Trump Entertainment Resorts

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Trump Entertainment Resorts, Inc. is a corporation that owns, operates and manages casino/hotels in the United States. It was formed in 2005. James B. Perry serves as Chief Executive Officer and Donald Trump is Chairman of the Board.

Contents

1 Casinos
2 Donald Trump's role
3 Finances
4 External links

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 sold the Trump Casino Hotel - a riverboat casino in Gary, Indiana. Trump Entertainment also formerly managed the Trump 29 Casino for the Twenty-Nine Palms Band of Mission Indians but a 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.

Trump Entertainment Resorts is currently (2006) in negotiations to develop two new casino properties, one located in Philadelphia, PA on at the location of the former Budd plant site, and the second in Johnston, RI. Both of these projects are currently pending state approvals and legislation for casino operations.

The Company, which was called Trump Hotels & Casino Resorts, Inc., filed for protection under Chapter 11 of the U.S. Bankruptcy Code in November 2004 and emerged as Trump Entertainment Resorts, Inc. in May 2005.

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.

Finances

In 2004 the company 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. [link] 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 from Trump Hotels & Casino Resorts 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 of Trump Entertainment Resorts.

External links

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