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Margaritaville Casino in Atlantic City now “Out of the Picture”

September 10th, 2010

There’s another fresh round of back-and-forth between Coastal Development (a partnership with Jimmy Buffett) and Trump Entertainment Resorts over the Trump Marina Hotel Casino in Atlantic City. This time it appears the deal is off for good.

“Coastal made a written offer to purchase the Marina on Aug. 23, 2010, and was prepared to place half of the purchase price in escrow,” Coastal Chairman Richard T. Fields said. “The company never responded. . . . Last week, we formally withdrew our offer.”

“We are now officially out of the picture,” Fields added, “and will not be used in the press as a stalking horse in a deceptive process.”

The original plan back in 2008 was to purchase the resort for approximately 315 million dollars and turn it into a Margaritaville-themed casino and resort. The deal was on and then off multiple times, eventually culminating in Coastal Development suing Trump in 2009 over the deal. The lawsuit is apparently still ongoing.

The August 23rd offer by Coastal that went unanswered was reportedly for less than $75 million… a freefall from the original $315 million offer and later offer of $270 million.

Trump Entertainment CEO Mark Juliano believes a deal can still be done with Coastal, noting that it “would make the fourth time that [Coastal has] been out.”

Read more in today’s Philly Inquirer and Press of Atlantic City.

Tagged in Business Empire, Casinos