Quick Hits: Trump Dumps Marina Hotel and Casino
Brief scrutiny of today's headlines.
Donald Trump may soon enjoy a cheeseburger in paradise. The real-estate mogul is selling his Trump (TRMP) Marina Hotel and Casino to Costal Marina, LLC, which plans to refashion the ailing property into Jimmy Buffet's Margaritaville and bring a laid-back tropical theme to Atlantic City.
Trump plans to hold onto his two other Atlantic City properties, the Taj Mahal Trump Plaza Hotel and Casino. According to the Press of Atlantic City, the debt-strapped Taj Mahal will debut a new 786-room tower Labor Day weekend. The $255 million expansion will help the casino better compete with the host of other boardwalk hotels.
The Trump Marina has faced tough competition from neighbors Borgata and Harrah's (HET). Harrah's expanded to the tune of $365 million in April and the Borgata will unveil a new $400 million tower in mid-June.
The Buffet brand has locations in Key West, Florida, Myrtle Beach, South Carolina and Las Vegas, to name a few. This will be the theme restaurant's first location in the Northeast.
There will plenty of tequila in the blender come Christmas when the $316 million deal is expected to close.
For more on The Donald, check out Hoofy & Boo's always astute report:
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