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Deal Off for Trump Marina Casino

June 1st, 2009

Trump Entertainment Resorts has terminated the agreement with Coastal Development to buy the Trump Marina and Casino and turn it into a Margaritaville-themed casino:

Trump Entertainment Resorts Inc. decided today to terminate its purchase agreement with Coastal Development L.L.C. of New York to acquire the Trump Marina Casino in Atlantic City.

The deadline to complete the deal was Thursday. When that date came and went, the two sides said they would continuing talking.

That apparently changed today.

“We are disappointed with Trump Entertainment Resort Inc.’s letter today to terminate our agreement to acquire the Trump Marina Hotel and Casino,” said a statement released by Coastal Marina L.L.C., an affiliate of Coastal Development, about 4 p.m. “It had been our hope to continue a dialogue with Trump Entertainment about modifying the agreement to reflect current economic realities, but regrettably they chose instead to send this letter. We remain committed to Atlantic City as the perfect market for a Margaritaville project.”

Tagged in Business Empire, Casinos