Coastal Marina, LLC, a New York-Based Gaming Venture, to Acquire Trump Marina Hotel Casino from Trump Entertainment Resorts, Inc
29 Mai 2008 - 1:30PM
Business Wire
Coastal Marina, LLC, (�Coastal Marina�) an affiliate of Coastal
Development, LLC, announced today that it has entered into an
agreement to purchase the Trump Marina Hotel Casino in Atlantic
City, New Jersey from Trump Entertainment Resorts, Inc. (NASDAQ:
TRMP) (�Trump Entertainment Resorts�). Coastal Marina has agreed to
pay Trump Entertainment Resorts $316 million to complete the
transaction. As part of the transaction, the parties have also
agreed to end prior, unrelated litigation, with prejudice, upon the
closing of the transaction. Upon successful acquisition of the
property, Coastal Marina will re-brand and refurbish the property
into a new destination resort under the �Margaritaville�� brand.
Richard T. Fields, chairman of Coastal Marina, said: �Together with
Jimmy Buffett�s team at Margaritaville�, our plans are to create an
exciting new property that we believe will tap its full potential
and make it one of the most successful destination gaming resorts
in Atlantic City. In the weeks and months ahead, there will be
additional announcements and more details about the transition of
ownership and our new resort concept.� Donald J. Trump, the
chairman of Trump Entertainment Resorts, remarked: �They are buying
a wonderful building in a great location. It has been an important
part of our company with a loyal customer base and a dedicated
team.� Mark Juliano, chief executive officer of Trump Entertainment
Resorts, said: �The execution of this transaction will provide us
with additional financial flexibility to effectively master plan
the future path of our company in the midst of an overall
transformation which has already been marked by many successes. As
we look forward to the opening of the new 782 room hotel tower and
Il Mulino restaurant at the Taj Mahal later this year, we are
encouraged by the success of the projects we have already
introduced, including the refurbished casino floors, upgraded room
products and brand new penthouse suites at the Taj Mahal and Plaza.
Now we are closely evaluating the variety of options before us to
create value for our shareholders, including additional development
in Atlantic City, reducing the Company�s debt, and potential
projects to diversify our interests outside of Atlantic City.� The
agreement is subject to certain regulatory approvals and customary
closing conditions. The Trump Marina Hotel Casino covers
approximately 14 acres and includes a 27-story hotel with 728 guest
rooms, including 153 suites. The casino offers approximately 79,000
square feet of gaming space and approximately 58,000 square feet of
convention, ballroom and meeting space. Trump Marina also features
an approximately 540-seat cabaret-style theater, a nightclub, three
players clubs, four retail outlets, six restaurants, a cocktail
lounge, a recreation deck complete with a health spa, outdoor pool,
tennis courts, basketball courts and jogging track. The hotel and
casino also has an 11 bay bus terminal and a roof-top helipad, as
well as a nine story parking garage capable of accommodating
approximately 3,000 cars. The Trump Marina Hotel Casino includes
the lease for the Senator Frank S. Farley State Marina. Latham
& Watkins, led by partner Raymond Lin, and Bear Stearns &
Co., Inc., led by Senior Managing Director Kenneth Shea,
respectively, provided legal counsel and financial advisory
services to Mr. Fields and Coastal Marina in connection with the
transaction. Weil, Gotshal & Manges LLP, led by partners J.
Philip Rosen and Malcolm Landau, and Merrill Lynch & Co., Inc,
led by managing director Ragavan Bala, repectively, provided legal
counsel and financial advisory services to Trump Entertainment
Resorts in connection with the transaction. Coastal Development,
LLC is a privately held company based in New York City that
specializes in financing and developing resort destinations, luxury
hotels and gaming facilities. An affiliate of Coastal Development,
LLC is also the largest shareholder of Suffolk Downs racetrack in
Boston, Massachusetts. Trump Entertainment Resorts, Inc. owns and
operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and
Casino, located on the Boardwalk in Atlantic City, New Jersey, and
Trump Marina Hotel Casino, located in Atlantic City�s Marina
District. The Company is the sole vehicle through which Donald J.
Trump, the Company�s Chairman and largest stockholder, conducts
gaming activities and is separate and distinct from Mr. Trump�s
real estate and other holdings. PSLRA Safe Harbor for
Forward-Looking Statements and Additional Available Information The
Private Securities Litigation Reform Act of 1995 provides a �safe
harbor� for forward-looking statements so long as those statements
are identified as forward-looking and are accompanied by meaningful
cautionary statements identifying important factors that could
cause actual results to differ materially from those projected in
such statements. All statements and information concerning plans,
expectations, estimates and beliefs, as well as other statements
including words such as �anticipate,� �believe,� �plan,�
�estimate,� �expect,� �intend,� �will,� �could,� �optimistic,�
�can� and other similar expressions, constitute forward-looking
statements under the Private Securities Litigation Reform Act of
1995. In connection with certain forward-looking statements
contained in this release and those that may be made in the future
by or on behalf of Trump Entertainment Resorts, there are various
factors that could cause actual results to differ materially from
those set forth in any such forward-looking statements. The
forward-looking statements contained in this release reflect the
opinion of management as of the date of this release and are
qualified by, and subject to, significant business, economic,
competitive, regulatory and other uncertainties and contingencies,
all of which are difficult or impossible to predict and many of
which are beyond the control of the Trump Entertainment Resorts.
Accordingly, there can be no assurance that the forward-looking
statements contained in this release will be realized. Readers are
hereby advised that developments subsequent to this release are
likely to cause these statements to become outdated with the
passage of time or other factors beyond the control of Trump
Entertainment Resorts. Trump Entertainment Resorts does not intend,
however, to update the guidance provided herein prior to its next
release or unless otherwise required to do so. Readers of this
release should consider these facts in evaluating the information
contained herein. In light of the foregoing, readers of this
release are cautioned not to place undue reliance on the
forward-looking statements contained herein. Additional information
concerning the potential risk factors that could affect Trump
Entertainment Resorts� future performance are described from time
to time in the Trump Entertainment Resorts� periodic reports filed
with the SEC, including, but not limited to, the Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q. These reports may be
viewed free of charge on the SEC�s website, www.sec.gov, or on
Trump Entertainment Resorts� website, www.trumpcasinos.com.
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