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A.C. Trump Marina sale not imminent
ATLANTIC CITY — The company that owns the Trump Marina Hotel Casino said Wednesday its planned sale to a New York developer and former protege of Donald Trump will not happen soon.
Trump Entertainment Resorts said Thursday%26#39;s deadline to sell the struggling Atlantic City casino-hotel to Richard Fields will come and go. Company spokesman Tom Hickey said both sides are still interested in making it happen but can%26#39;t give an estimate as to when that might be.
A spokesman for Fields%26#39; company, Coastal Development LLC, which is based in Manhattan, declined comment Wednesday evening.
Fields announced plans a year ago to buy the casino and rebrand it as Margaritaville in partnership with the business operation of singer Jimmy Buffett.
The casino%26#39;s price already has been cut from $316 million to $270 million. It%26#39;s unclear whether a further price reduction might be made to facilitate the deal.
Trump Marina is the smallest and worst-performing of the three Atlantic City casinos owned by Trump Entertainment Resorts, which is in bankruptcy court.
In the first quarter of this year, Trump Marina reported a gross operating loss of $858,000, compared with a gross operating profit of $4.8 million last year.
The company has since hired a firm to market all three casinos, despite the proposed sale of the Marina.
The proposed sale also would settle litigation between Trump Entertainment and Fields over wooing of the Seminole Indian tribe to build a casino in Florida. Fields once represented Trump in talks with the tribe but didn%26#39;t complete a deal. He later joined with the Baltimore-based Cordish Co. to build the Hard Rock there, prompting Trump to sue.
Trump Marina covers 14 acres (5.7 hectares) and includes a 27-story hotel with 728 guest rooms, including 153 suites.
Margaritaville delayed... or dead
Sounds like Coastal is trying to get it for a rock bottom price. Good move in this environment. Casino income is down so why rush to build out a casino if waiting a few months will get a lower price. Should not wait much longer as it looks like the economy may start turning soon.
Would love to see it as I am a Parrothead.
Margaritaville delayed... or dead
i just hope something happens....anything for that matter. we enjoy the marina district and would hate to see it just shut down. I know the employees seemed thrilled when the proposed sale was announced
now i wonder if there just wondering day to day whats going to happen
Going to the Marina on Monday for a 2 day trip.
Hopefully they will have a few of the newer slots like Taj...last trip there wasn%26#39;t much of a change to the casino floor.
Good Luck!
I asked a Marina cashier about it over the Memorial Day weekend. They have no idea what is going to happen. She said they come to work every day and hope the doors are open. Working for an enterprise that annually loses millions and is owned by a bankrupt company doesn%26#39;t provide much job security. Gotta feel for the workers.
I%26#39;ve never even been to Trump Marina. Judging by the outside appearance, it%26#39;s nothing special.
I thought the idea of a Margaritaville hotel was totally cheesy! I get the whole boating thing, but all I can picture is a bunch of Hawaiian shirts and the smell of onion rings.
Let%26#39;s just say I call the place Dump Marina. Unless there was a major overhaul of the place, it was disgusting when I was last there.
I think MGM also pulled the plug on building next to the Borgata. I think it was set for 2012. Then there was Pinnacle in place of Sands. They imploded Sands in Dec 2007. Don%26#39;t know what the updates are on it. They were planning for 2011.
That%26#39;s hilarious because we call it Dump Marina too! The deck by the marina is nice though. MGM has their project on indefinite hold, and I don%26#39;t see them building anytime soon given the company%26#39;s financial situation. Pinnacle has all but pulled out.
Parville,
I do feel sorry for the employees with this whole sale in the air. Some have expressed they were happy to see the change and others were not so happy.
To those that think the Marina is a Dump...well to each there own in AC. That is why there is such a variety of places. We like the hotel suites and the smallness of the casino. Table dealers are nice and don%26#39;t have the problems of the beggers as we did when staying on the boardwalk.
Each casino has it%26#39;s good sides and bad sides. None are perfect.
Good Luck where ever you play.
I can%26#39;t say this comes as a surprise. Does anyone else but me think we might be overdoing it on the number of casinos? I realize Margaritaville would replace an existing casino - but things seem to be getting out of control. Casinos are no longer a guaranteed cash cow, and the more they build, the more diluted the profits are. As a player, the more the merrier but as an investor, no way.
ACM
I recently switched from the Trop to the Marina and quite honestly the people are alot nicer. Although the Trop is nicer to look at, has more shops, and is alot prettier, the Marina doesnt leave you feeling %26#39;lost%26#39;.
I was wondering if the switch to Margaritaville would change the personalities of the employees since its a larger and more %26#39;commercial%26#39; name.
And I agree with the above...Good Luck wherever you play.
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