Margaritaville Casino in Atlantic City now “Out of the Picture”

posted September 10th, 2010 at 8:53 am

2 Comments »
by Josh Martin

There’s another fresh round of back-and-forth between Coastal Development (a partnership with Jimmy Buffett) and Trump Entertainment Resorts over the Trump Marina Hotel Casino in Atlantic City. This time it appears the deal is off for good.

“Coastal made a written offer to purchase the Marina on Aug. 23, 2010, and was prepared to place half of the purchase price in escrow,” Coastal Chairman Richard T. Fields said. “The company never responded. . . . Last week, we formally withdrew our offer.”

“We are now officially out of the picture,” Fields added, “and will not be used in the press as a stalking horse in a deceptive process.”

The original plan back in 2008 was to purchase the resort for approximately 315 million dollars and turn it into a Margaritaville-themed casino and resort. The deal was on and then off multiple times, eventually culminating in Coastal Development suing Trump in 2009 over the deal. The lawsuit is apparently still ongoing.

The August 23rd offer by Coastal that went unanswered was reportedly for less than $75 million… a freefall from the original $315 million offer and later offer of $270 million.

Trump Entertainment CEO Mark Juliano believes a deal can still be done with Coastal, noting that it “would make the fourth time that [Coastal has] been out.”

Read more in today’s Philly Inquirer and Press of Atlantic City.


Tagged in Business Empire, Casinos

  • http://www.therealdogtalk Bubba Ross

    Cool! Hotels are one thing, but casinos are a vile bidness. Your taking money from some poor dumb ass that can’t afford it. Or some rich pecker head that should be doing somthing more useful with it. It’s bad karma Jimmy. Keep it pure. Rock on!

  • Jrzjohnny

    Rumor is now floating that Resorts Atlantic City will become the Margaritaville Casino.  Frankly, they would be better off buying Trump Plaza which has its own Beach Bar.  But, hey, they’d have to deal with the idiots at Trump Entertainment again.

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