The “Sale of the Trump Casino is in Jeopardy” according to an article in the Philadelphia Inquirer. Coastal Development plans to turn The Trump Marina into a Margaritaville themed casino.
Three bankruptcy filings and Donald J. Trump’s resignation as board chairman of Trump Entertainment Resorts Inc. have thrown the casino company into turmoil.
Finalizing the sale of Trump Marina Casino Hotel looks more remote than ever – but not because of those reasons.
The interested buyer, Coastal Development L.L.C., of New York, has not secured the financing to close the deal May 26 – the targeted closing date, according to those familiar with the sale negotiations.
Analysts of the gaming industry predict the sale will not happen any time soon, because of tight credit and the declining financial performance of the property.
“Coastal Marina [an affiliate of Coastal Development] is closely monitoring news and events in Atlantic City and needs to fully evaluate the developing situation and its effects on Coastal Marina’s interests,” said Charlie Leonard, spokesman for Coastal Development.
“The bankruptcy filing had no impact on the Trump Marina sale,” he said Tuesday, the day Trump Entertainment filed for Chapter 11 protection. “The credit markets will have more of an impact. This is an extremely difficult climate to try to finance deals like this.”