Staff & Wire Reports | Coastal Marina, an affiliate of Coastal Development, LLC, announced last week that it has entered into an agreement to purchase the Trump Marina Hotel Casino in Atlantic City from Trump Entertainment Resorts, Inc.
Coastal Marina has agreed to pay Trump Entertainment Resorts $316 million to complete the transaction. As part of the transaction, the parties have also agreed to end prior, unrelated litigation, upon the closing of the transaction.
Once the sale is completed, Coastal Marina will re-brand and refurbish the property into a new destination resort under the "Margaritaville" brand.
"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," said Richard T. Fields, chairman of Coastal Marina. "In the weeks and months ahead, there will be additional announcements and more details about the transition of ownership and our new resort concept."
The Trump Marina Hotel Casino covers approximately 14 acres and includes a 27-story hotel with 728 guest rooms, including 153 suites. The casino has 79,000 square feet of gaming space and approximately 58,000 square feet of convention, ballroom and meeting space.