ATLANTIC CITY Landry’s Inc., owner of the Golden Nugget casinos brand, has agreed to acquire the 728-key Trump Marina Hotel Casino in Atlantic City and will rebrand the property as a Golden Nugget.
The sale price is US$38 million, or about US$52,000 per key. The transaction is expected to close in the second quarter, pending regulatory approval.
Trump Entertainment Resorts—which now controls just two properties, the 1,250-key Trump Taj Mahal and the 904-key Trump Plaza Hotel and Casino, both in Atlantic City—will use net proceeds from the transaction to reduce its long-term debt.
Upon reopening this fall as Golden Nugget Marina, the property will undergo a renovation to add new bars and lounges with live entertainment, enhanced retail offerings and upgraded guestrooms. Landry’s also plans to open several of its restaurant brands at the resort, including Chart House, Red Sushi, Lillie’s Asian Cuisine and Noodle Bar, Grotto Italian Ristorante and Vic & Anthony’s Steakhouse.
Landry’s is controlled by Tilman Fertitta, a cousin of the founding family of Station Casinos. “We are excited to bring the Golden Nugget back to Atlantic City,” says Fertitta, chairman and CEO. “Our plan is to transform the Trump Marina into a luxurious and exciting hotel and casino with the highest level of service. All improvements are expected to be completed by the end of this year.”