From the NJ The Star-Ledger “Prospective buyer says Trump Marina sale is off”
A New York firm that wanted to buy Atlantic City’s Trump Marina hotel-casino and transform it into a Jimmy Buffett-inspired tropical resort said the current owner has killed the deal.
But Manhattan-based Coastal Marina LLC, headed by a former protege of Donald Trump, issued a statement today saying Trump Entertainment faxed it a letter Monday terminating the $270 million deal. Coastal had planned to rebrand the casino as Margaritaville.
“We are disappointed with Trump Entertainment Resort Inc.’s letter today to terminate our agreement to acquire the Trump Marina Hotel Casino,” Coastal said. “It had been our hope to continue a dialogue with Trump Entertainment about modifying the agreement to reflect current economic realities, but regrettably they chose instead to send this letter. We remain committed to Atlantic City as the perfect market for a Margaritaville project.”
Coastal still is interested in the casino, but only if the price comes down, Coastal spokesman Charlie Leonard said. The $270 million price for the second-smallest of Atlantic City’s 11 casinos significantly exceeds the $200 million being paid by an investor group that’s buying the Tropicana Casino and Resort, one of Atlantic City’s largest.
He said he didn’t know if Coastal would look elsewhere in Atlantic City for its Margaritaville project should a deal for the Trump Marina prove impossible.