Coastal Marina will purchase the Trump Marina Hotel Casino in Atlantic City for $316 million, and re-brand and refurbish the property under the “Margaritaville™” brand. The deal also ends unrelated litigation between the two companies.
“Together with Jimmy Buffett’s team at Margaritaville™, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City,” said Coastal Marina Chairman Richard Fields. “In the weeks and months ahead, there will be additional announcements and more details about the transition of ownership and our new resort concept.”
A Trump official says the transaction will give them greater financial flexibility at Trump Taj Mahal, including a new 782-room hotel tower.
The Trump Marina Hotel Casino includes the lease for the Senator Frank S. Farley State Marina.