And the new ownership plans to refurbish and rebrand theproperty as the Margaritaville Marina Resort & Casino. Besidesthe room count, the 14-acre, 27-story property includes 79,000 sfof gaming space, 58,000 sf of ballroom and meeting space, a540-seat theater, a rooftop helipad and a nine-story parking garagewith a capacity of 3,000 cars. Also part of the package is thelease for the adjacent Sen. Frank S Farley State Marina.

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"Together with Jimmy Buffett's team at Margaritaville, our plansare to create an exciting new property that we believe will tap itsfull potential and make it one of the most successful destinationgaming resorts in Atlantic City," says Coastal Marina chairmanRichard Fields, in a statement. "In the weeks and months ahead,there will be additional announcements and more details about thetransition of ownership and our new resort concept."

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Donald Trump says in a prepared statement that "they are buyinga wonderful building in a great location. It has been an importantpart of our company with a loyal customer base and a dedicatedteam."

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Trump CEO Mark Juliano, also says in a statement that "theexecution of this transaction will provide us with additionalfinancial flexibility to effectively master plan the future path ofour company in the midst of an overall transformation which hasalready been marked by many successes. As we look forward to theopening of the new 782-room hotel tower and Il Mulino restaurant atthe Taj Mahal later this year, we are encouraged by the success ofthe projects we have already introduced…at the Taj Mahal and[Trump] Plaza.

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"Now we are closely evaluating the variety of options before usto create value for our shareholders, including additionaldevelopment in Atlantic City, reducing the company's debt, andpotential projects to diversify our interests outside of AtlanticCity," Juliano says.

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Latham & Watkins, led by partner Raymond Lin, and BearStearns, led by senior managing director Kenneth Shea, providedlegal and financial advice respectively to Fields and CoastalMarina. Weil, Gotshal & Manges partners J. Philip Rosen andMalcolm Landau advised Trump Entertainment on the legal end, whilethe financial advice was provided by Merrill Lynch, led by managingpartner Ragavan Bala.

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