Atlantic City's Donald Trump Plaza goes for bargain $20M

Associated Press : Atlantic city, Fri Feb 15 2013, 09:45 hrs

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Trump Plaza has about 900 employees. The president of the union representing most of them welcomed the sale.

"We're pleased somebody had the foresight to purchase this property; it's right in the center of Atlantic City,'' said Bob McDevitt, president of Local 54 of the Unite-HERE union. "We have a very good relationship with this company in Reno and we have a contract with them.

"Because of Trump Entertainment's problems, they really weren't able to run (Trump Plaza) the way it needed to be run,'' he said. "It's been in hibernation.''

Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Donald Trump's pet projects. The real estate mogul has since limited his dealings in Atlantic City to a 10 percent stake in Trump Entertainment Resorts.

Trump said he is a bit wistful to see his former properties in Atlantic City sold off and renamed.

"There was a period of time when Atlantic City was the hottest place in the world,'' he said. "I got out years ago, and my timing was very good. But the world turns. They're getting a very good location.''

The sale leaves the company he once ran, Trump Entertainment Resorts, with just one casino, the Trump Taj Mahal Casino Resort.

Griffin also said his company would consider selling the Trump Taj Mahal, if the price were right. He said there have been no talks with potential buyers for the Taj thus far. The company sold the former Trump Marina to a Texas company that rebranded it as the new Golden Nugget in 2011.

"If someone comes in and makes an offer that makes sense, our board has shown that we are willing to do the right thing for our shareholders,'' Griffin said. "Blow me away with an offer, and I'll be happy to take it to the board.''

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