NEW YORK, Sept 30 - Trump Entertainment Resorts Inc's (TRMPQ.PK) chief executive said he was surprised by a private equity fund's announcement on Wednesday that it wanted to participate in the bankrupt company's restructuring.
The fund, New Century Investments, had previously expressed interest in the company, but could not "verify their financial wherewithal," said Trump CEO Mark Juliano.
Trump last spoke to the fund in February and has not heard from it since, Juliano said.
New Century said in a statement that it has been following the company since late 2008 and now believed it was "time for us to make our move." They did not provide details about how they planned to participate in the restructuring.
Credit: Reuters, Wires, Google News
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Wednesday, August 5, 2009
Trumped by Trump? - Bloomberg News - 5th August 2009
Trump Entertainment Resorts bondholders are preparing to challenge Donald Trump's plan to buy the bankrupt casino company and leave them with nothing.
Trump and an affiliate of Beal Bank Nevada agreed yesterday to invest $US100 million ($119 million) in the company, while Beal would postpone the maturity date of a $US486 million loan until December 2020 from 2012. Bondholders, who are owed $US1.25 billion, may argue in bankruptcy court that the deal undervalues the company, whose assets consist mainly of three casinos in Atlantic City, New Jersey, according to a person familiar with the situation.
``The stories of Mr. Trump's regaining control of the debtors are simply inaccurate,'' said Kristopher Hansen, co-head of the financial restructuring practice at Stroock & Stroock & Lavan LLP in New York, who is representing bondholders. ``The plan proposed by Beal Bank and Donald Trump is not capable of confirmation for many reasons,'' Hansen said in an e-mailed statement.
Trump is attempting to recover control of the company he founded after the properties it owns ended up in bankruptcy protection a third time. Any value above the Beal loan, which ranks first for repayment, should go to bondholders, according to the person, who declined to be identified because the creditors are still discussing how to respond. Shareholders would also get nothing under Trump's offer, which requires court approval.
`Too low'
Trump's plan puts ``too low'' a valuation on the company and we ``suspect bond holders, who are second lien but are being offered nothing in this plan, will object,'' Barbara Cappaert, an analyst at high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont, wrote in a report today. ``This will likely delay an eventual reorganization for several more months.''
Atlantic City-based Trump Entertainment filed for Chapter 11 bankruptcy in Camden, New Jersey, on Feb. 17, days after Trump quit as chairman and said he was severing ties. At the time of the filing, the company listed assets of $US2.06 billion and debt of $US1.74 billion as of Dec. 31.
``The filing of a bankruptcy plan is standard in the restructuring process and signifies the start of a many months long process that guarantees no certain outcome,'' Hansen said.
Tom Hickey, a Trump Entertainment spokesman, declined to comment beyond yesterday's company statement.
Bondholders will ``have a very hard time proving'' the casino company is worth more than $US500 million in court, Trump, 63, said in a telephone interview today.
`Needs leadership'
``They appointed most of the board of directors and this was already sent to the board,'' Trump said. Bondholders have failed to reach their own agreement with the board, he said.
Additional capital from bondholders would be too expensive and under any plan other than his own, Beal Bank may not let Trump Entertainment extend the maturity on the loan, Trump said.
Bondholders ``want to invest money with a large amount of interest on that money, and that doesn't work,'' Trump said. ``These people have been running the company for the last three years. They put the board on, they hired everybody and look what happened. I haven't been involved in management in a long time. This is a company that needs equity investment and needs leadership.''
Trump Entertainment's $US1.25 billion of 8.5 per cent notes maturing in 2015 last traded at 12.25 cents on the dollar on July 23, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The securities traded as high as 103.375 cents as recently as June 2007.
Cappaert recommends investors ``hold'' the securities because ``bondholders deserve and will earn a level of return consistent with current bond prices,'' she said in the report. (Credit: Bloomberg News)
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Trump and an affiliate of Beal Bank Nevada agreed yesterday to invest $US100 million ($119 million) in the company, while Beal would postpone the maturity date of a $US486 million loan until December 2020 from 2012. Bondholders, who are owed $US1.25 billion, may argue in bankruptcy court that the deal undervalues the company, whose assets consist mainly of three casinos in Atlantic City, New Jersey, according to a person familiar with the situation.
