Tilman Fertitta purchased Trump Marina in Atlantic City

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Years of declining revenues in Atlantic City didn’t discourage entrepreneur Tilman Fertitta from making a move on Trump Marina Hotel and Casino. On Monday, it was announced he had purchased the property for an estimated $38 million.

Fertitta, who last year took full possession of Landry’s Inc., owner of some 300 restaurants, as well as the Golden Nugget casinos in Las Vegas and Laughlin, said he “plans to bring the Golden Nugget back to Atlantic City.”

“It’s a wonderful transaction for the company and the buyer,” said Donald Trump, who was part of a consortium that took the Trump Entertainment Resorts out of bankruptcy last year. The company has two other Atlantic City casinos.

The original Golden Nugget in Atlantic City was a product of a young Steve Wynn, who departed the city to devote his development abilities to Las Vegas.

As for Fertitta, he proudly points to the Golden Nugget in Las Vegas where his company has poured some $300 million to make it the premier property in downtown Las Vegas.

“We are excited to bring the Golden Nugget back to Atlantic City,” he was quoted as saying. “Our plan is to transform the Trump marina into a luxurious and exciting hotel and casino with the highest level of service. All improvements are expected to be completed by the end of this year.”

The purchase is subject to regulatory approval and is expected to be completed during the second quarter of the year.

The Trump Marina is located next to the Borgata and Harrah’s.

It is Fertitta’s aim to transform the property into a premier resort destination, featuring some of Landry’s restaurants such as the Chart House, overlooking the huge marina; Red Sushi, Lillie’s Asian Cuisine and Noodle Bar; the Vic & Anthony’s Steakhouse and the Grotto Italian Ristorante.

 Since acquiring the Golden Nugget in Las Vegas, Landry’s has constructed the $150 million Rush Tower, which contains a 100,000 gallon tropical aquarium, and added The Tank swimming pool that has garnered awards from travel companies.

In recent months, the property has become the home of popular television shows, particularly Poker After Dark and High Stakes Poker.

Formerly a publicly-traded company, Landry’s was taken private by Fertitta, who was chairman and CEO as well as the company’s largest single stockholder.

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