deal

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The new sale price is $270 million and is fixed, with noperformance stipulations. The revised deal also permits Trump toterminate the agreement if the sale doesn't close before May 29,2009. It stipulates a 60-day extension beyond that date, ifrequired, to get any necessary regulatory approvals. The revisedagreement also waives this week's deadline for financingcommitments by Coastal Marina to complete the sale.

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Coastal Marina, an affiliate of New York City-based CoastalDevelopment headed by Richard Fields, a one-time protégé of DonaldTrump, has also upped its cash exposure a bit for the deal. "Thepurchase deposit paid to Trump Entertainment Resorts has beenincreased…from $15 million to $17 million, and the original $15million held in escrow will be released immediately to TrumpEntertainment Resorts," reads a joint statement issued by the twocompanies. "The parties are currently pursuing discussions to allowCoastal Marina to begin construction, prior to the closing of thetransaction, on certain key components of the…retheming project,provided [that] adequate measures are implemented to ensure thecompletion of such construction."

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When the original sale agreement was announced in May, CoastalMarina simultaneously revealed that it had reached an agreementwith entertainer Jimmy Buffett and his Margaritaville Corp. torebrand and retheme the property as the Margaritaville MarinaResort & Casino. That makeover is slated to encompass the14-acre, 27-story property's 728 rooms, 79,000 sf of gaming area,58,000 sf of ballroom and meeting space and 540-seat theater. Theproperty also includes a rooftop helipad and nine-story parkinggarage, and a lease agreement for the adjacent, state-owned Sen.Frank S. Farley Marina.

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Representatives of Coastal Marina and Trump EntertainmentResorts could not be reached for further comment.

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