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ATLANTIC CITY - Losses at Trump Entertainment Resorts Inc. nearly tripled in the first quarter as the now Donald Trump-less casino operator struggles to survive in Chapter 11 bankruptcy.

The company reported a net loss of $50.1 million, or $1.58 per share, compared to a net loss of $18.6 million, or 59 cents per share, in the same period last year. Revenues from gaming, hotel rooms and other sources declined 9.5 percent to $206.6 million, according to a federal securities filing Friday evening.

Trump Entertainment filed for bankruptcy protection on Feb. 17 in an attempt to restructure its suffocating $1.7 billion debt load, including $1.25 billion of notes owned by bondholders. Four days earlier, Donald Trump resigned as chairman of the board after bondholders rejected his offer to buy the entire company and take it private.

However, Trump has dispatched his celebrity daughter, Ivanka Trump, to represent him during the company's bankruptcy hearings and reportedly is trying to negotiate a new deal with bondholders.

In addition to resigning from the board, Trump also abandoned his 23.5 percent partnership stake in Trump Entertainment Resorts Holdings. But the company said in its securities filing Friday it has not consented to Trump giving up his ownership and is reserving its "rights and remedies" against him.

This is the third time since the early 1990s that the three Trump casinos have gone through bankruptcy. In its current form, there is "substantial doubt" that the money-losing company can survive, an independent auditor concluded in Trump Entertainment's annual report.

Trump Entertainment is looking to keep Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, but has a tentative deal to sell weak sister Trump Marina Hotel Casino for $270 million to the New York gaming group Coastal Marina LLC. A key deadline is approaching because both sides have agreed to close the deal by May 28.

E-mail Donald Wittkowski:

DWittkowski@pressofac.com

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