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Trio of properties to retain Trump’s name
A group of bondholders aligned with real-estate magnate Donald Trump has put in the winning bid to control three casinos in Atlantic City, N.J., that bear Trump's name, The New York Times reports. Trump joined with bondholders, lead by the New York hedge fund Avenue Capital Management, in a successful $225 million bid for the Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Trump Marina Hotel Casino.
Trump will control 10 percent of the company and will have the option to increase his stake in the future. Rather than cash, Trump offered the bondholders the use of his name on the three casinos.
“The Trump brand is worth millions of dollars to the debtors,” the bankruptcy judge, Judith Wizmur, said in her ruling. “The debtors' identification with the Trump Organization raises its profile in the gaming industry.”
In choosing the Trump-affiliated group, the judge turned aside financier Carl Icahn's bid for the properties, all of which face a cloudy future, the Times noted. Atlantic City, as well as the gambling industry, has suffered in recent years, hit hard by the recession and changing consumer tastes. More than one-third of the city's 11 casinos have been in bankruptcy, and more gamblers have been going to rival gaming centers in Pennsylvania, New York and Connecticut.
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