For Sale : Three Casinos, Ask For Don
Things are getting desperate over at Trump Entertainment. With a share of their stock costing less than a decent burger, it's obvious that the casino investment community has absolutely no confidence in current management, the massive debt load or the future prospects of Trump Marina, Trump Plaza or Trump Taj Mahal - no matter how they refurb the rooms, reconfigure the casino floors or integrate their players clubs.
The faux-gold plated writing is sparklingly crystal clear on the faux-gold leafed wall - "time to cut bait."
Trump Entertainment CEO Mark Juliano, up to his neck in debt and hands chapped and worn from operating bail buckets, essentially tacked a large orange For Sale sign out front of Trumps Dumps about a week ago, essentially stating that 'no reasonable offer will be refused.'
Will you take a check?
Needless to say, this isn't the best time to shop around aging properties in Atlantic City. Beyond the obvious impossibility of raising the capital necessary to not only purchase, but completely rebrand, redesign and re-do the properties. Pinnacle can't get the cash on decent enough terms to even start the Sands AC job.
Any players who can pony up to the pass line will undoubtedly throw a place bet on the Atlantic City Tropicana way before strapping on the hip highs and joining the bucket brigade at Trump X. With MGM Grand Atlantic City, Revel, Water Club, the Bashaw/Barr projects firing up their jets, chunks of Trump's former empire have begun to slide into the lower echelons of the casino pecking order, placing further obstacles in front of any potential Johnny Checkbook.
Dec 15, 2006 : $22.37
May 15, 2008 : $2.59
If this isn't the bottom... what is?
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