Trump Entertainment said proceeds would go toward repaying company debt.
Landry's chairman, president, and chief executive officer, Tilman Fertitta, said in a statement that the complex would become a Golden Nugget casino with new bars, restaurants, and lounges, similar to the Golden Nuggets the company already owns in Las Vegas and Laughlin, Nev.
After an extensive renovation, it will honor Trump Marina customer points and rewards at the Atlantic City property and at the other Golden Nuggets, he said.
The sale closes a chapter in a tortured journey for Trump Marina, which last month reported the lowest revenue among the 11 Atlantic City casinos, $9.3 million.
In May 2008, Trump Entertainment struck a deal with New York-based Coastal Marina L.L.C., run by Richard Fields, to buy the site for $316 million and turn it into a Margaritaville-themed casino featuring Jimmy Buffett.
As the economy and Atlantic City gaming revenues tanked, Coastal dropped the offer to $270 million. By June 2009, the deal fell apart and both sides traded barbs and accusations over the failed sale.
Trump Entertainment emerged from its third bankruptcy restructuring last spring with a new owner who vowed that selling the Trump Marina would be a priority.
In December, Resorts - Atlantic City's first casino - was sold for $31 million to gaming-industry veteran Dennis Gomes.
Earlier this month, Gov. Christie announced that the partly built $2.5 billion Revel Casino on the Boardwalk would receive $261 million in state tax breaks and resume construction. Christie is overhauling the resort by creating a state-run casino and tourism district.
"This is good for Atlantic City," said analyst Cory H. Morowitz of Morowitz Gaming Advisors L.L.C. in Galloway Township.
"These transactions and the injection of new capital and new ideas into Atlantic City will bring dynamism to the market and hopefully lift the entire market."
Contact staff writer Suzette Parmley at 215-854-2594 or email@example.com.