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Landry’s buys Atlantic City hotel-casino from Trump for $38M
Landry's Inc., parent company of the Golden Nugget Las Vegas and Laughlin, Nev., has agreed to buy the Trump Marina Hotel and Casino in Atlantic City, N.J., for $38 million. The sale is subject to a working capital adjustment and regulatory approvals, and is slated to close during the second quarter of this year. Trump Entertainment Resorts said it expects to use net proceeds from the sale to reduce its long-term debt.
The sale will mark the return of the Golden Nugget name to Atlantic City, where a casino resort operated under than name from 1980 to 1987. “Our plan is to transform the Trump Marina into a luxurious and exciting hotel and casino with the highest level of service,” said Tilman Fertitta, chairman, president and ceo of Landry's. “All improvements are expected to be completed by the end of this year.”
Landry's plans for the complex include updating its gaming facilities, adding several new bars and lounges and refreshing its rooms and suites. Also new at the locale will be the H2O Pool and Lounge, which will offer all-season hot tubs and fire pit.
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