Trump Loses On Landry’s Sale

Atlantic City just ain’t worth what it used to be.

In a sign of current real estate times, Trump Entertainment Resorts recently agreed to sell the Trump Marina Hotel Casino for the screaming deal of $38 million to Landry’s Inc.

Trump reached a tentative agreement in 2008 to sell the property to Coastal Marina LLC and Jimmy Buffett for $316 million for a Margaritaville-themed property, but the deal fell apart in 2009.

Landry’s owns Golden Nugget properties in Las Vegas and Laughlin, Nev., and will rebrand the Trump Marina as a Golden Nugget. The company is expected to commence extensive renovations on the casino.

Chairman Tilman Fertitta told the Press of Atlantic City Landry’s will spend $150 million to transform the 1980s-era casino into a modern luxury property.

Plans include new bars and lounges, live entertainment, new gaming rooms, stores, updated rooms and suites and, eventually, a new hotel tower.

Landry’s, which also owns and operates several restaurant chains around the country including Rainforest Café and Bubba Gump Shrimp Co., is also planning to open some of its restaurants in Atlantic City.

“We want to be part of the group that makes it a destination market,” Fertitta said.

The deal awaits regulatory approval by the New Jersey Casino Control Commission and is expected to close in the second quarter. Renovations are scheduled to be completed by the end of the year.