Trump Marina Hotel Casino is being sold to Coastal Marina LLC, an affiliate of Coastal Development LLC, in a deal valued at $316 million. The New York City-based company plans to rename the resort Margaritaville.
The deal, which leaves Trump Entertainment with two casino resorts in Atlantic City -- Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino -- is expected to close in the next six-to-nine months.
"They are buying a wonderful building in a great location," Donald Trump said, in a statement released Thursday (May 29). "It has been an important part of our company with a loyal customer base and a dedicated team."
Coastal Marina chairman Richard T. Fields said,
Together with Jimmy Buffett’s team at Margaritaville, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City.
Fields is the co-developer of Florida’s Seminole Hard Rock Hotel and Casino and also owns Jackson Land and Cattle, a ranching company, in Jackson Hole Wyoming.
The sale of Trump Marina has been expected for a long time since it was the worst-performing of Trump Entertainment’s three Atlantic City properties.
Sources tell AC Gambler that the new ownership plans to construct a new hotel tower and expand the property’s casino floor space. The same sources indicate that the property will remain open after the sale and any renovation will not interfere with normal operations.
