A New York gambling company that specializes in financing and developing entertainment resorts is buying Atlantic City's Trump Marina Hotel Casino for $316 million, and will rename and rebrand it Margaritaville, Trump officials said this morning.The Marina has been consistently at the bottom of the casinos, and it has been shabby for decades because of Trump's money woes. A fresh infusion of funds and rebranding will certainly invigorate the casino, as will the continued development in the Marina district.
The new owner, Coastal Marina LLC, an affiliate of Coastal Development LLC, is buying the casino from Trump Entertainment Resorts Inc., the casino company under Donald J. Trump, in what is shaping up to be Atlantic City's most challenging year, given new neighboring competition.
In acquiring Trump Marina, Coastal will be charged with trying to turn around the worst performer among Trump's three casinos, one that sits next to the formidable Borgata Hotel Casino & Spa and Harrah's Resort in the city's Marina district.
The 23-year-old casino has not been refurbished in two decades, and has consistently ranked the lowest revenue generator among Atlantic City's 11 casinos.
Last month, slots revenue at Trump Marina dropped 10.6 percent, and table game revenue was off by 37.2 percent, compared with the same month a year ago.
The location is prime considering the luxury Borgata down the road, and a new $5 billion Mirage hotel and casino complex that will be built adjacent to the Trump location.
There had been speculation that Trump would try to sell all three of its casinos, but there hasn't been any takers, so they're selling it piece meal.
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