Trump Entertainment Resorts Inc. is negotiating the details that will allow it to operate a new casino in Panama City. The casino would be included in a $400 million complex called the Trump Ocean Club International Hotel & Tower. The upscale resort would be on the oceanfront of Panama’s Punta Pacifica peninsula. The project is part of a joint venture between Trump and the K Group, a Panamanian development company.
While the terms are still being ironed out, the deal calls for Trump Entertainment to operate the casino on a lease arrangement that includes giving the K Group a percentage of the gaming revenue. While Trump’s real estate brand has hotels throughout the world, this will be the first international venture for the Trump casino brand. Apparently, the Trump name helped get the deal, according to Mark Juliano, Trump Entertainment CEO.
“One of the great things about the Trump name is that it opens doors and allows us to leverage the brand,” said Juliano, “It gives us the flexibility of spreading out in a lot of different directions without investing a lot of capital.”
Juliano went on to say that Panama is just one of the international opportunities that Trump Entertainment is exploring. Other possibilities that are being investigated include the Philippines, Uruguay and Kiev (capital of the Ukraine). No details or time frames were released by Juliano as to when these developments may happen.
This international expansion plan comes at the same time that Trump Entertainment is selling one of its Atlantic City properties. The Trump Marina has not been performing up to pay and is being sold to Coastal Marina LLC in a proposed $316 million deal. Coastal intends to turn the casino into a Margaritaville theme, inspired by the famed Jimmy Buffett song.