Trump Marina sold to Landry's Inc.

The weakest link of the Trump casino triumvirate in Atlantic City - Trump Marina - was sold Monday to the restaurant-and-retail company Landry's Inc., of Houston.

The underperforming casino was sold for $38 million, about one-eighth of its fetching price less than three years ago, when it was being touted as a Margaritaville-themed casino.

"I'm very happy about it," Donald Trump said by phone Monday from his office in New York. Trump owns 10 percent of Trump Entertainment Resorts Inc., which still owns the Trump Taj Mahal and Trump Plaza Casino at the Shore resort. "It's a wonderful transaction for the company and the buyers."

Trump Entertainment said proceeds would go toward repaying company debt.

Landry's chairman, president, and chief executive officer, Tilman Fertitta, said in a statement that the complex would become a Golden Nugget casino with new bars, restaurants, and lounges, similar to the Golden Nuggets the company already owns in Las Vegas and Laughlin, Nev.

After an extensive renovation, it will honor Trump Marina customer points and rewards at the Atlantic City property and at the other Golden Nuggets, he said.

The sale closes a chapter in a tortured journey for Trump Marina, which last month reported the lowest revenue among the 11 Atlantic City casinos, $9.3 million.

In May 2008, Trump Entertainment struck a deal with New York-based Coastal Marina L.L.C., run by Richard Fields, to buy the site for $316 million and turn it into a Margaritaville-themed casino featuring Jimmy Buffett.

As the economy and Atlantic City gaming revenues tanked, Coastal dropped the offer to $270 million. By June 2009, the deal fell apart and both sides traded barbs and accusations over the failed sale.

Trump Entertainment emerged from its third bankruptcy restructuring last spring with a new owner who vowed that selling the Trump Marina would be a priority.

In December, Resorts - Atlantic City's first casino - was sold for $31 million to gaming-industry veteran Dennis Gomes.

Earlier this month, Gov. Christie announced that the partly built $2.5 billion Revel Casino on the Boardwalk would receive $261 million in state tax breaks and resume construction. Christie is overhauling the resort by creating a state-run casino and tourism district.

"This is good for Atlantic City," said analyst Cory H. Morowitz of Morowitz Gaming Advisors L.L.C. in Galloway Township.

"These transactions and the injection of new capital and new ideas into Atlantic City will bring dynamism to the market and hopefully lift the entire market."