The prominent South Jersey businessman and his partners have acquired one of Atlantic City's largest Boardwalk development properties, but questions remain about the purchase price and what comes next.
ATLANTIC CITY, N.J. — One of Atlantic City's most prominent redevelopment properties has changed hands, with South Jersey businessman and longtime political figure George E. Norcross III, his family and business partners purchasing the former Trump Plaza Hotel and Casino site on the Boardwalk.
The acquisition, announced Wednesday, October 21, ends years of uncertainty over the future of the oceanfront property, which has remained largely undeveloped since the casino's main hotel tower was demolished in February 2021.
Atlantic City Mayor Marty Small Sr. welcomed the purchase, describing it as evidence of growing interest in investing in the resort.
"I am ecstatic that George Norcross, his family, and his partners are investing in the former Trump Plaza site," Small said in a statement released Wednesday.
But despite the enthusiasm surrounding the announcement, several important details remain unknown, including exactly what the new owners intend to build, when development could begin and the full financial terms of the transaction.
Norcross Family and Partners Confirm Purchase
Daniel Fee, a spokesman for Norcross, confirmed that the acquisition involves Norcross, his adult children Lexie and Alex, and additional partners.
The property was previously controlled by interests associated with billionaire investor Carl Icahn, whose company acquired the former casino property after its closure.
The site, located at 2201 Boardwalk, is among the most recognizable redevelopment locations in Atlantic City.
It sits near Boardwalk Hall, at the oceanfront end of the Atlantic City Expressway, with access to the Boardwalk and surrounding casino and entertainment district.
According to business news reports, the property encompasses approximately 10 acres and includes a large parking garage with roughly 3,000 spaces.
The former casino's remaining East Tower and an operating Rainforest Cafe are also part of the property's existing landscape.
Those structures and facilities could influence the property's redevelopment potential, although the buyers have not disclosed whether they intend to retain, renovate or remove any of them.
What Did Norcross Pay?
The complete purchase price has not been publicly announced.
However, The Philadelphia Inquirer reported that Atlantic County property records show three transactions associated with the former Trump Plaza site recorded on September 3, 2026.
The reported amounts were $5.04 million, $1.26 million and $349,541.
Together, those transactions total approximately $6.65 million.
That figure should not necessarily be interpreted as the full price of the acquisition, because the exact structure and scope of the transactions have not been publicly explained.
For comparison, an Icahn-controlled company purchased the former casino property in 2018 for a reported $3 million.
The site was placed on the commercial real estate market again in September 2025 without a publicly disclosed asking price.
Mayor Sees Opportunity for Atlantic City
Small has repeatedly described the former Trump Plaza site as an important opportunity for the city.
In Wednesday's statement, he said the new investment could help attract additional developers.
"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," Small said.
"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."
The mayor also recalled his efforts to have the deteriorating Trump Plaza tower demolished.
"When I announced the demolition of Trump Plaza, I spoke about the tremendous potential of this property," Small said.
"Situated on the oceanfront in the heart of the City, it is one of Atlantic City's premier development sites, with endless possibilities."
Small said he looks forward to working with Norcross and his partners, Governor Mikie Sherrill and Atlantic County Executive Dennis Levinson as the project moves forward.
Will Another Casino Be Built?
The former Trump Plaza was once among Atlantic City's best-known casino properties, but Mayor Small indicated he does not envision the site returning to casino use.
"While no additional casinos will be permitted in Atlantic City, we welcome the Norcross team's vision for the property and look forward to learning more about their plans when they are ready to share them," Small said.
The mayor's statement suggests the city expects a non-casino redevelopment, although the buyers have not publicly identified a proposed use.
Potential uses for a large Boardwalk property could include hospitality, entertainment, retail, residential or mixed-use development.
Those possibilities are illustrative only. No specific proposal has been confirmed by Norcross or his representatives.
Any substantial redevelopment would also depend on the applicable zoning, permitting, infrastructure requirements and other government approvals.
A Site With Decades of Atlantic City History
Trump Plaza opened in 1984 during Atlantic City's casino expansion and operated for approximately 30 years.
The property was one of several Atlantic City casinos associated with Donald Trump before his political career.
It hosted major entertainment events and boxing matches during the resort's casino heyday.
But as Atlantic City's gambling market faced increased regional competition, Trump Plaza struggled financially.
The casino closed in September 2014, joining several other Atlantic City gambling properties that shut down that year.
Its vacant 39-story main tower subsequently deteriorated, becoming a highly visible reminder of the city's casino closures.
On February 17, 2021, the tower was brought down in a controlled implosion.
The demolition drew national attention, but the long-awaited redevelopment of the property did not immediately follow.
The site was marketed for sale again in 2025.
Norcross Already Has Atlantic City Business Ties
The former Trump Plaza acquisition is not the Norcross family's first investment in Atlantic City.
The family previously acquired the historic Formica Bakery business, which has operated in the city for generations.
The bakery investment provides an existing business connection to Atlantic City, although the former Trump Plaza purchase represents a much larger real estate opportunity.
Norcross is also widely known for his involvement in South Jersey business and politics, including major redevelopment activity along the Camden waterfront.
He is a former Democratic political leader and has held prominent roles in business and health care.
His Camden redevelopment dealings became the subject of a high-profile criminal case in 2024, when New Jersey prosecutors brought racketeering and related charges against Norcross and five others.
A Superior Court judge dismissed the indictment in 2025, and a state appellate court upheld that dismissal in January 2026.
In February, the New Jersey Attorney General's Office announced it would not seek further review, ending the prosecution.
Norcross consistently denied wrongdoing.
There has been no reported allegation of wrongdoing connected to the Atlantic City property acquisition.
What Happens Next?
The immediate question is what the Norcross family and its partners plan to do with the property.
Norcross spokesman Daniel Fee has said redevelopment details will be announced later.
No public construction schedule, development proposal or estimated investment total has been disclosed.
For Atlantic City, the property's future carries significance beyond the sale itself.
The location is highly visible to visitors entering the resort from the Atlantic City Expressway and occupies valuable oceanfront space along the Boardwalk.
A successful redevelopment could potentially generate construction activity, permanent jobs, visitor spending and new uses for a property that has remained largely dormant for more than a decade.
But the scale of any economic benefit will depend on what is ultimately proposed, approved and built.
For now, the transaction marks a change in ownership rather than the announcement of a shovel-ready project.
South Jersey NewsBeat will continue following the proposed redevelopment, including the final purchase terms, the identities of the investment partners, any applications submitted to the city and the eventual plans for the former Trump Plaza property.
About the Author
Peter Killeen
A 25-year radio news veteran, Peter covers South Jersey for NewsTalk 1400 & 92.3 WOND radio. Known for his concise and impactful delivery, he ensures listeners and readers stay informed without unnecessary filler.
