ATLANTIC CITY-California developer the Meruelo Group said last week it had put its planned purchase of the Trump Plaza Hotel and Casino on hold. On Monday, mortgage-holder Carl Icahn told the Press of Atlantic City he will block the purchase until the sales price comes up.
The firm sought to pay $20 million, which would be the lowest price ever paid or an Atlantic City casino. Icahn said he will never approve sale at that price. The billionaire investor did not specify an acceptable price. However, he said this:
"It is as black and white as it can be: They can't sell that casino without our consent. It's not going for anywhere close to $20 million.”
Icahn holds the mortgage for both Trump Plaza and Trump Taj Mahal Casino Resort, totaling $289 million.
Trump Plaza finished at the bottom in 2012 in gambling revenue among Atlantic City's dozen casinos, grossing $102.5 million.
Meruelo Group has secured an option from the casino's parent company, Trump Entertainment Resorts Inc., to purchase the property later this year if the mortgage can be satisfied.
See story in the Press of Atlantic City.
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