Atlantic City Margaritaville is still a possiblity

[gottagofishin]

This is from yesterdays Atlantic City Press. Coastal Marina is the company that wants to open the Margaritaville casino.

Trump Entertainment again looks to sell Trump Marina

CAMDEN — Trump Entertainment Resorts Inc. will resurrect negotiations to sell Trump Marina Hotel Casino to the businessman who wanted to buy it last year, but the new price is only a fraction of the original. Mark Juliano, chief executive officer of Trump Entertainment, said the company has received an offer of $75 million from Richard T. Fields, chairman of the New York gaming group Coastal Marina LLC. "That's the offer we have on the table. Will we go back to him and ask for more? That's possible," Juliano said in an interview Wednesday at U.S. Bankruptcy Court. Trump Entertainment and Fields originally reached a tentative $316 million deal for the Marina in 2008. In hope of salvaging the sale, the price was lowered to $270 million last year before negotiations collapsed. The new $75 million price tag reflects plunging real estate values in the Atlantic City gaming market, now mired in a three-year slump because of the sluggish economy and casino competition from surrounding states.

............

In testimony Wednesday, Trump Entertainment's financial adviser said Trump Marina's sale would help stabilize the company amid declining revenue and lower earnings projections. He predicted a deal with Fields would be completed by the end of 2011, if not sooner. "It is our strong belief that the Marina will be sold," said Andrew Yearley, managing director at Lazard Freres & Co. "They will find a way to sell that asset. There is a legitimate buyer out there."
Trump Entertainment still holds the $17 million down payment that Fields put toward the purchase last year. The down payment would be included in the proposed $75 million transaction, Juliano said. Fields announced last year that he would transform Trump Marina into a Margaritaville-themed casino in partnership with singer-songwriter Jimmy Buffett.

[JollyMon66]

I'm not sure what to think of a "Margaritaville" themed casino. It could be a great look but hope that Jimmy wouldn't lend his name and support to a joint that would have mirrors on the tiki bars, loud red carpet on the walls, and guys handing you towels in the mens room for a tip.

[Bfan53again]

Wow, the sale price goes from $316M to $75M.........

That property is still probably a long shot for any kind of Buffett partnership, but it does rekindle a small ray of hope!

[KruzinParrots]

I still think it would be a great concept. I believe Jimmy would make sure it was done right.

I think it could be a great place for parrotheads to go for a fun time!! If he added an auditorium there would be a new venue for him to play possibly concerts. With the location on the marina it has so many possibilities and seems a good fit for JB.

If he does build a casino in AC I know where we're going to be spending most of our leisure time.

If you hear anything else about this deal, please post it.

[PA PAR8 HED]

I look forward to running into Lester Polyester in the lobby, on my way out to the tiki bar in the marina!

[gottagofishin]

I still think it would be a great concept. I believe Jimmy would make sure it was done right.

I think it could be a great place for parrotheads to go for a fun time!! If he added an auditorium there would be a new venue for him to play possibly concerts. With the location on the marina it has so many possibilities and seems a good fit for JB.

If he does build a casino in AC I know where we're going to be spending most of our leisure time.

If you hear anything else about this deal, please post it.

My understanding is that JB is leasing the name "Margaritaville" to Coastal Marina LLC but he is not financially involved with the casino at all. I believe that JB's company would manage and operate the Margaritaville Cafe within the resort. I would also believe that he would have some input on the overall theme of the casino but beyond that, it is not a JB owned resort.

[Bfan53again]

Thanks for the update........

[KruzinParrots]

I still think it would be a great concept. I believe Jimmy would make sure it was done right.

I think it could be a great place for parrotheads to go for a fun time!! If he added an auditorium there would be a new venue for him to play possibly concerts. With the location on the marina it has so many possibilities and seems a good fit for JB.

If he does build a casino in AC I know where we're going to be spending most of our leisure time.

If you hear anything else about this deal, please post it.

My understanding is that JB is leasing the name "Margaritaville" to Coastal Marina LLC but he is not financially involved with the casino at all. I believe that JB's company would manage and operate the Margaritaville Cafe within the resort. I would also believe that he would have some input on the overall theme of the casino but beyond that, it is not a JB owned resort.

[KruzinParrots]

There was supposed to be a comment on the end of my las post. Sorry. I'll try again.

I don't think JB would lease the name, Margaritaville out unless he was absolutely sure he could be guaranteed a certain quality. I mean nothing says Jimmy Buffett more than that one name, Margaritaville!! So he must be guaranteed a say in the look, style of the place. They should know that Parrotheads are not going to accept just anything beacuse the name is on it. So as long as he is satisfied, I think we can expect something we will all enjoy. If that is the case it doesn't really matter whose name is ont he loan papers.

Here's hoping the deal flies!!

[gottagofishin]

There was supposed to be a comment on the end of my las post. Sorry. I'll try again.

I don't think JB would lease the name, Margaritaville out unless he was absolutely sure he could be guaranteed a certain quality. I mean nothing says Jimmy Buffett more than that one name, Margaritaville!! So he must be guaranteed a say in the look, style of the place. They should know that Parrotheads are not going to accept just anything beacuse the name is on it. So as long as he is satisfied, I think we can expect something we will all enjoy. If that is the case it doesn't really matter whose name is ont he loan papers.

Here's hoping the deal flies!!

I agree with you. I think his "Margaritaville" team will be involved with the concepts and design. It's just not going to be a Jimmy Buffett owned casino.

[clearlakeparrot]

Not spending any more money on AC. Once was enough. Talk about out of the way places

[Bfan53again]

Not spending any more money on AC. Once was enough. Talk about out of the way places

Everybody has their favorite venues to see JB and it's great that we all have have choices.........

[thebeachbumm33]

Yesterdays AC Press

http://www.pressofatlanticcity.com/news ... 03286.html

"Hardie’s testimony also focused on the proposed sale of the troubled Trump Marina Hotel Casino. He said Trump Marina has a value of just $24 million, although Trump Entertainment has received a $75 million offer from Coastal Marina LLC, a New York gaming company that unsuccessfully tried to buy the casino last year.

“I think there’s a very strong likelihood that this asset will in fact get sold to them,” Hardie said of Coastal Marina."

[Bfan53again]

Yesterdays AC Press

http://www.pressofatlanticcity.com/news ... 03286.html

"Hardie’s testimony also focused on the proposed sale of the troubled Trump Marina Hotel Casino. He said Trump Marina has a value of just $24 million, although Trump Entertainment has received a $75 million offer from Coastal Marina LLC, a New York gaming company that unsuccessfully tried to buy the casino last year.

“I think there’s a very strong likelihood that this asset will in fact get sold to them,” Hardie said of Coastal Marina."

I'm pulling for Coastal Marina, LLC and hope that JB can still consider an M-ville at that site.......

[KruzinParrots]

Any new news about this deal. It is really getting interesting now!!

[RinglingRingling]

Wow, the sale price goes from $316M to $75M.........

That property is still probably a long shot for any kind of Buffett partnership, but it does rekindle a small ray of hope!

The Donald has a lot of folks nipping at his nethers

[KruzinParrots]

Has anyone heard anything more about the status of this project?

[Bfan53again]

Has anyone heard anything more about the status of this project?

The news regarding this matter has been awfully quiet........just like Jimmy announcing another AC concert date for 2010!

[KruzinParrots]

I know. We've been waiting to see if he announces a date there also. it is a great venue.

[Bfan53again]

I know. We've been waiting to see if he announces a date there also. it is a great venue.

Agreed, last year was our first AC concert (as well as our first indoor JB show)......we had a great time, too