``The stories of Mr. Trump's regaining control of the debtors are simply inaccurate,'' said Kristopher Hansen, co-head of the financial restructuring practice at Stroock & Stroock & Lavan LLP in New York, who is representing bondholders. ``The plan proposed by Beal Bank and Donald Trump is not capable of confirmation for many reasons,'' Hansen said in an e-mailed statement.
Trump is attempting to recover control of the company he founded after the properties it owns ended up in bankruptcy protection a third time. Any value above the Beal loan, which ranks first for repayment, should go to bondholders, according to the person, who declined to be identified because the creditors are still discussing how to respond. Shareholders would also get nothing under Trump's offer, which requires court approval.
`Too low'
Trump's plan puts ``too low'' a valuation on the company and we ``suspect bond holders, who are second lien but are being offered nothing in this plan, will object,'' Barbara Cappaert, an analyst at high-yield research firm KDP Investment Advisors Inc. in Montpelier, Vermont, wrote in a report today. ``This will likely delay an eventual reorganization for several more months.''
Atlantic City-based Trump Entertainment filed for Chapter 11 bankruptcy in Camden, New Jersey, on Feb. 17, days after Trump quit as chairman and said he was severing ties. At the time of the filing, the company listed assets of $US2.06 billion and debt of $US1.74 billion as of Dec. 31.
``The filing of a bankruptcy plan is standard in the restructuring process and signifies the start of a many months long process that guarantees no certain outcome,'' Hansen said.
Tom Hickey, a Trump Entertainment spokesman, declined to comment beyond yesterday's company statement.
Bondholders will ``have a very hard time proving'' the casino company is worth more than $US500 million in court, Trump, 63, said in a telephone interview today.
`Needs leadership'
``They appointed most of the board of directors and this was already sent to the board,'' Trump said. Bondholders have failed to reach their own agreement with the board, he said.
Additional capital from bondholders would be too expensive and under any plan other than his own, Beal Bank may not let Trump Entertainment extend the maturity on the loan, Trump said.
Bondholders ``want to invest money with a large amount of interest on that money, and that doesn't work,'' Trump said. ``These people have been running the company for the last three years. They put the board on, they hired everybody and look what happened. I haven't been involved in management in a long time. This is a company that needs equity investment and needs leadership.''
Trump Entertainment's $US1.25 billion of 8.5 per cent notes maturing in 2015 last traded at 12.25 cents on the dollar on July 23, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The securities traded as high as 103.375 cents as recently as June 2007.
Cappaert recommends investors ``hold'' the securities because ``bondholders deserve and will earn a level of return consistent with current bond prices,'' she said in the report. (Credit: Bloomberg News)
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Trump Entertainment Resorts Enters Into Agreement to Sell Company; Files Plan of Reorganization
* Donald J. Trump and BNAC, Inc. to Invest $100 million Cash for Full Equity Ownership of Private Company
* Company and Senior Lender Agree to Amended Credit Agreement With Favorable Terms
ATLANTIC CITY, N.J., Aug. 3, 2009 - Trump Entertainment Resorts, Inc. (the "Company") announced today that it entered into a Purchase Agreement (the "Purchase Agreement") with Donald J. Trump ("Trump") and BNAC, Inc., an affiliate of Beal Bank Nevada, under the terms of which Trump and BNAC will invest $100 million cash in the newly private company and become its owners.
In connection with the Purchase Agreement, on August 3, 2009, the Company and its partnership subsidiary also entered into a commitment letter with Beal Bank and Beal Bank Nevada to amend and restate the Beal Credit Agreement with the Partnership in order to restructure approximately $486 million in debt. Under the amended Credit Agreement, the maturity period for the repayment is extended until December 2020 from the existing maturity of 2012.
In connection with the execution of the Purchase Agreement and the Commitment Letter to amend and reinstate the Credit Agreement, the Company filed with the Court a Disclosure Statement including a joint Plan of Reorganization (the "Plan"). The Plan is both backed by Company's management and received the approval of the Company's Board of Directors. The Plan provides for the completion of the Purchase Agreement and the restructuring of the Company's debt under the terms of the Commitment Letter. Pursuant to the Plan, no distributions will be made to the holders of the Company's outstanding equity or debt securities. The Plan is subject to confirmation by the Bankruptcy Court, customary closing conditions including regulatory approval and the consummation of the transactions contemplated by the Purchase Agreement and commitment letter relating to the amended credit agreement.
