Casinos: Trump is the Big Winner in Casinos
Trump Entertainment Resorts is close to leaving behind its third bankruptcy. And, in doing so, nothing could make the Donald any happier as he trumped one over on rival billionaire Carl Icahn.
Earlier this week a federal bankruptcy judge chose the Capital Group and Donald Trump, along with daughter Ivanka, to buy the company out of bankruptcy. The price: $225 million. This put Icahn out of the running as the bid topped his proposal to swap the $486 million mortgage he holds on Trump Entertainment for ownership of the company.
Trump Entertainment is expected to emerge from bankruptcy later in 2010. The debt will be reduced from a whopping $1.8 billion to $334 million. The first priority of Trump Entertainment will be to revitalize three of the casinos the company owns in Atlantic City. One of the places, Trump Marina Hotel Casino will once again be put on the market to be sold. The company will hold on to Trump Taj Mahal Casino and Trump Plaza Hotel and Casino. If the one casino is sold then the company will seek opportunities in other states. The reasoning behind this is to lessen its dependence on a single market which is already struggling.
It has also been announced that beauty Ivanka will become one of the main faces of Trump Entertainment in the near future. Her popularity has soared since she has been featured, with Trump, on his weekly TV show Celebrity Apprentice. She has also exhibited an impressive amount of skill and knowledge.