|
Trump
casinos available to right buyer, company says
- 9th May 2008
(Credit:
The Sydney Morning Herald)
One or more of the three Trump
casinos could be sold if the right deal presents
itself, the company said Thursday.
Mark
Juliano, chief executive officer of Trump Entertainment
Resorts Inc., said the gambling company is "looking
at strategic alternatives" and would sell
if a good deal materializes.
At
least two potential deals to buy part or all of
the company fell through last year.
"If
an opportunity presents itself that creates value
for the company, we will definitely execute it,"
he said on a conference call to discuss the company's
first-quarter earnings.
Juliano
said after the call that there are no current
sale discussions going on with anyone.
The
company reported a wider loss in the first quarter
of this year, blaming a general economic slowdown,
competition from out-of-state slots parlors, and
promotional costs associated with its new player-loyalty
program, TrumpONE, which tracks play and awards
comps at all three Trump casinos. Each casino
used to have its own player card.
The
company reported a net loss of $18.6 million (euro12.12
million), or 59 cents per share, compared with
a loss of $8.1 million, or 26 cents per share
in the same period a year ago.
The
company's stock opened at $2.79 a share Thursday,
but traded as low as $2.41, a new 52-week low.
It had traded as high as $17.15 within the past
year.
Trump
casinos include the Trump Taj Mahal Casino Resort;
Trump Plaza Hotel and Casino, and Trump Marina
Hotel Casino.
Juliano
said the company's key event this year will be
the opening around Labor Day weekend of the 782-room
Chairman Tower at the Taj Mahal, named after company
Chairman Donald J. Trump. The $255 million project
is on time and within budget, Juliano said.
It
is the centerpiece of the company's strategy to
concentrate more on cash-paying customers who
stay longer, rather than spending to attract less
profitable day trippers.
Trump
Plaza plans to be the first casino in Atlantic
City to offer electronic poker games in June,
when 12 machines will be installed.
The
company's total debt increased by $3.7 million
(euro2.41 million) over the first quarter to $1.64
billion (euro1.07 billion).
Profiles
Trump
Entertainment Resorts
Donald
Trump
Casinos
|
