Parrotheads On The Boardwalk

The newest casino mogul on the East Coast could be none other than Jimmy Buffett.

The Trump Marina Hotel Casino in Atlantic City, N.J., is set for a Margaritaville makeover following a $316 million sale to Coastal Marina LLC and Buffett’s holding company.

Coastal Marina, a New York gambling company headed by the co-developer of the Seminole Hard Rock Hotel and Casino in Florida, will work in conjunction with Buffett’s company to re-brand the casino as a destination resort. The property is expected to be an extension of the artist’s chain of Margaritaville restaurants and shops located throughout the U.S., Jamaica, Turks & Caicos Islands, Cayman Islands and Mexico.

"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," Coastal Marina chair Richard Fields said in a statement.

Features at the 27-story, 728-room hotel include nearly 80,000 square feet of gaming space, 58,000 square feet of convention, ballroom and meeting space, a 540-seat theatre and a nightclub.

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

The sale will allow Trump to pay down company debt, upgrade other hotel properties and invest in outside projects, the statement said.

After a failed buyout attempt, Trump entered into serious negotiations with Cordish Co. last fall to sell off all its assets, a source reportedly close to the discussions told the Wall Street Journal, but talks came to a halt when the parties couldn’t agree on a purchase price.