Trump selling an Atlantic City casino to Landry's
ATLANTIC CITY, N.J. (AP) - February 14, 2011 (WPVI) -- Trump Entertainment Inc. is selling the Trump Marina Hotel Casino to Landry's Inc. for $38 million.
The Atlantic City, N.J. casino is one of many properties there that have struggled during the economic downturn as consumers tightened spending and hit local casinos instead.
Landry's Chairman, President and CEO Tilman Fertitta said in a statement that the casino will become a Golden Nugget property, but that it will honor Trump Marina customer points and rewards at the site as well as at the Las Vegas and Laughlin Golden Nuggets.
Landry's plans to add new bars, lounges, restaurants and update rooms at the Trump Marina complex. The buyout will mark the return of the Golden Nugget to Atlantic City, where it operated as a casino-resort from 1980 to 1987.
"Our plan is to transform the Trump Marina into a luxurious and exciting hotel and casino with the highest level of service. All improvements are expected to be completed by the end of this year," Fertitta said.
Trump Entertainment, which also owns Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino in Atlantic City, said Monday that it will use the deal's net proceeds to lower long-term debt.
The acquisition is expected to close in the second quarter.
Aside from its Golden Nugget properties, Landry's owns and runs more than 300 restaurants and retail shops including Rainforest CafDe and the Chart House. It also owns the Downtown Aquarium complexes in Houston and Denver and the Kemah Boardwalk, a 50-acre, family-oriented themed entertainment destination outside Houston.
In October shareholders approved Fertitta's bid to take Landry's Restaurants Inc. private by purchasing the part of Landry's he didn't already own. Fertitta's Landry's Holdings Inc. paid $24.50 per share in a deal valued at about $1.4 billion. He had been trying to take the company private for two years.
donald trump, atlantic city, new jersey, casinos, gambling, business/finance
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