Margaritaville will be the newest casino to debut in Atlantic City. Actually, the casino is not new to the Marina District.  It’s actually the old Trump Marina Hotel Casino.

Trump Entertainment Resorts, Inc. has sold the Trump Marina Hotel Casino to Coastal Marina LLC for $316 million.  The casino will take its name from the famous Jimmy Buffet song, “Margaritaville” and will feature a tropical Florida Keys theme.  Coastal Marina LLC, while retaining full ownership, will be working with Margaritaville Holdings LLC, to create a new image for the existing casino. Margaritaville Holdings LLC, a company owned by Jimmy Buffet, includes other endeavors such as restaurants and retail shops.

Richard T. Fields, Chairman of Coastal Marina, released a statement saying: “Together with Jimmy Buffett’s team at Margaritaville, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City.

The Trump Marina Hotel Casino currently features a 27-story hotel, 728 rooms including 153 suites on 14 acres. The casino has 79,000 square feet dedicated to gaming with an additional 58,000 square feet dedicated to ballroom, convention, and meeting space. The property also has a 9-story garage structure with a rooftop helipad. The garage will accommodate approximately 3,000 cars. In addition, there is an 11-bay bus terminal.

The sale of the property is expected to close in 6-9 months and includes the lease for the Senator Frank S. Farley State Marina.  With the completion of the sale, Trump Entertainment will still own two casinos in Atlantic City: The Trump Plaza Hotel and Casino and the Trump Taj Mahal Casino Resort. Trump Entertainment’s chief executive officer, Mark Juliano, stated that some of the proceeds from the sale will be used to improve these two remaining casinos.

To read the full Story:  Trump Marina casino being sold for $316M>

Atlantic City has received proposals from casino developers that would bring a new face to the Atlantic skyline and the Boardwalk at the foot of Route 40. Mega-casinos are in the works here in Atlantic City.
 
Revel Entertainment Group has begun construction on a $2 billion resort which is scheduled to open its doors in late 2010. The project is being built next to the Showboat Casino Hotel on the north end of the Boardwalk.
 
The Pinnacle Entertainment Inc. is planning to develop a gaming complex, estimated to run between $1.5 billion to $2 billion. The project would be built midway on the Boardwalk at the site of the old Sands Casino and Hotel.
 
Developer AC Gateway LLC feels their proposed Atlantic Beach Resort and Casino would be the perfect compliment to the Pinnacle and Revel projects. The Atlantic Beach Resort and Casino will feature a hotel tower with 2,000-rooms and a 210,000 square foot casino. The hotel tower will be the tallest building on the Atlantic City skyline.  The resort will also feature 150,000 square feet of convention space and 350,000 feet of mixed-use space dedicated to retail shops, dining and non-gaming entertainment.
 
The resort would be located at the site of the former Dunes Casino project. The old Atlantic City High School site would be used as a parking structure for the resort. Future development plans include an additional 500-room hotel to be built on top of the parking structure. Due to the size of the project the historical Knife and Fork Restaurant and the World War I Memorial would be preserved and relocated. The Knife and Fork would be moved a block away from its present location to a site at Hartford and Pacific Avenues. The memorial would be located adjacent to O’Donnell Memorial Park
 
The Marina District is also looking at some changes. MGM Resorts Inc. is proposing to build a mega-casino which would feature three hotel towers with a total of 3,000 rooms and a casino floor space of 280,000 square feet, which would make the casino the largest gaming area in Atlantic City. The project is estimated to run between $4.5 billion and $5 billion.
 
The old Bader Field is also undergoing rezoning for future casino development.
 
Is this too much competition? The developers of the proposed projects certainly don’t seem to think so; they see Atlantic City as a premier resort destination in future years.
 
For the full story click here http://www.pressofatlanticcity.com/186/story/137011.html

by Sherri Lilienfeld, Prudential Fox & Roach Realtors, 609-487-7211 (office), 609-287-1795 (cell), Sherri@NJ-ShoreRealEstate.com

With over $9 billion going into new casinos in the Atlantic City area, there will be a shortage in affordable housing that will be required for the estimated 30,000 to 40,000 additional employees. The city will face major problems in traffic (these employees all need to get to work) and finding places for them to live. 

If you are an investor, now would be a great time for you to think about buying properties that would offer suitable housing for casino workers - properties on a public transportation route where workers can rent at “affordable” prices.  To discuss your investment options, please e-mail or call me.  I’d be happy to assist you in finding a Jersey Shore investment property that fits your needs.

To see the on-line article by Newsday.com entitled “What to do with the AC casino workers,” please click here. 

By WAYNE PARRY, Associated Press Writer 
Published Nov 19, 1:59 PM ET

To see the original on-line publication of this article, click here.
 

ATLANTIC CITY, N.J. - A burst of new, luxurious mega-casino projects to be built by 2012 will transform the face of Atlantic City into a more futuristic — and crowded — gambling resort.

At least four companies are betting a combined $9 billion that the makeover will help Atlantic City catch up with Las Vegas as a place to come — and stay — for more than just gambling.

In early November, Revel Entertainment Group unveiled drawings of its new $2 billion casino-resort, to be called simply “Revel.” Due to open in the second half of 2010, at 710 feet, it will be the tallest building in Atlantic City — at least for a while.

It will feature two thin towers standing perpendicular to the ocean, with as many as 3,900 rooms, and even Atlantic City’s first casino wedding chapel. The interior complex, between the towers, is curved and rounded so that it looks as if it has been shaped by gentle ocean waves.

Revel is partnering with investment firm Morgan Stanley on the project. Read the rest of this entry »

By DONALD WITTKOWSKI Staff Writer for the Press of Atlantic City, 609-272-7258
Published: Thursday, November 8, 2007

ATLANTIC CITY - Casino developer Revel Entertainment Group flirted with the idea of having a building with a hole in the middle of it.  But, as the company’s chief executive lamented, “Holes are expensive.”

Even without the architecturally dazzling hole, the project will be distinctive. And it won’t be cheap to build.

Giving the public its first glimpse of what would be Atlantic City’s 12th casino, Revel unveiled architectural renderings Wednesday for a $2 billion megaresort that features a striking twin tower design and another curvy building that appears sculpted by waves. Read the rest of this entry »