Trump Drops Bid For Control of Atlantic City Casinos

Casino News - November 18th, 2009 - Written by Glen

Though many casinos in Atlantic City carry the Trump name, Trump himself does not officially own these casinos. Over the past several months, he had begun moving on the market, hoping to reacquire a piece of the Atlantic City pie, and a deal has finally been met.

On Tuesday, Trump settled for 10% of Trump Entertainment Resorts after the bankruptcy is complete.

The company had filed Chapter 11 earlier this year, and Donald and Ivanka Trump have been struggling to regain control ever since. In the agreement, 61% of bondholders had reportedly agreed to give Trump 10% of the company after a reorganization.

This agreement has also ushered in the end of Trump's litigation against the company, releasing over $100 million in claims that Trump had aimed to recover.

Though Atlantic City has been struggling with competition and reduced voluntary spending, many analysts claim that the bottom has been reached. Though bottomed out, Atlantic City casinos are expected to see reprieve from their crushing losses. Through competition from Pennsylvania, New York, and Legal Online Casinos, Atlantic City has seen rough times.

The Trump Taj Mahal, Trump Plaza Hotel, and Trump Marina Hotel and Casino will once again be partial property of Donald Trump. In accordance with the deal hammered out, Trump will be enabled to use the name on other gambling ventures, provided they do not compete directly with Atlantic City.

The associated press contributed to this article.

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