The Company's chief executive, Mark Juliano, said, "The Plan of reorganization that we filed today is a significant event for our company because it includes an adjustment to our debt and the commitment of Mr. Trump and BNAC to invest new capital. As a private enterprise under the ownership of the Trump family and BNAC, the company will be well capitalized and positioned for success, and we are hopeful for the Court's expeditious approval so that the new capital can start being invested. I am confident that this is the best proposal to provide the company with a platform for growth. I am truly excited about the future."
Commenting on a return to Atlantic City, Donald J. Trump said, "My previous investment in the company was destroyed by excessive and restrictive debt. This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management. My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more."
Andy Beal, Beal Bank President and CEO, said, "We have a longstanding relationship with Donald Trump through previous transactions, and we are pleased to continue that relationship as he works to return Trump Entertainment Resorts to profitability and long-term success."
On February 17, 2009, the Company filed its Chapter 11 petitions for relief in the United States Bankruptcy Court for the District of New Jersey in order to restructure the company's indebtedness and strengthen its balance sheet. The Company strongly believes that its Plan satisfies necessary requirements and is hopeful that it will be confirmed by the Court. Information regarding the Chapter 11 proceedings, including the Plan, is available at www.TERrecap.com.
Trump Entertainment Resorts, Inc. owns, through its interest in Trump Entertainment Resorts Holdings, LP, and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Mr. Trump is not involved in the Company's daily operations or management. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "intend," "anticipate," "believe," "plan," "estimate," "expect," will," "could," "optimistic," "can," "strategy" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of the Company or the Issuers, the Company and the Issuers note that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company and the Issuers. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company and the Issuers. The Company and the Issuers do not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Important factors that could cause actual results to differ from those contemplated by forward-looking statements include, but are not limited to, the Debtors' ability to obtain Bankruptcy Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Debtors to confirm and consummate the Plan or any other plan of reorganization with respect to the chapter 11 cases, the terms of the restructuring or reorganization plan ultimately implemented, the timing thereof, the related costs and expenses, and the ability of the Registrants to maintain normal relationships with its vendors, service providers and customers. The Registrants disclaim any intention or obligation to update or revise an forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Debtors' various pre-petition liabilities, common stock and/or other equity securities. Additional information concerning the potential risk factors that could affect future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.trumpcasinos.com.
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* Company and Senior Lender Agree to Amended Credit Agreement With Favorable Terms
ATLANTIC CITY, N.J., Aug. 3, 2009 - Trump Entertainment Resorts, Inc. (the "Company") announced today that it entered into a Purchase Agreement (the "Purchase Agreement") with Donald J. Trump ("Trump") and BNAC, Inc., an affiliate of Beal Bank Nevada, under the terms of which Trump and BNAC will invest $100 million cash in the newly private company and become its owners.
In connection with the Purchase Agreement, on August 3, 2009, the Company and its partnership subsidiary also entered into a commitment letter with Beal Bank and Beal Bank Nevada to amend and restate the Beal Credit Agreement with the Partnership in order to restructure approximately $486 million in debt. Under the amended Credit Agreement, the maturity period for the repayment is extended until December 2020 from the existing maturity of 2012.
In connection with the execution of the Purchase Agreement and the Commitment Letter to amend and reinstate the Credit Agreement, the Company filed with the Court a Disclosure Statement including a joint Plan of Reorganization (the "Plan"). The Plan is both backed by Company's management and received the approval of the Company's Board of Directors. The Plan provides for the completion of the Purchase Agreement and the restructuring of the Company's debt under the terms of the Commitment Letter. Pursuant to the Plan, no distributions will be made to the holders of the Company's outstanding equity or debt securities. The Plan is subject to confirmation by the Bankruptcy Court, customary closing conditions including regulatory approval and the consummation of the transactions contemplated by the Purchase Agreement and commitment letter relating to the amended credit agreement.
