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Margaritaville Casino In Atlantic City May Not Happen

February 20th, 2009

An article in the Philadelphia Inquirer reports that the sale of the Trump Marina Casino to Coastal Development LLC is in jeopardy due to a lack of secured financing:

Three bankruptcy filings and Donald J. Trump’s resignation as board chairman of Trump Entertainment Resorts Inc. have thrown the casino company into turmoil.

Finalizing the sale of Trump Marina Casino Hotel looks more remote than ever – but not because of those reasons.

The interested buyer, Coastal Development L.L.C., of New York, has not secured the financing to close the deal May 26 – the targeted closing date, according to those familiar with the sale negotiations.

Analysts of the gaming industry predict the sale will not happen any time soon, because of tight credit and the declining financial performance of the property.

“Coastal Marina [an affiliate of Coastal Development] is closely monitoring news and events in Atlantic City and needs to fully evaluate the developing situation and its effects on Coastal Marina’s interests,” said Charlie Leonard, spokesman for Coastal Development.

Coastal said it planned to transform the Trump Marina into a Margaritaville-themed casino using entertainer Jimmy Buffett.

Read the entire article here.

Tagged in Business Empire, Casinos