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Sale of Trump Marina Casino Cancelled After Deadline Passes
ATLANTIC CITY, NEW JERSEY --
Just a couple days after saying there was no issue with purchaser Coastal Marina delaying the closing on the sale of the Trump Marina Casino, Trump Entertainment reversed position and called the deal off. Coastal was informed by a letter from Trump terminating the prospective sale of the Atlantic City gambling venue.
Coastal had arranged a purchase of the property a year ago, planning on renovating the property and licensing the Margaritaville name from entertainer Jimmy Buffett to establish a resort theme. But economic conditions quickly worsened, causing Coastal to negotiate down the agreed price from $316 million to $275 million.
Then, Coastal missed last Thursday's deadline to close the deal, saying what little financing is still available is priced too highly to be acceptable. At the time, both sides agreed the deal would continue, and said it would only be a short delay before proper credit for the casino allowed completion.
But apparently, Coastal has decided the price is still much too high on today's market. The Tropicana exchanged hands today with the acceptance of a $200 million bid that sat uncontested for three weeks.
"It had been our hope to continue a dialogue with Trump Entertainment about modifying the agreement to reflect current economic realities, but regrettably they chose instead to send this letter," said Coastal officials in a written statement.
"There are a number of terms including price that need to change, but Coastal is still very interested in getting a deal done," Coastal spokesman Charlie Leonard said. Leonard allowed that the casino may seek new locations, but still intends a Margaritaville casino in New Jersey.
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