Trump Selling Atlantic City Casino for $38 million

Landry's Inc. will buy the Trump Marina Hotel Casino in Atlantic City from Trump Entertainment Inc. for $38 million.

Landry's operates the Golden Nugget casino in Las Vegas along with over 300 retail and restaurant chains such as Rainforest Café and the Bubba Gump Shrimp Company.

The new owner plans to rename the casino Golden Nugget Atlantic City and update the entire property. Rooms will be revamped and new bars, lounges, and restaurants are to be added. Landry's expects all improvements will be completed by the end of the year.

The buyout marks the return of the Golden Nugget name to Atlantic City, where a casino of the same name was operated from 1980 to 1987.

"We are excited to bring the Golden Nugget back to Atlantic City," says Tilman Fertitta, owner of Landry's, Inc. in a statement. "Our plan is to transform the Trump Marina into a luxurious and exciting hotel and casino with the highest level of service."

Trump Entertainment, which also owns Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino in Atlantic City, says the net proceeds from the deal will be used to lower long-term debt. The Trump Marina was the weakest casino in the Trump gaming empire, and also came in dead last for gaming revenue in 2010 out of the 11 casinos operated in Atlantic City.

The casino will honor all existing Trump Marina customer points and rewards.

Photo, Trump Marina Hotel Casino.

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