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.

The Margaritaville Casino that was announced in 2007 is still on hold but the backers are still committed to the project:

“The core of Margaritaville is going to be and what we announced is still there,” Payne said in an interview with Biloxi television station WLOX on Wednesday during the Southern Gaming Summit.

Las Vegas-based Harrah’s announced the $700 million project in 2007. Buffett, a Pascagoula, Miss., native known for his lazy-day beach songs such as “Margaritaville” and “Cheeseburger in Paradise,” was one of the resort’s backers.

The project had been expected to be finished in early 2010 but was put on hold last year. Payne has no idea when construction may resume.

“So to your question about time frame, we just have to wait and see.”

“Unfortunately we’ve had to downsize the business, as many have in the Biloxi market to match the staffing levels to the volumes we now see,” Payne said.

Payne said Harrah’s remains committed to its Biloxi resort, and to the people who work there.

“There’s still a great opportunity to build a world class facility there,” said Payne. “The question is when do the markets open. When is the right time to do it?”

“We love the project. We love the location. It’s a matter of what are the new financing for it. And we continue to work on that.”

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.

Another year has come and gone, and we look back at some of the highlights from 2008:

January

• Jimmy’s sister Lucy “Lulu” releases cookbook: “Crazy Sista Cooking”



• Jimmy plays a charity benefit show in Hong Kong
• In addition to Hong Kong show, Jimmy performs private show in Singapore and performs for troops aboard the USS Harry Truman (right)

February

• February 4th was the 7 year anniversary of Jimmy getting ejected from Miami Heat game
• The crew of the space shuttle Atlantis prepares for spacewalk by listening to Buffett’s “Oysters and Pearls”
• It’s reported that a Michigan company would begin making chips and salsa for Jimmy’s Margaritaville Foods
• In mid-February the annual trickle of tour dates begin to leak out, followed by the official tour announcements by the end of the month
• Harrison Ford reveals in an interview with Barbara Walters that he got his ear pierced after a lunchtime birthday celebration with Jimmy and the late Ed Bradley
• It’s announced that Buffett would build a new restaurant in Waikiki, Hawaii called “Jimmy Buffett’s At The Beachcomber”

March

• Panama City Margaritaville opens on March 5th
• On March 12th, Comedy Central’s “South Park” lampooned Jimmy Buffett (right)
• March 17th marked the 30 year anniversary of the release of “Son Of A Son Of A Sailor”

April

• Jimmy and Mac performed April 9th at the Glendale, AZ Margaritaville
• On April 13th, Jimmy and Jane Buffett pledged $50,000 at Comedy Central’s “Night Of Too Many Stars Autism Benefit”
• 2008 tour kicks off April 21st in Houston
• Buffett plays St. Louis for the first time in 8 years
• Other tour stops this month were Frisco, TX and Charlotte, NC

May

• Freddie & The Fishsticks play benefit show at New Orleans Margaritaville on May 1st



• Buffett plays New Orleans Jazz Fest on May 3rd
• Jimmy’s latest novel, “Swine Not?” is released May 13th
• Publicity rounds for new book include the Today Show, Regis & Kelly, and David Letterman
• It’s reported May 29th that the Trump Casino in Atlantic City will be turned into a Margaritaville Casino

June

• “Scenes You Know By Heart” DVD released exclusively through Walmart on June 3rd
• Second leg of tour resumes in Atlanta on June 5th
• Buffett also plays Raleigh, Detroit, New York City, and Philadelphia in the month of June

July

• Tour resumes in Cincinnati on July 17th
• Buffett also plays East Troy, Pittsburgh, Chicago twice, and Indianapolis in the month of July
• It’s reported that because of the credit crunch, work was slowing on the Margaritaville Casino in Biloxi

August

• Jimmy performs at the Newport Folk Festival in Rhode Island on August 3rd
• Tour resumes August 24th in Atlantic City
• Buffett also plays Wantagh, NY and the first of two shows in Bristow, VA in August

September

• Second show in Bristow, VA on September 1st
• Other tour stops in September include two shows in Mansfield, MA
• September 6th Mansfield show time moved up to 3 pm because of the approaching Hurricane Hanna
• Buffett performs two shows in Paris, marking the second year in a row he’s played Paris
• Mohegan Sun Margaritaville opens on September 29th
• BuffettWorld debuts the Buffett Caption Contest

October

• New monthly column debuts on BuffettWorld: “From Under My Lone Palm”, written by Justin
• Coral Reefer Nadirah Shakoor releases album on October 14th: “Nod To The Storyteller”
• West coast tour includes stops in San Diego, San Francisco, and two shows in Las Vegas
• On October 23rd, Jimmy visited Google Headquarters where he spoke and performed

November

• Jimmy’s dear friend and legendary Key West figure Captain Tony Tarracino died on November 1st



• Jimmy performs November 2nd at a Barack Obama rally in Tampa, Florida (right)
• On the 8th, Jimmy performed a private show at the Mohegan Sun Margaritaville Cafe
• Radio Margaritaville becomes available to XM subscribers as the result of the Sirius XM merger
• Coral Reefer Mac McAnally won CMA Musician of the Year at CMA Awards on November 12th
• Jimmy attends University of Florida football game on the 15th where he was invited into the locker room by coach Urban Meyer

December

• Jimmy Buffett turns 62 years old on Christmas Day

And that’s a quick review of 2008!

It was another great year at BuffettWorld and we’d like to thank all of you who visit BuffettWorld, subscribe to the daily email updates, and who are members of our forum.

Thank you and we look forward to providing you the best and most Jimmy Buffett news and information on the web again in 2009!