The Company's chief executive, Mark Juliano, said, "The Plan of reorganization that we filed today is a significant event for our company because it includes an adjustment to our debt and the commitment of Mr. Trump and BNAC to invest new capital. As a private enterprise under the ownership of the Trump family and BNAC, the company will be well capitalized and positioned for success, and we are hopeful for the Court's expeditious approval so that the new capital can start being invested. I am confident that this is the best proposal to provide the company with a platform for growth. I am truly excited about the future."
Commenting on a return to Atlantic City, Donald J. Trump said, "My previous investment in the company was destroyed by excessive and restrictive debt. This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management. My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more."
Andy Beal, Beal Bank President and CEO, said, "We have a longstanding relationship with Donald Trump through previous transactions, and we are pleased to continue that relationship as he works to return Trump Entertainment Resorts to profitability and long-term success."
On February 17, 2009, the Company filed its Chapter 11 petitions for relief in the United States Bankruptcy Court for the District of New Jersey in order to restructure the company's indebtedness and strengthen its balance sheet. The Company strongly believes that its Plan satisfies necessary requirements and is hopeful that it will be confirmed by the Court. Information regarding the Chapter 11 proceedings, including the Plan, is available at www.TERrecap.com.
Trump Entertainment Resorts, Inc. owns, through its interest in Trump Entertainment Resorts Holdings, LP, and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Mr. Trump is not involved in the Company's daily operations or management. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "intend," "anticipate," "believe," "plan," "estimate," "expect," will," "could," "optimistic," "can," "strategy" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of the Company or the Issuers, the Company and the Issuers note that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company and the Issuers. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company and the Issuers. The Company and the Issuers do not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Important factors that could cause actual results to differ from those contemplated by forward-looking statements include, but are not limited to, the Debtors' ability to obtain Bankruptcy Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Debtors to confirm and consummate the Plan or any other plan of reorganization with respect to the chapter 11 cases, the terms of the restructuring or reorganization plan ultimately implemented, the timing thereof, the related costs and expenses, and the ability of the Registrants to maintain normal relationships with its vendors, service providers and customers. The Registrants disclaim any intention or obligation to update or revise an forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Debtors' various pre-petition liabilities, common stock and/or other equity securities. Additional information concerning the potential risk factors that could affect future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.trumpcasinos.com.
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Wednesday, June 24, 2009
Donald Trump aims to retake control of casinos, by Wayne Parry - 16th June 2009
CAMDEN, N.J. (AP) — As the casino company that bore his name sank deeper and deeper into the red this year, Donald Trump went head to head with bondholders trying to buy it and take it private — and lost.
Now the real estate mogul, whose distaste for losing is legendary, is back in the ring and pushing a plan to buy Trump Entertainment Resorts out of bankruptcy.
To succeed, he'll have to beat out a competing offer advanced by the bondholders.
The three Atlantic City casinos owned by Trump Entertainment still bear his name, but that's the extent of Donald Trump's involvement with them right now. He had to relinquish day-to-day control of the company following a 2004 bankruptcy — the second of three the company would file.
When his offer to buy the company and take it private was spurned in February by board members allied with bondholders, Trump resigned as chairman, saying his stock was now "worthless to me." His daughter, Ivanka, also resigned from the company's board.
Mark Juliano, the company's CEO, said Tuesday the board will weigh the two competing offers for the company and does not plan to formulate one of its own.
Neither plan has been filed with the court so the terms of both remain confidential.
Donald Trump's offer is in partnership with Dallas-based Beal Bank, run by Andy Beal, a close friend.
Juliano would not comment in detail on either proposal, other than to say both seek to reduce the company's debt to levels that can be supported by its reduced cash flow.
He would not specify a target number for the debt level beyond saying it is below the current $1.7 billion.
"We're looking for a plan that represents the opportunity to have an appropriate balance sheet and allows the company to generate enough cash to support its leverage, which it hasn't been able to do in the past," Juliano said.
Two past Trump bankruptcy reorganizations have failed largely because they did not eliminate enough debt to make the company competitive in the cutthroat Atlantic City market. That competition is more fierce now than ever with slots parlors in Pennsylvania and New York draining away loyal customers and revenue.
For the first five months of this year, Atlantic City casino winnings are down 15.7 percent.
