Landry's Golden Nugget To Buy Trump Marina in Atlantic City

Landry’s Inc., owner of the Golden Nugget casinos in Las Vegas and Laughlin, Nevada, has been approved by the New Jersey Casino Control Commission for an interim license in order to buy the Trump Marina Hotel Casino in Atlantic City for $38 million.

In total, Landry’s will spend nearly $100 million in acquiring and renovating the property. Landry’s owns a number of restaurants such as the Bubba Gump Shrimp Company, Charley’s Crab, Rainforest Cafe and Claim Jumper and plans to add some new locations to the Atlantic City hotel.

The renovation will also include updated rooms, a new spa and pool and a exterior facelift, correcting what CEO Tilman Fertitta called a “hospital look.”

Trump Entertainment has been trying to sell the property for years and their three New Jersey properties have already gone through the bankruptcy process three times. In 2009, there was interest from Coastal Development LLC, but the deal fell through when the two parties failed to agree on the $270 million asking price. In the last five years, Atlantic City casinos have seen their gambling revenue decrease by nearly a third, dropping from $5.2 billion to $3.57 billion.

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