ATLANTIC CITY - A New York gaming group that is in talks to buy Trump Marina Hotel Casino says the deal will not close this week as scheduled but that it still wants to acquire the property.
Coastal Marina LLC is facing a deadline today to complete the $270 million purchase from Trump Entertainment Resorts Inc. Both sides say they continue to negotiate, but there was no word whether the sale deadline will be formally extended.
Coastal plans to team up with Jimmy Buffett to transform Trump Marina into a Margaritaville-themed casino inspired by the singer's "Margaritaville" hit song from the 1970s.
"I remain fully committed to our Margaritaville concept and very bullish on the long-term outlook for Atlantic City," Coastal Chairman Richard T. Fields said in a statement.
Check here for updates. See Friday's edition of The Press for additional coverage.