Trump's Atlantic City New Jersey casinos

The sale leaves the company he once ran, Trump Entertainment Resorts, with just one casino, the Trump Taj Mahal Casino Resort. 'I got out years ago, and my timing was very good. 'There was a period of time when Atlantic City was the hottest place in the world,' he said. Trump told The Associated Press he is a bit wistful to see his former properties in Atlantic City sold off and renamed. The real estate mogul has since limited his dealings in Atlantic City to a 10 percent stake in Trump Entertainment Resorts. Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Donald Trump's pet projects. 'Because of Trump Entertainment's problems, they really weren't able to run (Trump Plaza) the way it needed to be run,' he said. 'We have a very good relationship with this company in Reno and we have a contract with them.' '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. The president of the union representing most of them welcomed the sale. The bargain-basement sale came as Atlantic City celebrated a rare bright spot - that the Miss America pageant would return this year several years after abandoning the East Coast for Las Vegas. The sale is subject to approval by New Jersey casino regulators. Xavier Gutierrez, chief investment officer for The Meruelo Group, said the company plans to make a sizeable investment into the property, but could not yet predict what staffing levels would be. 'There is still considerable interest in this market.' 'This is good news for the city, for the state, and for the Plaza,' he said. Robert Griffin, CEO of Trump Entertainment Resorts, told The Associated Press the deal shows the Atlantic City market is still attractive to investors, given the right price. 'Our company is thrilled to have the opportunity to become the new owners of this property, and we are firmly committed toward establishing it as one of the elite destinations in Atlantic City and on the East Coast.' 'Trump Plaza is one of the world's most recognized gaming resort destinations and is an integral part of the Atlantic City landscape,' said Alex Meruelo, founder and CEO of the Meruelo Group.

The Meruelo Group, which counts construction, engineering, real estate, food service and private equity among its businesses, also owns the Grand Sierra Resort and casino in Reno, Nev. ( Read More: 10 Ways People Cheat in Casinos) Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

Trump's Atlantic City New Jersey casinos