The project, due to open in 2013, will be built as an addition to Resorts, which said it will re-theme its Boardwalk facade with the Margaritaville brand.
Gov. Chris Christie, joining Resorts officials and Buffett at a news conference to announce the plans, called them another important step forward in efforts to revitalize Atlantic City, whose casino revenues have been on a downward spiral.
He said Atlantic City's success is important both to the region and the state.
Buffett operates a casino and restaurant business internationally under the Margaritaville brand, inspired by the 1970s hit song of the same name. The first one opened in Florida's Key West. The Atlantic City complex will be the first on the East Coast.
Resorts owner Morris Bailey said getting a Margaritaville is a coup for Atlantic City, providing a must-see attraction for the resort.
Buffett, who is scheduled to perform at Boardwalk Hall on Aug. 4, said he is eager to help the city regain its place as a beach vacation destination.
The tropical-themed Margaritaville complex at Resorts will include a casino, restaurant and bar, retail stores, LandShark Bar and Grill and year-round beach bar complex.
Four years ago, Buffett was involved in an effort, which fell through, to transform the former Trump Marina Hotel Casino into a Margaritaville resort.
