Donald Trump’s resignation from debt-laden Trump Entertainment Resorts Inc. may kill the $270 million sale of the company’s Trump Marina Hotel Casino.
The price of the sale includes the settlement of a lawsuit Trump Entertainment filed against the property’s buyer, Richard T. Fields. The deal, inked in May for $316 million and discounted in October, was viewed by some analysts as overpriced for the Atlantic City property, which Fields’ Coastal Marina LLC planned to refurbish into a Margaritaville casino resort.
Bondholders, who may push Trump Entertainment into involuntary bankruptcy this week, would be stuck with all three casinos in the declining Atlantic City market should Trump’s unusually structured sale fall through.