. Last month, Trump Plaza took in less than $4.9 million, a decline of more than 40 percent from a year ago.
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 a good two months. Trump Plaza's winnings for 2012 were down 25 percent from 2011.
For the third quarter of last year, the most recent period for which statistics are available, Trump Plaza had a $2.35 million gross operating profit, down nearly 34 percent from the same period in 2011.
The sale price was also consistent with the fire-sale prices casinos have been going for lately in Atlantic City. Resorts Casino Hotel sold for $31.5 million in Dec. 2010. Trump Marina Hotel Casino fetched $38 million when it was sold in May 2011 and became the Golden Nugget.
Billionaire Carl Icahn bought the Tropicana Casino and resort out of bankruptcy court for $200 million worth of deeply discounted debt; the casino originally went on the market for about $1 billion when its former owners lost their casino license.