Deadline Today for Trump Casino Deal (Updated)

May 28th, 2009

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.

Tagged in Business Empire, Casinos