Trump Entertainment Resorts

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Trump Entertainment Resorts, Inc. is a holding company which owns, operates and manages casinos/hotels in the United States The company was formed in 2005 as a result of the restructuring of its predecessor Trump Hotels & Casino Resorts. Donald J. Trump is Chairman of the Board and Mark Juliano is President and Chief Executive Officer.

Contents

[edit] History

In 2004 Trump Hotels & Casino Resorts explored various options for restructuring its debt, amid speculation that it might file for bankruptcy. A possible arrangement with Credit Suisse First Boston was not completed because the bondholders rejected it.

On October 21, 2004 the company announced a preliminary agreement with its investors. Trump, who has been the majority owner, would reduce his stock ownership from 56 percent to 27 percent. Bondholders would surrender some of their debt in exchange for stock. On October 27, the company announced that Morgan Stanley would be the joint lead arranger for a financing of $500 million financing as part of the restructuring plan. On November 21, the company filed for bankruptcy. Trump said the filing was "really just a technical thing" as the best way to implement the restructuring plan.[1] The plan was submitted to the Bankruptcy Court on December 16, 2004. The company could exit bankruptcy in March, 2005.

The company has changed its name to Trump Entertainment Resorts. THCR also announced that former New Jersey governor James Florio has been appointed a member of the new Board of Directors.

Trump Entertainment managed the Trump 29 Casino for the Twenty-Nine Palms Band of Mission Indians but disagreements plagued Trump's relationship with the tribal council. On December 22, 2004, the company entered into a memorandum of understanding with the tribe to end the management agreement.

On April 30, 2005 The Company announced that it would not proceed with its plans to build a casino in the Orange County, Indiana town of French Lick. The Indiana Gaming Commission held new bidding and they are expected to vote on June 23, 2005 on the approval of Blue Sky Casino who was the sole bidder for the gaming license that was abandoned by Trump due to the fact that the company was insolvent and facing bankruptcy with over $1.3 billion of 11.25% First Mortgage notes secured by the Taj Mahal and Trump Plaza coming due in April 2006.

On May 18, 2007 the company announced that it was in the preliminary stages of negotiating a buyout with several public and private firms. On July 2, 2007 Trump Entertainment Resorts announced that they could not make a deal with any company that they were in talks with and decided to take itself off the market. The Company will layoff employees in order to cut cost. Report from MarketWatch

On May 29, 2008 it was announced Trump Marina will be sold to Coastal Marina for $ 316 million and be re-branded to a Margaritaville Resort.

[edit] Casinos

The company owns and operates three casinos in Atlantic City: Trump Taj Mahal Casino Resort, Trump Plaza both of which are located on the Boardwalk, and Trump Marina in Atlantic City's Marina District. The company recently[1] sold the Trump Casino Hotel - a riverboat casino in Gary, Indiana.

The Trump Taj Mahal Casino Resort, which the company owns is currently undergoing a $240 million renovation and addition of a new hotel tower.[2]

The company recently sold Trump Marina to Coastal Marina which will re-themed the property to a Margaritaville resort.

[edit] Donald Trump's role

Trump's well-known name and image are used extensively by the company in its marketing. He conducts his business interests in real estate and other non-casino ventures via the Trump Organization which is a separate entity from Trump Entertainment Resorts.

[edit] References

  1. ^ MSNBC

[edit] External links

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Trump family and businesses
Trump Entertainment Resorts (casinos)
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Family
1st Generation: Fred Trump • Mary MacLeod Trump
2nd Generation: Donald Trump • Maryanne Trump Barry • Robert Trump • Fred Trump, Jr. • Elizabeth Trump Grau
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Trump Tower Variations (Trump World Tower, Trump Elite Tower, Trump Towers by the Sea)

Trump Plaza (Atlantic City, Palm Beach, New York City, New Rochelle, Trump Plaza Tower)

Atlantic City Casinos: Trump Taj Mahal, Trump Plaza, Trump Marina

Other Properties: Mar-A-Lago, Trump Grande, The Trump Building at 40 Wall Street, Trump Palace, Trump Parc, Trump Park Avenue, Grand Hyatt New York, Daewoo Trump World, Riverside South/Trump Place, Ocean Resort Baja Mexico, Trump at Cap Cana

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Annual Revenue:▼ $26.5 million USD (FY 2005) | Employees: NA | Stock Symbol: NASDAQ: TRMP (Trump Entertainment Resorts only)| Website: The Trump Organization
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