CB Richard Ellis to sell Trump Marina in Atlantic City
CB Richard Ellis’ Global Gaming Group of Las Vegas has been brought in by Trump Entertainment Resorts to sell the Trump Marina in Atlantic City.
The casino operator recently emerged from bankruptcy and is controlled by a group of bondholders led by Avenue Capital.
Trump Entertainment Chief Executive Officer Mark Juliano said the company’s strategic plan is to concentrate on the Trump Taj Mahal and the Trump Plaza and sell the property that is not located on Atlantic City’s Boardwalk.
Global Gaming Group executive vice president John Knott said Atlantic City, despite 23 straight months of declining gaming revenues, is ripe for investment. He said plans announced by New Jersey Gov. Chris Christie to revitalize the gaming market have the support of 69 percent of New Jersey residents, according to a recent poll.
“Positive changes currently being debated in the state legislature will help reposition Atlantic City as a true seaside resort destination,” Knott said.
Trump Marina is located in the Atlantic City marina district. The property opened in 1985 as Trump's Castle Hotel Casino and was renamed the Trump Marina in 1997. The hotel has 728 rooms, a 79,000-square-foot casino, and 30,500 square feet of convention and meeting space.
