Photo Courtesy (Trump Entertainment Resorts)
So the Trump Marina Casino is worth just 12% of what it was just three short years ago? My how things have changed! Back in May of 2008 Coastal Marina LLC agreed to pay $316 million, but the deal stalled over repair costs, and it stalled as the economy went south for the winter - and fell apart completely in June of 2009 when the economy failed to recover.
Now, just 20 months later, Trump Entertainment Resorts has hooked a new suitor for the marina property, Landry's Inc., a Houston casino and restaurant company that owns the Golden Nugget Las Vegas and Laughlin. The sale price was a surprising $38 million. And then again, maybe not, since the original Atlantic City casino, Resorts, was sold this past December for just $31.5 million - a property that at one time was virtually printing money as the slots and table games made more than $1 million dollars per day.Best of luck to Landry's, who will foot the bill for $50 to $100 million in renovations before enjoying the company of it's two closest neighbors (and the city's top-performing casinos), the Borgata and Harrah's Resort.
Meanwhile, the Donald holds on to 10 percent of Trump Entertainment Resorts which recently took the cost-cutting measure of proceeding through its third set of bankruptcy proceedings to reduce its debt. Trump Entertainment Resorts two remaining Boardwalk casinos include its flagship Taj Mahal Casino Resort and the Trump Plaza Hotel and Casino.
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