Trump Entertainment Resorts

Trump Entertainment Resorts

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.

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. [ [http://msnbc.msn.com/id/6556470/ MSNBC] ] 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. [http://www.marketwatch.com/news/story/trump-entertainment-shares-plummet-no/story.aspx?guid=%7B94B3DE7D%2D5F9C%2D4F6B%2D87AE%2D43EC0A68CC1A%7D&siteid=yhoof 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.

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 [http://www.iht.com/articles/2007/04/10/business/trump.php] 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. [http://www.iht.com/articles/2007/04/10/business/trump.php]

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

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.

References

External links

* [http://www.trumpcasinos.com/ Trump Entertainment]
* [http://www.trumpmarina.com/ Trump Marina Hotel Casino, Atlantic City, New Jersey]
* [http://www.trumpplaza.com/ Trump Plaza Casino Hotel, Atlantic City, New Jersey]
* [http://www.trumptaj.com/ Trump Taj Mahal Casino Hotel, Atlantic City, New Jersey]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • Trump Entertainment Resorts — Inc. ist eine Holdinggesellschaft, die Casino Hotels in den USA besitzt, betreibt und verwaltet. Die Gesellschaft entstand 2005 durch Restrukturierungsmaßnahmen der Vorgängergesellschaft Trump Hotels Casino Resorts . Geschäftsführer ist Mark… …   Deutsch Wikipedia

  • Trump Entertainment Resort — Trump Entertainment Resorts Fundación 1981 Sede Atlantic City, Nueva Jersey,  Estados Unid …   Wikipedia Español

  • Trump Plaza — El edifico de Trump Plaza Hotel y Casino. Datos y estadísticas Dirección 2500 Boardwalk, Atlantic City, Nueva Jersey …   Wikipedia Español

  • Trump Marina — Hotel Casino is located in Atlantic City, New Jersey and is managed by Trump Entertainment Resorts. The resort covers a convert|14.6|acre|m2|sing=on tract and includes a convert|74252|sqft|m2|sing=on casino; 728 guest rooms (including 571 guest… …   Wikipedia

  • Trump Organization — Тип Частная Год основания 1980 Основатели Дональд Трамп Расположение …   Википедия

  • Trump — ist der Familienname folgender Personen: Donald Trump (* 1946), US amerikanischer Unternehmer Georg Trump (1896–1985), deutscher Grafiker Ivana Trump (* 1949), US amerikanische Unternehmerin und Model Ivanka Trump (* 1981), US amerikanisches… …   Deutsch Wikipedia

  • Trump Plaza — is a name associated with several buildings in the Trump Empire*Trump Plaza (Atlantic City) is the 39 story Trump Plaza Atlantic City Hotel Casino in Atlantic City, NJ built in 1984 owned by Trump Entertainment Resorts. *Trump Plaza (Palm Beach)… …   Wikipedia

  • Trump Taj Mahal Casino Resort — Casino infobox casino=Trump Taj Mahal theme=Taj Mahal, India address=1000 Boardwalk Ave image caption=View of Trump Taj Mahal from the Atlantic City boardwalk rooms=1,250 date opened=1990 space gaming=158,500 square foot attractions=Hard Rock… …   Wikipedia

  • Trump Plaza (Atlantic City) — Casino infobox casino=Trump Plaza theme= address=Boardwalk and Mississippi rooms=904 (762 Rooms/142 Suites) date opened=May 22, 1984 space gaming=85,253 sq. ft attractions= shows=No permanent shows restaurants=Rainforest Cafe owner=Trump… …   Wikipedia

  • Trump Organization — The Trump Organization is the primary company of Donald Trump, a prominent American real estate developer. Trump is the current CEO of the company. The company oversees nearly all of the business development interests of Donald Trump, such as… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”