Donald Trump Company Selling One Of Their Atlantic City Casinos

Atlantic City has been struggling to regain the popularity that it once held in casino gambling circles. The city has seen many of its legendary casinos either stripped down, or renovated. The city has been trying to lure back old customers.

A few months ago a new smoking law in the city's casinos was approved, further hurting the city from regaining its prominence among gamblers. Donald Trump, who is an avid anti-smoking spokesman, did not believe the smoking laws were fair.

Now, Trump has shown just what he feels the smoking laws will do to the city's casino revenue. Trump has announced that he has sold the Trump Marina Hotel Casino to Coastal Marina LLC. Trump Entertainment Resorts Inc. is the seller.

The closing of the sale is expected to be complete in six to nine months. Trump believes that both parties got a fair deal. "It's a great deal for both of us. They're buying a wonderful building in a great location," he said in an interview with the AP.

The new company is planning on having Jimmy Buffett bail out the troubled building. "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 Chairman of Coastal Marina, Richard T. Fields.

Trump could afford to sell the Marina property. It was the lowest of all the three Trump properties in AC. It was being outperformed by several competitors including Harrah's Atlantic City, and the Borgata Hotel Casino & Spa.

May 29, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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