Unless something derails the deal (and how often has that happened with the Trumpster’s Atlantic City casinos?) the Trump Marina will soon become the Margaritaville casino resort. From the AC Press:
Trump Marina Hotel Casino is being sold in a $316 million deal that will transform the poorest-performing property in Donald Trump’s gaming empire into a “Margaritaville” casino of singer Jimmy Buffett fame.
The buyer is Coastal Marina LLC, an affiliate of Coastal Development LLC, a New York company headed by former-Trump-business-associate-turned-enemy Richard T. Fields. As part of the Marina sale, Trump has agreed to end a four-year legal battle that accused Fields of cheating him out of developing the Hard Rock casinos with the Seminole Tribe in Florida.
“They’re getting a terrific building in a great location and a wonderful potential redevelopment site,” Trump said in an interview Thursday after the sale was announced.
Fields plans to rebrand the Marina into a Margaritaville concept in partnership with Buffett, the singer-songwriter whose career has enjoyed a resurgence in recent years thanks to his legions of “Parrothead” fans. Buffet’s 1977 hit song “Margaritaville” reflects the ultimate laid-back lifestyle of soaking up the sun and margaritas in Key West, or “wastin’ away again in Margaritaville.”
“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,” Fields said.
Harrah’s Entertainment Inc., owner of four Atlantic City casinos, is developing the Margaritaville Casino & Resort in Biloxi, Miss., also featuring a Buffett-inspired theme.
Trump Marina to become “Margaritaville” casino in $316M. sale
If you click over to read the whole story, you’ll see a few interesting details: Coastal paid more than $20 million an acre for the Marina, which would seem to be well above market. But since Atlantic City casinos tend to be on a smaller footprint than their Strip counterparts, I don’t know if I would value a casino transaction based on its acreage. Casino income is probably a better yardstick.
Now, what about “Margaritaville?” I think it’s a great idea. The casino itself isn’t much, but the marina is a real amenity that I think has been under-played in the past. Harrah’s let their marina silt up (or something; I’m not sure of the details) and has it sitting idle, which I think is really short-sighted. First of all, they are cutting themselves off from a lot of potential players–boats aren’t exactly cheap, and I think that you’re going to find some high-value players among the people who care enough about their recreation that they buy themselves a boat. Like casino gambling, it’s not the sort of purchase that generates a return on your investment. Second, having abandoned boat slips and decaying wood surrounding your property’s best feature–its waterfront–is downright idiotic.
I’m still trying to figure out exactly why Trump initially called the casino “Trump’s Castle.” It’s not like he’s Merlin or something–you wouldn’t be expecting him to live in a castle. So it’s 1985, you’ve got a building designed to look like a Hilton with a marina on the bay in Atlantic City, and you call it Trump’s Castle? Why? Why not “Trump Bayside Tower” or the name they eventually migrated to, Trump Marina?
I can see how the Margartiaville name and vibe will work really well for that property. It won’t be competing head to head with Borgata, for one. A few years ago I heard Bob Boughner speak about designing the Borgata and he said that when they were developing and branding it, they decided that if it was a watch, it would be a Movado–a recognizable luxury item that’s still within reach for many people. I can see Margaritaville being a Timex with sand stuck under the band that’s running a few minutes late–but it doesn’t matter. The luxe wave–Borgata, Harrah’s revamp, and the coming Revel–will appeal to many people, but so will Margaritaville, especially in Atlantic City.
Needless to say, this name would not have worked for the big casino resort at City Center.
And if the headline is unclear, Trump Marina is on Huron Avenue.