Casino News

Sale of Trump Marina 'is off'

2009-06-02 17:05:54

A deal to turn Trump Marina Hotel and Casino into a tropical resort has fallen through.

At one point the plan was to turn the Atlantic City venue into a "Jimmy Buffet-inspired" resort in a deal that would have been worth $270 million, reports the Associated Press.

The deadline passed last week, but Trump Entertainment and Coastal Marina, which is based in New York, have both expressed a desire to work out the problems.

However, the two firms have both attributed the breakdown in negotiations to the other party involved.

Mark Juliano, chief executive officer of Trump Entertainment Resorts, said Coastal wrongly accused his firm on defaulting on the agreement, but Coastal said it was the other side's decision to cancel the deal.

In April, revenues at casinos in Atlantic City fell by 14.2 per cent compared to the same period the year before. However, this was an improvement on the 19.4 per cent decline in March.