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.

FRIDAY JULY 27
Aerosmith will hit Borgata Hotel Casino & Spa’s Event Center September 22, at 8:00 p.m. The legendary group will be supported by Joan Jett and The Blackhearts. Also performing at the Event Center is Joe Walsh & The Bruce Willis Blues Band (featuring Bruce Willis) August 4. Macy Gray will perform with The Brand New Heavies at the Music Box, September 15...
FRIDAY JULY 20
FRIDAY JULY 13
Morrissey will perform at the Event Center at Borgata Hotel Casino & Spa, July 23. This is a rescheduled date that was made necessary after the singer was forced to cancel a July 5 performance at the resort due to illness. Tickets for the July 5 performance will be accepted at the July 23 show...
Trump Entertainment told potential buyers this week that it would not be selling the company’s casinos for the time being, and instead would continue with the capital improvement projects currently in progress at all three of its Atlantic City properties. "We have a good company, and we’re going to run it that way," Donald Trump said...
FRIDAY JUNE 29
The Four Play jackpot at Trump Marina has rolled over again and it stands at $190,000 for the next drawing, which will take place Tuesday night (June 26) at 7:00 p.m. The former record Four Play jackpot is $135,000.
FRIDAY JUNE 22