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Sale of Trump Marina Casino is Likely Dead

May 15th, 2009

According to Philadelphia Business Today the sale of the Trump Marina Casino to Coastal Development, LLC is likely dead:

Trump Entertainment Resorts Inc., the owner of Trump Marina, has asked Lazard Asset Management L.L.C. to shop the troubled property as part of its bankruptcy filing on Feb. 17.

The move has Coastal Development L.L.C., of New York, a potential buyer, crying foul as the May 26 deadline to close the deal approaches.

“Coastal Marina [an affiliate of Coastal Development] is troubled by recent reports that suggest that Trump . . . may be actively engaged in promoting the sale of the Trump Marina Hotel and Casino to other potential buyers in breach of its exclusive agreement to sell the property to Coastal,” company spokesman Charlie Leonard said yesterday.

Trump officials contend Coastal has not proceeded on making the purchase.

Under the deal, Coastal plans to buy and convert the Trump Marina into a Margaritaville-themed casino using entertainer Jimmy Buffett.

But the deal has been beset with problems as the economy and lending markets sagged over the last year.

The Marina sale was revised last fall, reducing the price to $270 million from the original offer of $316 million. A deadline to close the deal in October was moved to May 26.

Read the entire article here.

Tagged in Business Empire, Casinos