South Jersey businessman, investor and Democratic power broker George Norcross (along with family and business partners) has acquired the former Trump Plaza Hotel and Casino properties in Atlantic City for approximately $8.6 million (based on 42Freeway analysis of Atlantic County Real Estate records).
The purchase includes the remaining Boardwalk tower (which still features the Rainforest Cafe restaurant as a tenant), the cleared site of the demolished main tower and the still-standing parking garage.
The property was owned by billionaire investor Carl Icahn who acquired the properties in 2016 when he acquired Trump Entertainment Resorts. (NJBiz 2016)
This is one of Atlantic City’s most prominent properties, positioned at the entrance into the resort’s core tourism district from the Atlantic City Expressway. For decades, the large Trump Plaza corner sign welcomed motorists arriving in town.
The property also sits directly next to Boardwalk Hall, giving the new ownership group a significant footprint where the city’s main arrival route meets its famous oceanfront.
While other news outlets reported the purchase first, I spent time this morning reviewing Atlantic County property records to better understand the collection of properties involved and their individual sale prices. Others have reported a $5 million price but that is just for the remaining tower property
Per my analysis, the main pieces of the purchase break down as follows:
- The remaining tower at the Boardwalk: approximately $5 million.
- The back portion of that property: $1.26 million.
- The still-standing parking garage property: approximately $1.7 million.
- The adjacent cleared lot that previously housed the main tower: $450,000.
- A small parking lot property on the opposite rear corner: $186,000.
Those amounts total approximately $8.6 million across the collection of properties.
According to the records I reviewed, the main transactions took place September 3, with additional smaller transactions dated September 11.
Some portions of the former casino complex had been consolidated into larger tax lots when they were developed. Other sections, particularly the parking area behind the remaining tower, retained the individual lots associated with the homes that previously occupied the land.
That means one portion of this purchase involved approximately 30 separate tax lots! It makes the math a little bit challenging.. so if I got it incorrect.. the Norcross team please reach out.
Although the transactions took place roughly seven weeks ago, the purchase attracted broader attention this week after Atlantic City Mayor Marty Small Sr. revealed that a prominent New Jersey figure had acquired the property.
Subsequent reporting identified the buyers as Norcross, his adult children Lexie and Alex, and business partners. A spokesperson confirmed the purchase and said plans would be announced at a later date.
While it’s difficult to determine who first connected the sale to the Norcross family, based on publication timestamps, it appears either NJ.com’s Eric Conklin was the first to report that connection online or Andrew Kramer from Great Day Atlantic City were first online with the story.
Small has since publicly welcomed the investment. The Norcross family already has a business connection to Atlantic City through its involvement with the well-known Formica Bakery.
“I am ecstatic that George Norcross, his family, and his partners are investing in the former Trump Plaza site. Having already done business in the Great City of Atlantic City through Formica Bakery, the Norcross team’s continued investment reflects what I keep saying, that investor confidence in Atlantic City is at an all-time high right now. When successful business leaders like Mr. Norcross choose Atlantic City, it sends a strong message and helps attract additional investors who recognize the opportunities here.
Atlantic City Mayor Small on the Norcross Family investment (Facebook)
There is also an interesting political contrast in the property’s ownership history. Trump Plaza was President Donald Trump’s first Atlantic City casino, while George Norcross has long been recognized as an influential behind-the-scenes figure in New Jersey Democratic politics.
Norcross is also closely associated with Cooper’s health system, which recently adopted the name Cooper Norcross Health in recognition of his $100 million gift and the family’s decades of involvement.
That connection provides no indication of what the new owners intend to do with the Atlantic City properties. No redevelopment plans have been announced.
With the site’s positioning near the Atlantic City Expressway entrance, directly along the Boardwalk and beside Boardwalk Hall, I would think an entertainment or hospitality use would be a leading possibility.
But that is strictly my own speculation. We’ll have to wait for the new owners to announce their plans.
