Trump Marina for sale - again
Trump Entertainment Resorts has put its Trump Marina Hotel Casino in Atlantic City on the block.
The company, recently emerged from Chapter 11 reorganization, has hired Los Angeles-based real estate giant CB Richard Ellis Group to find a buyer for the underperforming Atlantic City casino, according to a report in The Press of Atlantic City.
Creditors headed by New York-based Avenue Capital Group announced their desire to sell Trump Marina when they bought Trump Entertainment for $225 million in a purchase overseen by a federal bankruptcy judge.
Trump Marina was nearly sold for $316 million in 2008 to a New York group that wanted to transform it into a Margaritaville-themed casino in partnership with singer-songwriter Jimmy Buffett, but the deal collapsed the following year.
No price tag was disclosed in this latest bid to unload the casino, but the weak economy and slumping Atlantic City casino revenues have sent prices tumbling. Resorts Atlantic City is in the process of being sold by its creditors for just $35 million.