Trump Marina Hotel Casino Sold
Well it has not been a bed of roses for casinos in Atlantic City and in Vegas during the past few years and as a result Trump Entertainment Resorts has decided to sell Trump Marina Hotel Casino to the Texan company that owns Golden Nugget Las Vegas and Laughlin for $38 million. The worrying fact about this deal is that the current price of the Trump Marina Hotel Casino is just a tenth of the original price that Trump Entertainment was offered for the casino in 2008.
It is not just Trump Entertainment that it feeling the heat as Atlantic City Hilton Casino Resort which was to be bought by Landry’s Inc was also abandoned. Now Landry’s Inc has shifted its focus to Trump Marina, which they are working of rebranding as a Golden Nugget. Tilman Fertitta, the chairman, President and CEO of Landry has stated that the plan of his company is to transform the Trump Marina into a hotel and casino of luxury and excitement, which would provide the highest level of service. He also added that they are all excited about the new project. Nearly all the Atlantic City casinos have been struggling for the past four years, which has resulted in a loss of nearly one-third of their business. The reason behind the down trend is poor economy and the arrival of new casinos in the neighbouring states.
This current deal is promising for Golden Nugget and it will bring it back to Atlantic City from where it operated from 1980 to 1987. Fertitta also added that the business is still worth $3 billion and more in the market and that they wanted to operate in East Coast. The property is large and was built in 1980s with spacious interiors which would include high ceilings. He added that AC Hilton did not have that king of interior. This sale has come very handy for the Trump Entertainment that emerged from its third stint in bankruptcy court.