Donald Trump aims to retake control of casinos - Thursday 18th of June 2009

As the casino company that bore his name sank deeper and deeper into the red this year, Donald Trump went head to head with bondholders trying to buy it and take it private - and lost.

Now the real estate mogul, whose distaste for losing is legendary, is back in the ring and pushing a plan to buy Trump Entertainment Resorts out of bankruptcy.

To succeed, hell have to beat out a competing offer advanced by the bondholders.

The three Atlantic City casinos owned by Trump Entertainment still bear his name, but thats the extent of Donald Trumps involvement with them right now. He had to relinquish day-to-day control of the company following a 2004 bankruptcy - the second of three the company would file.

When his offer to buy the company and take it private was spurned in February by board members allied with bondholders, Trump resigned as chairman, saying his stock was now "worthless to me." His daughter, Ivanka, also resigned from the companys board.

Mark Juliano, the companys CEO, said today that the board will weigh the two competing offers for the company and does not plan to formulate one of its own.

Neither plan has been filed with the court so the terms of both remain confidential.

Donald Trumps offer is in partnership with Dallas-based Beal Bank, run by Andy Beal, a close friend.

Juliano would not comment in detail on either proposal, other than to say both seek to reduce the companys debt to levels that can be supported by its reduced cash flow.

He would not specify a target number for the debt level beyond saying it is below the current $1.7 billion.

"Were looking for a plan that represents the opportunity to have an appropriate balance sheet and allows the company to generate enough cash to support its leverage, which it hasnt been able to do in the past," Juliano said.

Two past Trump bankruptcy reorganizations have failed largely because they did not eliminate enough debt to make the company competitive in the cutthroat Atlantic City market. That competition is more fierce now than ever with slots parlors in Pennsylvania and New York draining away loyal customers and revenue.

For the first five months of this year, Atlantic City casino winnings are down 15.7 percent.

Neither Donald Trump nor Erez Gilad, an attorney for the bondholders, immediately returned messages seeking comment.

Today a bankruptcy court judge gave the company an extra 45 days to consider the plans, but Juliano predicted it would not take that long to decide on one.

Juliano also said there are no current offers to buy Trump Marina Hotel Casino. A deal to sell the struggling gambling hall to Richard Fields, a New York developer who was once a protege of Donald Trump, fell through this month.

He said both purchase plans submitted to the Trump Entertainment board envision the company having three casinos in Atlantic City.

Other news from around the same time

MGM Mirage, Egyptian partner to build Cairo resort - Thursday 18th of June 2009

Casino operator MGM Mirage says that it is teaming with an Egyptian developer to build a resort outs....

The end of the road for Russias roulette - Thursday 18th of June 2009

The time is 7am and the sun has long come up over Moscow, but inside the Shangri-La casino, the tabl....

Wimbledon on alert after new betting controversy - Thursday 18th of June 2009

With only six days before the start of the Wimbledon Championships, mens tennis was embroiled in fre....

Pubs in line for fruit machine tax windfall - Thursday 18th of June 2009

Pubs could hit the jackpot after a court ruling paved the way for huge rebates in overpaid VAT on ga....

Bookies lose most at Royal Ascot as the crowds stay away - Thursday 18th of June 2009

It is unlikely that Royal Ascot will ever be mistaken for Hooverville, the shanty town built by impo....

Bigger casino rolls out June 29 - Wednesday 17th of June 2009

The owners of one of Indianaís most successful riverboat casinos are preparing to replace it with a ....

Real Madrid FC wants to break off the contract with Bwin - Wednesday 17th of June 2009

The Real Madrid president, Florentino Perez, has over his table the proposal for renewal of Bwin spo....

MGM, Genting in talks on Macau - Wednesday 17th of June 2009

MGM Mirage Inc, a global casino operator, has held discussions with Genting group on the latterís po....

A lot of carrots and a new hairdo... how allotment-loving pensioner couple plan to celebrate £25m jackpot win - Wednesday 17th of June 2009

The wife of Britainís £25m Euro jackpot winner today revealed how she planned to spend their new for....

Sugarhouse Casino hearing set - Wednesday 17th of June 2009

The proposed Sugarhouse Casino will have a public hearing before the Philadelphia City Planning Comm....