Looks like change is in the air in Atlantic City. First off, Trump Marina is apparently going to change hands. As the Atlantic City Press reports, Landry’s Inc., which owns Golden Nuggets in Downtown Las Vegas and Laughlin, is planning to buy the property for $38 million and give it a through facelift, both inside and out. If the Press’s photo of a rendering is any guide, this will really revitalize the casino and add another must-see property to the Marina district.
I think there’s a lot that Landry’s can do with the Trump Marina. For one, they’ve got the marina right there, which is really a unique asset. I could see them doing something like The Tank at the property, and their seafood-based brands, like Chart House at the high end and plenty more at the lower end, are a natural fit.
The other big news is that the Atlantic City Hilton is officially for sale (again, courtesy of the Press). Anyone want to scrape together $30 million or so and put in a bid?
Looking at the chronology, I realized something. The property was known as the Golden Nugget for about 7 years (late 1980-1987), Bally’s Grand/The Grand (A Bally’s Casino Resort) for about 9 years, and the Atlantic City Hilton from 1996 to today, about 15 years. But it’s still “the Nugget” to me.
It seems like the market has really corrected in Atlantic City, and with bottom-of-the-market casinos now going in the $30-$40 million range and regulatory reform becoming a reality, we might see regional operators kicking the tires.
Anyone remember back in 2007, when the Casino Control Commission thought someone would pay $1 billion for the Tropicana? How times have changed.