As expected, there is no deal between Trump Entertainment Resorts Inc. and Coastal Development L.L.C. of New York for the purchase of the Trump Marina casino.
However, the tortuous sale process continues despite the economy and credit crisis.
"Coastal Marina's acquisition of the Trump Marina Hotel and Casino will not be completed this week as previously planned," said a statement issued just after 1 p.m. today by Coastal Marina L.L.C., which is an affiliate of Coastal Development.
Wall Street analysts have speculated that Coastal does not have its financing package together as a result of the frozen lending markets. Trump Entertainment's bankruptcy filing earlier this year, and the departure of Donald J. Trump from the casino company that bears his name complicated matters.
Coastal also still needs to complete its application for interim casino authorization, which is required in New Jersey to purchase a casino, and is granted by the state Casino Control Commission.
Coastal Marina spokesman Charlie Leonard said both sides "continue to have ongoing discussions" and that Coastal had not changed its position on acquiring the casino.
"I remain fully committed to our Margaritaville concept and very bullish on the long-term outlook for Atlantic City," said Richard Fields, chairman of Coastal Marina and Donald Trump's former protege.
Trump and his daughter, Ivanka, resigned from Trump Entertainment's board of directors just days before it filed for Chapter 11 bankruptcy on Feb. 17. This is Trump Entertainment's third trip to bankruptcy court.
Trump Marina is among the oldest casinos in Atlantic City (opening on June 19, 1985), and the weakest performer among the three Trump casinos there.
The casino reported the largest monthly revenue decline last month among Atlantic City's 11 casinos - of 27.9 percent, compared with April 2008 numbers. Slots revenue was $10.6 million, down 20.3 percent, and revenue from table games was $3.0 million, down 45.7 percent.
The property sits in the Marina District and has the added disadvantage of being next to the Borgata and Harrah's Resort casinos - two of Atlantic City's biggest and most profitable casinos.
Coastal Marina announced its intent to purchase Trump Marina in May 2008.
In the fall, the deal was revised, reducing the Marina's price to $270 million from the original offer of $316 million and moving the closing deadline from October to today.