And the new ownership plans to refurbish and rebrand the property as the Margaritaville Marina Resort & Casino. Besides the room count, the 14-acre, 27-story property includes 79,000 sf of gaming space, 58,000 sf of ballroom and meeting space, a 540-seat theater, a rooftop helipad and a nine-story parking garage with a capacity of 3,000 cars. Also part of the package is the lease for the adjacent Sen. Frank S Farley State Marina.
"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," says Coastal Marina chairman Richard Fields, in a statement. "In the weeks and months ahead, there will be additional announcements and more details about the transition of ownership and our new resort concept."
Donald Trump says in a prepared statement that "they are buying a wonderful building in a great location. It has been an important part of our company with a loyal customer base and a dedicated team."
Trump CEO Mark Juliano, also says in a statement that "the execution of this transaction will provide us with additional financial flexibility to effectively master plan the future path of our company in the midst of an overall transformation which has already been marked by many successes. As we look forward to the opening of the new 782-room hotel tower and Il Mulino restaurant at the Taj Mahal later this year, we are encouraged by the success of the projects we have already introduced…at the Taj Mahal and [Trump] Plaza.
"Now we are closely evaluating the variety of options before us to create value for our shareholders, including additional development in Atlantic City, reducing the company's debt, and potential projects to diversify our interests outside of Atlantic City," Juliano says.
Latham & Watkins, led by partner Raymond Lin, and Bear Stearns, led by senior managing director Kenneth Shea, provided legal and financial advice respectively to Fields and Coastal Marina. Weil, Gotshal & Manges partners J. Philip Rosen and Malcolm Landau advised Trump Entertainment on the legal end, while the financial advice was provided by Merrill Lynch, led by managing partner Ragavan Bala.
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