Donald Trump has even more reason to scowl and squint today. His old buddy Richard Fields — to my complete non-surprise — walked away from his interminably protracted attempt to buy Trump Marina at ever-lower prices. (He’s got a point: If Resorts Atlantic City‘s feeble grosses merited only $35 from Gomes Gaming, then Trump Marina by rights should fetch even less.) Rather pathetically, Trump Entertainment Resorts CEO Mark Juliano continued to insist that TER’s codependent/abusive relationship with Fields was still viable, four breakups notwithstanding. This, after years of a Fields negotiation process that boiled down to “haggle and delay, haggle and delay.” (I’ve had doubts about Fields’ hat-to-cattle ratio ever since he put his Manhattan apartment on the block a couple of years back.)
So-called “Dump Marina” landed with a thud at the bottom of Atlantic City‘s August gaming revenues, grossing a pathetic $13 million (-20%), although one expects such dire numbers from casino that’s in limbo — perennially for sale yet never sold. Citywide, casino revenues were the same old story, down across the board and by double digits in every meaningful category. Despite a 12% falloff at Borgata, it continues to lead the market by a very wide margin, outgrossing Harrah’s Marina by an even $16 million. Perhaps Boyd Gaming and MGM Resorts International are haggling over the terms of a buyout but for Boyd to exercise its first-refusal ought to be a no-brainer.
It pains me to see Trump Marina turned into a “Dump”. This property was once upon a time a real place to be for the younger crowd….and then came Borgata. TER has no one to blame but themselves. They have continually neglected this property to the point that it is going to need an enormous capital investment just to be saved. Imagine if they had the capital to buy the adjoining MGM land and invest back into the place? I imagine that it could have been a real power-house in the AC market. But then again, I would have to imagine that TER really gave a dam about the place!