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ATLANTIC CITY - Trump Entertainment Resorts Inc., currently in a bankruptcy fight for new ownership, posted a $15.1 million loss in the third quarter from the operation of its three Atlantic City casinos.

Net revenue for the quarter fell 9.4 percent to $228.3 million compared to the same period last year largely because of a drop in gaming business, the company reported.

The quarterly results, disclosed Friday evening in a federal securities filing, were the latest bad news for a company trying to restructure its finances under Chapter 11 bankruptcy protection.

Former Chairman Donald Trump has teamed up with an affiliate of Dallas-based Beal Bank to try to buy the company for nearly $114 million and take it private. Bondholders owning $1.25 billion in Trump Entertainment notes have offered $225 million for the company. A bankruptcy court judge in Camden has scheduled hearings beginning Jan. 20 to decide which buyout plan to approve.

Trump Entertainment is backing the Trump-Beal plan because it would slash the company's $1.7 billion debt to just $486 million by extinquishing the bondholder notes. Trump initially proposed paying bondholders nothing, but sweetened the deal last month to include a cash offer of $13.9 million.

3 comments:

• UncleFrank (232) posts 5:29 pm

  What happened to the on-line games with the sweepstakes and comps this year? I might be inclined to stop by the Trump casinos and dump some money in the slots if the on-line games were brought back. Wasn't this a successful promotion last year?

• executioner1 (307) posts 10:06 am

  Art of the steal again and again.this guy Trump bankrupts anybody who does business with him. He never pays service providers. Now the judge may decide to wipe out all of his debt again and give him the company. Why. What is the difference between him and Bernie Madoff? Nothing. Trump should have a reality show called my life in jail.

• Tin Lizzy (150) posts 8:13 pm

  "YOU'RE FIRED!" what a genius HE was, eh? sheesh.

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