Toll Brothers Gains in AC Quest

Developer pays $5.5
million to lift
restriction to build
casino at former
Playboy, World's Fair
Casino site

Posted: Wednesday, April 6, 2011 8:00 pm |
Updated: 11:07 am, Thu Apr 7, 2011.

By CAITLIN DINEEN, Staff Writer

ATLANTIC CITY - The developer who bought the
site of the formerPlayboy Hotel and Casino and Trump
World's Fair Casino in 2005 paidTrump Entertainment
Resorts Inc. an additional $5.5 millionrecently to
remove a clause from the site's deed that
prohibitedconstruction of a casino on the Boardwalk
site, a Trump executivesaid Wednesday.

When purchased for $25.15 million in 2005, the
parcel, which islocated at the intersection of Florida
Avenue and the Boardwalk,could not be developed
into a new casino, the sale agreementstated.

However, the clause that restricts construction of a
casino waslifted about three weeks ago, said Robert
Griffin, chief executiveofficer for Trump Entertainment
Resorts Inc.

Developer Bruce E. Toll, of BET Investments, originally
plannedto build luxury condominiums on the 2.5-
acre beachfrontproperty.

He outbid Donald Trump and Philadelphia-area
attorney AndrewBarroway for the site. Toll is a
founder and vice chairman of TollBrothers Inc., a
luxury homebuilder group.

Griffin said BET and Toll Brothers officials did not
indicatewhether they intended to construct a casino
on the site, but,without the restriction, BET
Investments could technically build anew casino
there.

Toll and BET Investment officials could not be
reached forcomment Wednesday.

Link to AC Press also has news about the Golden Nugget purchase of the Trump Marina and the new owner of Trump Entertainment.