A new Margaritaville in Atlantic City?

[PyrateJohn]

From the article at
_http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/
20080529/...
(http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/
20080529/...)


Trump to sell Marina casino in A.C.


By WAYNE PARRY
Associated Press


A New York gambling company is buying Atlantic City's Trump Marina
Hotel
Casino for $316 million, and will rename it "Margaritaville," the
companies said
today.


Coastal Marina LLC, an affiliate of Coastal Development LLC, is
buying the
casino from Trump Entertainment Resorts.


Trump Entertainment is the casino company founded by real estate
magnate
Donald Trump. After the sale, the company will have two remaining
casinos in
Atlantic City: The Trump Taj Mahal Casino Resort, and Trump Plaza
Hotel and
Casino.


"They are buying a wonderful building in a great location," Trump
said in a
statement. "It has been an important part of our company with a
loyal
customer base and a dedicated team."


Richard T. Fields, chairman of Coastal Marina, said the casino will
take on
a new identity once the sale closes. No timetable was given.


"Together with Jimmy Buffett's team at Margaritaville, our plans are
to
create an exciting new property that we believe will tap its full
potential and
make it one of the most successful destination gaming resorts in
Atlantic
City," Fields said.


Trump Marina was the lowest performing of Trump's three Atlantic
City
properties. Located in the city's marina district, it was dwarfed by
market leaders
-- and marina neighbors -- the Borgata Hotel Casino & Spa, and
Harrah's
Atlantic City.


In the first quarter of this year, Trump Marina reported a decline of
48.2
percent in gross operating profits to $4.8 million.


The sale marks the conclusion of an on-again, off-again courtship
dance that
Trump Entertainment Resorts has been conducting with potential
suitors for
the past year. At least two prior deals to sell all or part of the
company
fell through.


The company reported a wider quarterly loss in the first quarter of
this
year, blaming a general economic slowdown, competition from out-of-
state slots
parlors, and promotional costs associated with its new player loyalty
program,
TrumpONE, which tracks play and awards comps at all three Trump
casinos.
Each casinos used to have its own player card.


The company reported a net loss of $18.6 million, or 59 cents per
share,
compared with a loss of $8.1 million, or 26 cents per share in the
same period a
year ago.


Mark Juliano, Trump Entertainment's chief executive officer, said
cash from
the sale will help it improve its two remaining properties, as well
as look
at potential opportunities outside Atlantic City.


"The execution of this transaction will provide us with additional
financial
flexibility to effectively master-plan the future path of our company
in the
midst of an overall transformation which has already been marked by
many
successes," he said.


The company's largest project is a new 782 room hotel tower at the
Taj Mahal
due to open in September.


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
--PirateJohn--
http://pyratejohn.blogspot.com (the *NEW* blog)
http://www.PirateJohn.com (my website)
http://groups.yahoo.com/group/HumourList (the infamous joke list)


Enjoy!

[ZapRat]

Nobody gives a shit beyond drunken losers like the dipshit described below:


~~
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