Trump Marina deal is dead

June 1, 2009 5:46:40 PM PDT
Both sides say a deal to transform the Trump Marina Hotel Casino in Atlantic City, N.J., into a Jimmy Buffett-inspired tropical resort is dead, and they blame each other. Although the deadline for completing the sale passed Thursday, Coastal Marina LLC and Trump Entertainment Resorts Inc. had said they still wanted to work things out.

New York City-based Coastal issued a statement Monday saying Trump Entertainment terminated the $270 million deal. Coastal is headed by a former protege of Donald Trump. It wanted to rebrand the casino as Margaritaville.

But Trump Entertainment Resorts CEO Mark Juliano says his company acted only after Coastal wrongly accused it of defaulting on the agreement by steering customers elsewhere.


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