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Protege Turned Foe Of Trump Makes Deal To Buy N.J. Casino

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The Associated Press

Published: May 30, 2008

ATLANTIC CITY, N.J. - In Donald Trump's world, it can be a short trip from confidant to defendant to buyer.

Just ask Richard T. Fields, a one-time Trump apprentice (lowercase "a," before the TV show) who ran afoul of The Donald over a failed attempt to woo the Seminole tribe for a casino project in Florida for Trump.

Fields later did the deal with a different partner, prompting Trump to sue.

That lawsuit went away Thursday as part of a deal in which Fields' company, Coastal Marina, agreed to buy Trump Marina Hotel Casino for $316 million. One stock analyst said the price, which he considers too high, might represent a concession on Fields' part to resolve the lawsuit.

"Any way you slice it, Coastal Marina has overpaid for the Trump Marina," Morgan Joseph & Co. analyst Justin Sebastiano wrote in a note to investors Thursday. "We believe there is another reason for such a high price tag. The acquisition of the Trump Marina by Coastal Marina has led Trump Entertainment to withdraw its lawsuit against Richard T. Fields."

Fields, chairman of Coastal Marina, is the co-developer of the Seminole Hard Rock Hotel & Casino properties in Tampa and Hollywood, Fla., and also owns a ranching company, Jackson Land and Cattle in Jackson Hole, Wyo.

The Seminole deal led to his falling-out with Trump, for whom he previously worked on a number of projects.

Trump filed a lawsuit in Broward County in December 2005 seeking unspecified damages against Fields, whom he accused of lying to him. Trump said Fields advised him to abandon the deal that Trump had been cultivating with the Seminoles for three years, according to the lawsuit.

Then Fields teamed up with Baltimore-based Cordish Co. and, the lawsuit said, they fraudulently represented themselves as Trump associates to land the deal.

The lawsuit charged Fields with fraud, misrepresentation and breach of fiduciary duty.

In an interview Thursday, Trump voiced no bitterness over the dispute, and proclaimed the sale agreement "a great deal for both of us."

"Richard worked for me on a number of projects, and he did a good job," Trump said. "He's one of my successful apprentices."

In a statement, Fields said he will re-theme the casino with Margaritaville Holdings, which is owned by singer Jimmy Buffett. It operates a string of tropical-themed restaurants and retail shops across the country and is involved in a casino project in Biloxi, Miss., with Harrah's Entertainment.

"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 in the statement.

He was not immediately available to further discuss his plans for Atlantic City.

Coastal Marina is the largest shareholder in the Suffolk Downs racetrack in Boston, according to company spokesman Charlie Leonard.

The deal also includes the lease for the Senator Frank S. Farley State Marina.

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