Trump Marina Hotel sold to parent of Golden Nugget

Trump Entertainment Resorts agreed Monday to sell its Trump Marina Hotel Casino to the Texas-based parent company of the Golden Nugget Las Vegas and Laughlin for $38 million.

That's about a tenth of what Trump Entertainment was offering the casino for in 2008.

Landry's Inc., a Houston casino and restaurant company that recently abandoned its bid for the struggling Atlantic City Hilton Casino Resort, plans to invest significantly in the Trump Marina and rebrand it as a Golden Nugget.

The deal brings the Golden Nugget brand back to Atlantic City, where it operated in a different building from 1980 to 1987.

The sale leaves Trump Entertainment Resorts, which emerged last summer from its third stint in bankruptcy court, with two Boardwalk casinos -- its flagship trump Taj Mahal Casino Resort and the older Trump Plaza Hotel and Casino.