by KYW's Mark Abrams
A New York development company has reached agreement with Trump Entertainment Resorts to buy the Trump Marina hotel-casino in Atlantic City, NJ.
Coastal Marina, a subsidiary of Coastal Development, is buying the property for 316-million dollars.
Coastal spokesman Charlie Leonard:
"The acquisition is expected to be completed by the latter part of 2008, and once the acquisition is done we have some really exciting plans to rebrand and refurbish the property into a Maragitaville Marina Resort Casino."
That's right, Leonard says, the Jimmy Buffet version of "Margaritaville."
Leonard says Coastal wants to make it a destination resort for those who are fans of the Buffet lifestyle as portrayed in his music.
Leonard says Buffet also has partnered to build a Margaritaville Casino and Resort in Biloxi, Miss.
He declined to say when the Atlantic City version would be ready, noting that the transaction is subject to regulatory review.
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