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Trump Marina Sells for $316M

ATLANTIC CITY, NJ-New owner Coastal Marina will refurbish and rebrand the 728-key property as Margaritaville Resort & Casino.

By Eric Peterson | Updated on May 29, 2008

ATLANTIC CITY, NJ-Rumors have been circulating about the possible sale of Trump Entertainment’s three casino/hotel properties here, and one of them, Trump Marina, is indeed being sold. Coastal Marina LLC, an affiliate of the New York City-based Coastal Development, is under contract to buy the 728-key property for $316 million, subject to regulatory approvals. The buyer and seller have also agreed to drop prior, unrelated litigation, details of which were not released.

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.”

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