Former Trump Princess Playing Boat Now Promoting for $6M

Posted on: November 6, 2019, 07:59h. 

Final up to date on: November 6, 2019, 12:41h.

A pair of Gary, Indiana gaming vessels, certainly one of which previously belonged to an organization run by Donald Trump, are listed on the market at an asking worth of $6 million every.

The Majestic Star, pictured above, and the Majestic Star II are actually on the market, as a gaming license is being transferred to a brand new inland Gary, Indiana venue. (Picture: Carole Carlson/Chicago Tribune)

The worth tag is way lower than the unique building prices. Every was constructed for greater than $45 million within the Nineties, based on The Occasions of Northwest Indiana.

The smaller of the 2, Majestic Star II, was first generally known as the Trump Princess. The welded metal vessel can carry about 2,900 folks, whereas Majestic Star can accommodate 3,500. It’s described as in “impeccable situation.” Altogether, the Majestic Star and Majestic Star II have 1,620 slot machines and 63 gaming tables aboard.

They’re utilized by present proprietor Spectacle Leisure as floating casinos in Gary’s Buffington Harbor. The pair of boats are actually listed by Florida-based brokerage Storti Marine Companies.

Storti has bought or leased greater than 44 on line casino vessels over three a long time. It is usually at present promoting what it describes because the world’s largest on line casino riverboat, the Glory of Rome, with an asking worth of $6 million.

The Majestic Stars initially had been used as casinos that cruised on Lake Michigan. However as soon as Indiana permitted dockside playing, they largely remained anchored, as passengers got here aboard to gamble.

Trump Bought Boat 14 Years In the past

In 2005, Trump bought his boat and gaming license for $253 million to Don Barden, who already owned Majestic Star. Barden later died and the 2 boats had been acquired by an funding agency.

Then in March, Spectacle Leisure bought each vessels. Particulars of the transaction had been by no means launched.

The Indiana gaming license that allowed the pair of boats to function as casinos might be transferred to a single inland venue to be generally known as Laborious Rock On line casino Gary.

The gaming venue is to open alongside the Borman Expressway on a 40-acre plot lower than a half-hour away from Chicago. Spectacle officers informed the Gary Plan Fee in July the roughly 225,000 sq. foot, $400 million on line casino is scheduled to open on Dec. 31, 2020.

The inland Gary venue additionally features a 2,000-seat live performance corridor. The corporate is anticipating an adjoining lodge and parking storage to open in 2022 or 2023.

Spectacle additionally agreed to provide again the second Majestic Star license to the state, which has earmarked it for an additional land-based on line casino in Terre Haute.

Reassigning the Buffington Harbor on line casino license to the land-based parcel has additionally led to the closing of a 300-room lodge that’s positioned on the harbor. The lodge was initially opened by Trump’s on line casino firm in 1998.

Compliance Questions Raised

Final month, Laborious Rock’s compliance committee “discovered that there was no impropriety on behalf of Spectacle” relating to property offers on land for the deliberate inland on line casino. In September, Laborious Rock introduced the compliance assessment after a collection of articles by The Occasions of Northwest Indiana revealed considerations about a number of properties bought at Lake County tax gross sales.

The auctions permit the county to sell-off land it seizes when homeowners fail to pay property taxes. In no less than one occasion, a person allegedly bought property at a tax sale that was seized from his father, who was seeking to promote the land to Spectacle.

After the boats are moved from their present location on Lake Michigan, room might be out there for a deliberate cargo delivery advanced on Buffington Harbor.