Trump Entertainment has finally found a buyer for one of its Atlantic City casinos.
Landry’s Incorporated has reached an agreement to buy the Trump Marina Hotel Casino for $38 million.
Gaming revenue at the property has declined because of the recession and increased competition from neighboring states.
Michael Pollock, an analyst with Spectrum Gaming Group, said the sale price indicates it’s a turnaround situation for Landry’s.
“If they can deploy the right type of plan to essentially get people to try it again, and that’s going to be a challenge in itself, but if they give them a good experience, if they give them good entertainment and give them good value, they can succeed,” said Pollock.
Corey Morowitz, chairman of Morowitz Gaming Advisors, said Landry’s may be able to revitalize the Marina property.
“They come to the table with some non-gaming assets like restaurant brands that Atlantic City is sorely in need of in terms of the ability to drive non-gaming traffic to the property,” Morowitz said. “So it’s always good to have a fresh face in town and somebody with some Las Vegas DNA.”
Landry’s owns restaurant chains and operates casinos in Nevada. It plans to change the name of the Trump Marina to the Golden Nugget Atlantic City.
The sale is expected to be completed in the second quarter of the year.