The Trump Plaza is set to be sold.
The casino announced Thursday a deal to be purchased by Meruelo Gaming Holdings LLC, a company that owns the Grand Sierra Resort and Casino in Reno, Nevada.
Meruelo Gaming has agreed to pay 20 million dollars plus other contract assumptions and liabilities.
The purchase, according to Executive Vice President and CFO of Trump Entertainment David Hughes, is promising for the entire city.
"What's really great about this is it shows that there's interest in Atlantic City, someone willing to come in and invest in capital."
Net proceeds from the sale will help to lower the company's long-term debt and Hughes believes the deal will benefit the employees of Trump Plaza.
"This is great for the employees not only for the jobs here, we firmly believe that when this is done and the project is done, there will be more jobs at Trump Plaza and its really good for Atlantic City to see people want to come to Atlantic City and invest in Atlantic City," said Hughes.
Hughes also added that Trump Plaza will maintain it's union membership and that this transaction allows the company to concentrate on other projects.
"This will let the company focus on Trump Taj Mahal which we've been making a lot of investment in to, putting a lot of capital in to, to make that even a better asset," said Hughes.
The deal is expected to be finalized on or before May 31st of this year and Hughes believes the deal is beneficial for all parties involved.
"I would describe it as outstanding news for everyone and outstanding news for our employees and Atlantic City."