Trump sells Trump Marina for $316 million

Atlantic City, N.J. -- Donald Trump has agreed to sell Trump Marina in Atlantic City, N.J., to Richard Fields and drop a lawsuit against him, company officials said.

The casino will reopen as "Margaritaville," The Star-Ledger, a Newark, N.J., newspaper, reported.

Trump Entertainment Resorts Chief Executive Officer Mark Juliano said the $316 million in sale revenue would go to either paying down the company's $1.6 billion debt or toward upgrades on the company's two other Atlantic City casinos.

Along with the sale, Fields and Trump agreed to drop litigation stemming from Trump's accusation that Fields cut him out of development of the Hard Rock Casino, developed in Florida with the native American Seminole Tribe.

Although named for the Jimmy Buffett hit song "Margaritaville," Fields, the
chairman of Coastal Development, didn't say what role the singer would play with the new venture.

Buffett is helping to develop a Margaritaville Casino and Resort in Biloxi, Miss., with Harrah's Entertainment, The Star-Ledger reported.

Copyright 2008 by United Press International.