Trump Entertainment Puts Trump Marina On The Market

The Las Vegas Review Journal today said that CB Richard Ellis has been picked to market and sell the Trump Marina in Atlantic City so that Trump Entertainment can better focus on their two boardwalk properties – the Taj Mahal and Trump Plaza.

This news really shouldn’t come as a surprise because it’s been an open secret that Trump would like to divest of the property which has been a perennial money loser and has quickly lost its luster as new, bigger and more popular venues have come online.

I could see this property fetching very little – similar to what recently happened with the Resorts property that was still sold for only $35 million – even after opening a $110 million tower in 2004 and undergoing a refinancing worth $360 million in 2007. Resorts sold for 1/10th of its value in less than 3 years.. A few years ago Trump Marina was valued around $400 million and from what I’ve heard is in worse shape than Resorts – both cosmetically and physically.

Would $25-30 million be too far fetched?? Depends on how desperate Trump is to sell the property.

One idea that could definitely raise interest in the property is combining it with MGM Resort’s small parcel which sits just to the north of Trump Marina that is also on the block. The only question remains is who would be willing to put that much of an investment into Atlantic City at this time.

[email protected]

• Share
• Tweet
• "&title=""">

Related posts:

1. Trump Marina Sale Is Off
2. Starwood Capital Puts It’s Crillon Hotel On The Market
3. Donald Trump’s At It Again
4. MGM Mirage Looking To Sell Some Land in AC
5. Hard Rock Hotel or Planet Hollywood Finally Coming to Atlantic City?

Tags: cb richard ellis, cbre, resorts atlantic city, resorts atlantic city sale, trump castle, trump entertainment, trump marina, trump plaza, trump resorts, trump taj mahal

Category: atlantic city, casino, Hotel Development, mgm mirage