Trump Entertainment Resorts, Inc has today announced that it has entered into a definitive agreement to sell the Trump Marina Hotel Casino in Atlantic City to Landry's, Inc, the operator of the Golden Nugget casinos in Las Vegas and Laughlin, Nevada. The sale price under the agreement is US$38 million, subject to a working capital adjustment at closing. The transaction, which is expected to be completed during the second quarter of 2011, is subject to receipt of required regulatory approvals and other customary closing conditions. Trump Entertainment Resorts expects to use the net proceeds from the transaction to reduce its long-term debt.

It is intended to rename Trump Marina as the Golden Nugget Atlantic City - perhaps a winning move as the great Trump name has done little to enhance the luck of the city’s thrice bankrupted Trump casinos. Landry’s will be revamping the property with new bars, lounges and restaurants and the company expects the improvements to be completed by the end of the year. The original Golden Nugget Casino in Atlantic City closed in 1987. The renovations at Landry’s Atlantic City venture will include the innovative H2O Pool and Lounge with all season hot tubs and fire pits that will ‘deliver an exhilarating experience unlike anything else available in Atlantic City.’

Landry’s owner, Tilman Fertitta, commented that the company was excited to be bringing the Golden Nugget brand back to New Jersey. "Our plan is to transform the Trump Marina into a luxurious and exciting hotel and casino with the highest level of service." He went on to add that Landry’s would honour Trump Marina customer points and rewards in all three Golden Nugget locations. “We look forward to bringing you exciting new tournaments, events and promotions that reward you for your play. We know how to reward our customers.”

Atlantic City casinos have been badly hit by the economic downturn and increasing competition from expanded gaming in neighbouring states. Trump Marina was the worst performing of New Jersey’s eleven casinos in 2010, so Landry’s is aiming to offer great customer service and an incredible hotel and casino experience. Over the last 5 years the company has invested over US$300 million to update its Golden Nugget Las Vegas property. (E-02.14.11)

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