“Today is the deadline for Coastal Development L.L.C., of New York, to buy the Trump Marina casino in Atlantic City,” said the Providence Journal. On May 28th , the Trump Marina in Atlantic City was supposed to be a closed deal. That has not been the reality as banking issues dealing with the Trump Bankruptcy have now delayed the process.
Just the day before a statement came out about the upcoming deal with the Trump Marina that has been known for its access to gambling for many years. “We’re still working on finalizing the details, but the sale is not going to close tomorrow,” said Chief Executive Mark Juliano. “It will close when the credit markets improve a bit.”
“It is highly unlikely, however, that a deal will be made final any time soon. As of yesterday, Coastal still had not finished filing the necessary paperwork for interim casino authorization, which is required for casino acquisition in New Jersey.”
Currently the casion property will remain on hold until all paperwork is completed and all the t’s are crossed. “‘The application is not complete,’ Casino Control Commission spokesman Dan Heneghan said yesterday regarding Coastal’s application for the interim authorization.”
“I don’t think it was they couldn’t find the financing,” Juliano said, talking in a penthouse suite in the Trump Taj Mahal along the Atlantic City boardwalk. “It was that it was too expensive.” Later that week there was an incident at the very same location.
More than one situation has delayed the details on the closing of this casino area, as disclosed by the journal. “All talks between Trump Entertainment Resorts Inc. executives and Coastal over the Marina deal came to a standstill yesterday when violence erupted at another Trump property, the Taj Mahal. A casino manager at the Taj was shot to death, apparently by a customer, about midafternoon…”
As of this date, Juliano stated that they would sell the complete property of the price was right. Casinos are in such a bad state of affairs this day and age that it would be hard to walk into the business in a downturned economy.
