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Trump Entertainment is the casino company founded by real estate magnate Donald Trump.
After the sale, the company will have two remaining casinos in Atlantic City: The Trump Taj Mahal Casino Resort, and Trump Plaza Hotel and Casino.
"They are buying a wonderful building in a great location," Trump said in a statement. "It has been an important part of our company with a loyal customer base and a dedicated team."
Richard T. Fields, chairman of Coastal Marina, said the casino will take on a new identity once the sale closes. No timetable was given.
"Together with Jimmy Buffett's team at Margaritaville, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City," Fields said.
Trump Marina was the lowest performing of Trump's three Atlantic City properties. Located in the city's marina district, it was dwarfed by market leaders - and marina neighbors - the Borgata Hotel Casino & Spa, and Harrah's Atlantic City.
In the first quarter of this year, Trump Marina reported a decline of 48.2 percent in gross operating profits to $4.8 million.
The sale marks the conclusion of an on-again, off-again courtship dance that Trump Entertainment Resorts has been conducting with potential suitors for the last year. At least two prior deals to sell all or part of the company fell through.
The company reported a wider quarterly loss in the first quarter of this year, blaming a general economic slowdown, competition from out-of-state slots parlors, and promotional costs associated with its new player loyalty program, TrumpONE, which tracks play and awards comps at all three Trump casinos. Each casinos used to have its own player card.
The company reported a net loss of $18.6 million, or 59 cents per share, compared with a loss of $8.1 million, or 26 cents per share in the same period a year ago.
Mark Juliano, Trump Entertainment's chief executive officer, said cash from the sale will help it improve its two remaining properties, as well as look at potential opportunities outside Atlantic City.
"The execution of this transaction will provide us with additional financial flexibility to effectively master-plan the future path of our company in the midst of an overall transformation which has already been marked by many successes," he said.
The company's largest project is a new 782 room hotel tower at the Taj Mahal due to open in September.
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