Trump Entertainment Resorts to Sell Atlantic City’s Marina Hotel Casino
Trump Entertainment Resorts Inc. is looking to sell its Trump Marina Hotel Casino in Atlantic City. Trump Entertainment Resorts, which is currently bankrupt, is looking to raise money to pay off its debts in order to get out of bankruptcy.
The sale is expected to work to pay off a large portion of the $334 million in debt that the company is dealing with. This is a substantial decline from the $1.8 billion that was owed prior to bankruptcy.
The casino has found a potential buyer in New York’s Atlantic Capital Group. The company will end up getting a twenty-two percent ownership in Trump Entertainment after the company gets out of bankruptcy. This will be the largest stake in the company. Trump Entertainment founder Donald Trump will only have a ten percent share in it.
The sale may end up being a challenge though. This is due to how casino revenues in the city have gone down in recent years. The reduction in revenues is expected to be even greater in the future now that Pennsylvania casinos are offering table games.
Trump Entertainment will only operate two casinos in Atlantic City after the sale is completed. The company will continue to operate the Trump Taj Mahal and Trump Plaza Hotel and Casino.
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