From the Philadelphia Inquirer: “Sale of Trump Marina Casino probably is off”
The deal to sell the Trump Marina Casino in Atlantic City, a struggle for months, is nearly dead.
Trump Entertainment Resorts Inc., the owner of Trump Marina, has asked Lazard Asset Management L.L.C. to shop the troubled property as part of its bankruptcy filing on Feb. 17.
The move has Coastal Development L.L.C., of New York, a potential buyer, crying foul as the May 26 deadline to close the deal approaches.
Under the deal, Coastal plans to buy and convert the Trump Marina into a Margaritaville-themed casino using entertainer Jimmy Buffett.
But the deal has been beset with problems as the economy and lending markets sagged over the last year.