Trump Entertainments and Resorts has sold one of its three Atlantic City hotels.

The Trump Marina Hotel Casino has been bought by New York gambling company Coastal Marina for US$316m.

Coastal Marina plans to rebrand the casino hotel as Margaritaville, in conjunction with Margaritaville Holdings, musician Jimmy Buffett’s company which brands shops and restaurants with a tropical theme.

Trump Chief Executive Mark Juliano says the deal will close in six to nine months.

Trump’s other Atlantic City properties, the Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, are not for sale Juliano says.

By staff writer