Vol. 5, No. 10, October 2008
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Margaritaville Moves Ahead
Developer Richard Fields, who has agreed to pay $316 million for the Trump Marina Hotel Casino, says he has financing in place for the deal, which will turn the property into a Margaritaville resort.
Without disclosing details of the transaction, Fields last month assured business and labor leaders in Trenton that everything is “go” on the project, pending regulatory approvals. He pledged to keep the facility open and most casino and hotel workers on the job during the transition.
“I wanted to come here in person and tell you we intend to keep the marina, hotel and casino open during the entire rebranding and refurbishment process,” Fields said. “In addition to creating hundreds of new construction jobs, we want to keep as many of the hotel staff working as possible.”
Fields’ Coastal Development LLC has joined with Margaritaville Holdings LLC, owned by singer Jimmy Buffett, to tap into the vast popularity of Buffett’s endless-happy-hour persona. Buffett has turned his most popular song into a corporate brand that includes a string of restaurants and retail shops, as well as a casino now under construction in Biloxi, Mississippi, plus Margaritaville restaurants at Harrah’s Las Vegas and at the Mohegan Sun in Connecticut.
The Atlantic City deal must be finalized by the end of 2008.
