\nWayne Parry, Associated Press<\/p>\n
\tATLANTIC CITY, N.J. (AP) \u2013 The meltdown of Atlantic City\u2019s casino market has created some stellar bargains for would-be purchasers of some of the city\u2019s biggest landmark properties. Here are a few of the recent discount sales:<\/p>\n
\t– THE PIER SHOPS AT CAESARS: Philadelphia developer Bart Blatstein is buying the multi-level shopping and entertainment pier that juts out over the ocean for $2.8 million, according to a source with knowledge of the deal, speaking to The Associated Press on condition of anonymity because the person was not authorized to discuss it publicly. It cost $200 million to build. A closing is expected in November.<\/p>\n
\t– REVEL: Atlantic City\u2019s newest and costliest casino became its biggest failure when it shut down last month. But Toronto-based Brookfield Asset Management is buying the casino hotel, which cost $2.4 billion to build, for $110 million, having acquired it through a bankruptcy court auction. The company plans to re-open it as a casino, but has not given a timetable for it.<\/p>\n
\t– THE ATLANTIC CLUB and THE CLARIDGE: A Florida company, TJM Properties, has bought both former casino buildings at bargain-basement prices now that they no longer offer casino gambling. It paid $12.5 million for the Claridge, which it runs as a non-gambling hotel, and $13.5 million for the Atlantic Club, which shut down in January. The Atlantic Club\u2019s former owners paid more than $500 million for it.<\/p>\n
\t– THE TROPICANA: Expected to fetch about $1 billion in a bankruptcy court auction, the casino instead went to billionaire investor Carl Icahn, who swapped $200 million of debt he had acquired at a steep discount for ownership of the casino.<\/p>\n
\t-RESORTS and GOLDEN NUGGET: Resorts Casino Hotel sold for $31.5 million in 2010 after nearly going out of business. And the former Trump Marina was sold in 2011 to Texas-based Landry\u2019s Inc. for $38 million \u2013 about a tenth of its asking price just three years earlier.<\/p>\n
\t-TRUMP PLAZA (ALMOST): A California company, The Meruelo Group, reached a deal in 2013 to buy Trump Plaza for $20 million, which would have been the lowest price ever paid for a casino in New Jersey. But the deal fell through, and Trump Plaza shut down last month.<\/p>\n
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Wayne Parry, Associated Press ATLANTIC CITY, N.J. (AP) \u2013 The meltdown of Atlantic City\u2019s casino market has created some stellar bargains for would-be purchasers of some of the city\u2019s biggest landmark properties. Here are a few of the recent discount…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8148","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8148"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8148\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}