Wednesday, October 29, 2008

Economy hard on Trump too

The economy has been rough on all of us. Donold Trump feels the weight of it too, agreeing to lower the sale price of the Trump Marina by almost $50 million. That's like a jet or two Trump won't be able to buy now.

Maybe that means there will be no poker room if Margaritaville ever comes into existence. Here's the story from the AP:

AP - ATLANTIC CITY, N.J. Sometimes the art of the deal calls for it to be redone.

That's what has happened to an agreement between Donald Trump and a former protege of his who's buying the Trump Marina Hotel Casino in Atlantic City.

Due to the worsening economy, both sides agreed to reduce the purchase price for the casino-hotel to $270 million, down from the $316 million they set as the price back in May.

Trump's company, Trump Entertainment Resorts, can also scrap the whole deal if it doesn't go through by the end of May.

Developer Richard Fields is teaming with singer Jimmy Buffett's business arm to re-brand the casino as "Margaritaville."

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