Nevada's Golden Nugget will buy Atlantic City's Trump Marina
The casino will be renamed Golden Nugget Atlantic City, according to company web site. As a result of the sale, Landry's expect to add Landry's staples including seafood restaurant Chart House, Red Sushi, Lillie's Asian Cuisine and Noodle Bar.
The price tag of the sale, about US$38 million, is subject to a working capital adjustment at closing. According to a news release, Trump Entertainment Resorts expects to use the net proceeds from the transaction to reduce its long-term debt of about $344 million.
"We are excited to bring the Golden Nugget back to Atlantic City," Tilman Fertitta, chairman, president, CEO and owner of Landry's, said in a press release. "Our plan is to transform the Trump Marina into a luxurious and exciting hotel and casino with the highest level of service." Fertitta add that all improvements should be completed by the end of the year.
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