tehshadowbat
Trump Castle scanned ad, ca. 1989
Scanned ad from on old Garden State park racing program.
Trump Castle opened June 19, 1985 in what was supposed to be the Atlantic City Hilton. Trump taking control of the property after the Hilton was denied a casino license shortly before opening due to alleged connections to organized crime.
Trump Castle was the second casino resort to open in the Marina district after Harrah's opened in 1980. This was an additional thorn in the uneasy relationship between Trump and Holiday Inns inc. (owner of the Harrah's brand at the time) who were joint partners of Harrah's at Trump plaza that opened on the Boardwalk the previous year. After litigation was settled Trump became the sole owner and operator of that property.
Trump Castle was a success in it's early years, however the Trump Taj Mahal began siphoning profits away after it's 1990 opening. By June of 1991, Trump Castle's revenue was down 18.7 percent. An illegal loan in the form of $3.5 million in poker chips purchased by Donald's father, Fred Trump. New Jersey's Casino Control Commission fined the Trump Castle $30,000 and threatened to revoke the gaming license if finances were not worked out by the end of July.
A deal was finally reached on August 2nd that involved Trump selling a 50 percent stake to bondholders as part of a bankruptcy plan. Trump took back control in 1993 as part of a refinancing deal.
Shortly after, a plan was announced to convert the property to a Hard Rock Hotel and Casino. Negotiations were called off in December 1996. A subsequent deal with Colony Capital which would involve a renovation/expansion was then proposed but that deal died in March 1997.
Trump finally sold the property to Trump Hotels and Casino Resorts (the publicly traded company that he controlled), and in June 1997, the resort was renamed Trump Marina.
An agreement was reached in 2008 to sell the casino to a joint venture between singer/businessman Jimmy Buffett and Coastal Development inc. with the asking price of $315 million. Afterward the casino would be renamed Margaritaville. However, despite a reduction in price to $270 million, Coastal was unable to obtain financing and the deal collapsed in June 2009. Talks were re-started in 2010 with Coastal offering a mere $75 million, citing the plunge of casino property values and revenue in the wake of the recession along with increased out of state competition.
Trump Entertainment Resorts (as the company was renamed following a 2004 bankruptcy) finally sold the resort for just $38 million to Landry's Inc., who would operate it under their Golden Nugget Casino brand. This would mark the return of the Golden Nugget name to Atlantic City after Steve Wynn sale of the Boardwalk property back in 1987.
After the deal closed in May of 2011, Landry's would spend another $150 million in renovations to the property, which by this time had grown tired, dated, and worn. New restaurants were added along with nightclubs and an outdoor pool.
Today the Golden Nugget operates as one of three casinos in the Marina District along with Harrah's and the Borgata.
Trump Castle scanned ad, ca. 1989
Scanned ad from on old Garden State park racing program.
Trump Castle opened June 19, 1985 in what was supposed to be the Atlantic City Hilton. Trump taking control of the property after the Hilton was denied a casino license shortly before opening due to alleged connections to organized crime.
Trump Castle was the second casino resort to open in the Marina district after Harrah's opened in 1980. This was an additional thorn in the uneasy relationship between Trump and Holiday Inns inc. (owner of the Harrah's brand at the time) who were joint partners of Harrah's at Trump plaza that opened on the Boardwalk the previous year. After litigation was settled Trump became the sole owner and operator of that property.
Trump Castle was a success in it's early years, however the Trump Taj Mahal began siphoning profits away after it's 1990 opening. By June of 1991, Trump Castle's revenue was down 18.7 percent. An illegal loan in the form of $3.5 million in poker chips purchased by Donald's father, Fred Trump. New Jersey's Casino Control Commission fined the Trump Castle $30,000 and threatened to revoke the gaming license if finances were not worked out by the end of July.
A deal was finally reached on August 2nd that involved Trump selling a 50 percent stake to bondholders as part of a bankruptcy plan. Trump took back control in 1993 as part of a refinancing deal.
Shortly after, a plan was announced to convert the property to a Hard Rock Hotel and Casino. Negotiations were called off in December 1996. A subsequent deal with Colony Capital which would involve a renovation/expansion was then proposed but that deal died in March 1997.
Trump finally sold the property to Trump Hotels and Casino Resorts (the publicly traded company that he controlled), and in June 1997, the resort was renamed Trump Marina.
An agreement was reached in 2008 to sell the casino to a joint venture between singer/businessman Jimmy Buffett and Coastal Development inc. with the asking price of $315 million. Afterward the casino would be renamed Margaritaville. However, despite a reduction in price to $270 million, Coastal was unable to obtain financing and the deal collapsed in June 2009. Talks were re-started in 2010 with Coastal offering a mere $75 million, citing the plunge of casino property values and revenue in the wake of the recession along with increased out of state competition.
Trump Entertainment Resorts (as the company was renamed following a 2004 bankruptcy) finally sold the resort for just $38 million to Landry's Inc., who would operate it under their Golden Nugget Casino brand. This would mark the return of the Golden Nugget name to Atlantic City after Steve Wynn sale of the Boardwalk property back in 1987.
After the deal closed in May of 2011, Landry's would spend another $150 million in renovations to the property, which by this time had grown tired, dated, and worn. New restaurants were added along with nightclubs and an outdoor pool.
Today the Golden Nugget operates as one of three casinos in the Marina District along with Harrah's and the Borgata.