Landry will buy the Trump Marina Hotel and Casino in Atlantic City, US, from Trump Entertainment Resorts for $38m.
Following the transaction, Landry will rebrand the casino as a Golden Nugget hotel and expects to finish the property’s renovations by the end of this year.
The renovations include new bars and lounges, updated rooms and suites, a spa, pool, hot tubs and fire pits.
Trump Entertainment, which owns Trump Plaza and Trump Taj Mahal Casino Resort, is divesting its hotel property after emerging from the US Chapter 11 bankruptcy law last year.
The company plans to pay $344m of debt by selling off its properties.