Although real estate mogul and reality TV star Donald Trump has parted ways with Trump Entertainment Resorts Inc. (TRMP), the casinos bearing his name shouldn't be immediately hit by the company's Chapter 11 filing.

Trump Entertainment made its third visit to bankruptcy court Tuesday, capping off months of negotiations with major creditors after the company missed a $53 million interest payment in December. Trump, founder of the company, resigned as chairman of the board Friday. And, Chief Executive Mark Juliano said Tuesday's filling won't have an immediate change in the daily operations of the company's three Atlantic City casinos. "The bankruptcy will not injure the brand at all," said Roger Gros, publisher of Global Gaming Business, a trade magazine. "They have to be careful in how they get the message out to the players and employees."

However, observers said there is some question whether the filing would impact the sale of Trump Marina Hotel Casino to Coastal Marina LLC, an affiliate of Coastal Development LLC. "Coastal Marina is closely monitoring news and events in Atlantic City and needs to fully evaluate the developing situation and its effects on Coastal Marina's interests," said Coastal in an emailed statement.

Tom Hickey, a Trump Entertainment spokesman, said the Chapter 11 filing is unrelated to the sale of the Marina. "We have no reason to believe that any facts regarding the transaction have changed," he said.

Trump Entertainment hasn't heard from Coastal Marina regarding the deal, which is expected to close by the end of May.

Wall Street has been increasingly skeptical that Trump Entertainment will actually close the sale with Coastal Marina given there's no obvious financing for the venture at a time of a crippling credit crunch. Ahead of Tuesday's filing, analysts thought Trump Entertainment would struggle to survive as a going concern if the deal fell through.

Trump Entertainment, which emerged from bankruptcy for the second time in 2005, has been down on its luck for quite some time and a restructuring of some form was highly telegraphed by Wall Street. Saddled by heavy debt, fierce regional competition and a challenged Atlantic City market made it a losing bet for many investors. As such, the company's stock price has declined about 96% over the last 12 months. With all three of its assets in Atlantic City, Trump Entertainment has to invest tons of money to keep up with competitors that are striving to reinvent the gambling haven as a Las Vegas of the East.

For instance, the Borgata Hotel Casino & Spa, co-owned by Boyd Gaming Corp. (BYD) and MGM Mirage (MGM), has become the gold standard for new projects in Atlantic City. Trump Entertainment's challenge comes at a time when all 11 casinos in the area are in dire straits in terms of expanding and building new properties and attracting gamblers. "They are still behind in terms of their ability to spend to keep their properties looking their best and they probably don't have as much marketing dollars," said Dennis Forst, an analyst at KeyBanc Capital Markets. Barbara Cappaert, an analyst at KDP Investment Advisors, Inc., said Trump's departure as chairman probably won't be the last time the company hears from him. She noted in a report that Trump announced that he would "vigorously" defend any contracts bearing his name.

"We take this specifically to mean not only the consulting contract but also the naming rights," Cappaert wrote.

Hickey said Trump Entertainment "does and continues to own the rights to the Trump name for gaming purposes."

In 2008, the Trump casinos had the biggest revenue drain of the 11 gambling operators in Atlantic City as the island town suffered a 7.6% decline in casino revenues last year, according to the New Jersey Casino Control Commission.

However, Trump's Taj Mahal, which recently added a new luxury tower, posted a revenue increase of nearly 10% in January, compared with a year earlier.

-By A.D. Pruitt, Dow Jones Newswires, 201-938-2269, angela.pruitt@dowjones.com