East Coast Gambler

Trump Entertainment Resorts, Inc is about to emerge from bankruptcy and the bondholders are ready to do work getting Trump Casinos into a better place.  Plans include updating Trump Plaza and selling Trump Marina.

Trump Entertainment’s new owners plan to spend money updating Trump Plaza, and want to attract more families to Atlantic City in order to compete with new casinos closer to their homes in nearby states, Lasry said today during commission questioning.

Coastal Marina LLC, controlled by Richard T. Fields, had agreed in 2008 to buy Trump Marina and turn it into a Margaritaville casino resort. Last year, Fields renegotiated the deal, which included settlement of an unrelated lawsuit, and then reached yet another plan with bondholders to buy the Marina before Trump switched sides and aligned with them.

These are welcome changes and potential additions.  My last experience at Trump Plaza was nice, but the casino doesn’t seem as if it’s been updated since the 80′s.  A makeover will do nicely.

I’m not a parrothead, but I love the attitude of Jimmy Buffett fans.  All they want to do is drink and have a good time.  Even if Trump Marina doesn’t become the next Margaritavile casino, new owners and a major face lift will do the casino good.  It’s the only ugly property at the marina area, which is becoming more popular with young casino-goers every day.

Photo: www.oldvegaschips.com

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Still dealing with bankruptcy, Trump Resorts in Atlantic City is reconsidering the possibility of selling Trump marina.

In testimony Wednesday, Trump Entertainment’s financial adviser said Trump Marina’s sale would help stabilize the company amid declining revenue and lower earnings projections. He predicted a deal with Fields would be completed by the end of 2011, if not sooner.

“It is our strong belief that the Marina will be sold,” said Andrew Yearley, managing director at Lazard Freres & Co. “They will find a way to sell that asset. There is a legitimate buyer out there.”

This could also still be an option that Carl Icahn had in mind if he wins the battle for the Trump casinos.  The article also mentions that if Icahn were to get control of Trump casinos that he would keep Taj Mahal and try to sell Trump Marina and Trump Plaza.

There is hopes for the Parrotheads after all!  Now, things get interesting.

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