Today is the deadline for Trump Entertainment Resorts Inc. and Coastal Marina, LLC to complete the sale of the Trump Marina and Casino in Atlantic City. Coastal Marina and Jimmy Buffett have plans to turn it into a Margaritaville Casino.

New York gaming group Coastal Marina LLC is facing a deadline today to complete the purchase of Trump Marina, the weakest performer in the bankrupt casino empire once controlled by Donald Trump.

Coastal Marina wants to team up with Jimmy Buffett to transform Trump Marina into a Margaritaville-themed casino inspired by the singer’s “Margaritaville” hit song from the 1970s.

Trump Entertainment, parent company of Trump Marina, plans to continue negotiations with Coastal today, but would not disclose Wednesday whether the sale deadline might be extended.

“The deadline has not expired yet, so we’re continuing to talk,” Trump spokesman Tom Hickey said.

The Trump Marina deal has been shadowed for months by speculation that Coastal was having trouble lining up financing in the tight credit markets. Trump Entertainment lowered the price last fall from $316 million to $270 million and extended the sale deadline from October to May 28 to help Coastal.

Read the full article here.

Update – The deal will not close this week:

A New York gaming group that is in talks to buy Trump Marina Hotel Casino says the deal will not close this week as scheduled but that it still wants to acquire the property.

Coastal Marina LLC is facing a deadline today to complete the $270 million purchase from Trump Entertainment Resorts Inc. Both sides say they continue to negotiate, but there was no word whether the sale deadline will be formally extended.

“I remain fully committed to our Margaritaville concept and very bullish on the long-term outlook for Atlantic City,” Coastal Chairman Richard T. Fields said in a statement.

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.

Here are some photos from today’s performance and press conference where Dolphins Stadium was renamed Landshark Stadium:

View more photos in our Photo Gallery.

This morning the Miami Dolphins made it official with a press conference and performance by Jimmy Buffett that culminated with the unveiling of the new logo for Landshark Stadium.

Buffett performed Margaritaville, Volcano, and then a special Dolphins version of Fins. Tickets to the event were given to local parrothead clubs and select Dolphins fans.

You can watch the entire event at MiamiDolphins.com

Update – Here are the lyrics to “Fins For The Fish”, a modified version of “Fins” that Jimmy sang at the press conference on Friday:

We drive down on Interstate 95
And up on U.S. 1
It’s game day in Miami town
Where the Dolphins are Number 1 (numero uno)
We play down by the ocean
In the warm South Florida sun
The tailgate’s down so gather round
For some pre-game LandShark fun.

Chorus
Can’t you feel us circlin’ Dolphfans
Can’t you feel us schoolin’ around?
We got fins to the left, fins to the right,
We’re at the only game in town
Oh Oh Oh Oh
We got fins to the left, fins to the right,
It’s the only game in town

From Lauderdale and Boca
Palm Beaches and the Florida Keys
It’s a game day mass migration
High fives fill the breeze
Kick off time’s approaching
We gotta shut off our cell phones
And get our arms up in the air
We are entering the “FinZone”

Chorus
Can’t you feel us circlin’ Dolphfans
Can’t you feel us swimmin’ around?
We got fins to the left, fins to the right,
We’re at the only game in town
Oh Oh Oh Oh
We got fins to the left, fins to the right,
It’s the only game in town

Jimmy Buffett and Miami Dolphins owner Stephen Ross will hold a press conference today at Dolphins Stadium to announce a new partnership. Buffett has reportedly accepted a business role with the company and the stadium is likely to be renamed Landshark Stadium.

Jimmy will perform a few songs and several high profile sports celebrities will be in attendance.

The event will begin around 10:30 am EDT and will be broadcast on Radio Margaritaville. You might also tune your TV to ESPN or ESPN News as they might be carrying the press conference live.

Update – Watch Jimmy performing live right now at MiamiDolphins.com