Both Donald Trump and Erez Gilad, an attorney for the bondholders, declined comment Tuesday.
On Tuesday, a bankruptcy court judge gave the company an extra 45 days to consider the plans, but Juliano predicted it would not take that long to decide on one.
Juliano also said there are no current offers to buy Trump Marina Hotel Casino. A deal to sell the struggling gambling hall to Richard Fields, a New York developer who was once a protege of Donald Trump, fell through this month.
He said both purchase plans submitted to the Trump Entertainment board envision the company having three casinos in Atlantic City.
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Trump Entertainment
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Now the real estate mogul, whose distaste for losing is legendary, is back in the ring and pushing a plan to buy Trump Entertainment Resorts out of bankruptcy.
To succeed, he'll have to beat out a competing offer advanced by the bondholders.
The three Atlantic City casinos owned by Trump Entertainment still bear his name, but that's the extent of Donald Trump's involvement with them right now. He had to relinquish day-to-day control of the company following a 2004 bankruptcy — the second of three the company would file.
When his offer to buy the company and take it private was spurned in February by board members allied with bondholders, Trump resigned as chairman, saying his stock was now "worthless to me." His daughter, Ivanka, also resigned from the company's board.
Mark Juliano, the company's CEO, said Tuesday the board will weigh the two competing offers for the company and does not plan to formulate one of its own.
Neither plan has been filed with the court so the terms of both remain confidential.
Donald Trump's offer is in partnership with Dallas-based Beal Bank, run by Andy Beal, a close friend.
Juliano would not comment in detail on either proposal, other than to say both seek to reduce the company's debt to levels that can be supported by its reduced cash flow.
He would not specify a target number for the debt level beyond saying it is below the current $1.7 billion.
"We're looking for a plan that represents the opportunity to have an appropriate balance sheet and allows the company to generate enough cash to support its leverage, which it hasn't been able to do in the past," Juliano said.
Two past Trump bankruptcy reorganizations have failed largely because they did not eliminate enough debt to make the company competitive in the cutthroat Atlantic City market. That competition is more fierce now than ever with slots parlors in Pennsylvania and New York draining away loyal customers and revenue.
For the first five months of this year, Atlantic City casino winnings are down 15.7 percent.
Both Donald Trump and Erez Gilad, an attorney for the bondholders, declined comment Tuesday.
On Tuesday, a bankruptcy court judge gave the company an extra 45 days to consider the plans, but Juliano predicted it would not take that long to decide on one.
Juliano also said there are no current offers to buy Trump Marina Hotel Casino. A deal to sell the struggling gambling hall to Richard Fields, a New York developer who was once a protege of Donald Trump, fell through this month.
He said both purchase plans submitted to the Trump Entertainment board envision the company having three casinos in Atlantic City.
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Donald Trump’s commercial-free Raw does big rating, by Kevin Eck - Baltimore Sun - 23rd June 2009
Whether it can be attributed to the publicity WWE received from the Donald Trump story line, the commercial-free format, the advertised main event of a Last Man Standing Match for the WWE title between Randy Orton and Triple H, or some combination of the three, one thing is for sure: Monday’s episode of Raw was a huge ratings success.
Raw drew a 4.5 rating (4.3 first hour; 4.8 second hour), a significant increase from last week’s 3.7. The show’s 6,813,000 viewers made it the most-watched episode of Raw since March 25, 2002, according to wwe.com.
You have to hand it to Trump. WrestleMania 23, which was built around his hair versus hair match against Vince McMahon, did a company-record 1.2 million pay-per-view buys in 2007, and now he is the central figure on the highest-rated Raw in more than seven years.
Based on the rating, I wonder if the Trump story line, which appeared to end on Monday after just one week, might continue at some point. A story on wwe.com about Trump’s appearance on Raw said “this may not be the end of the feud between these two world class promoters.” (Credit: Baltimore Sun)
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Raw drew a 4.5 rating (4.3 first hour; 4.8 second hour), a significant increase from last week’s 3.7. The show’s 6,813,000 viewers made it the most-watched episode of Raw since March 25, 2002, according to wwe.com.
You have to hand it to Trump. WrestleMania 23, which was built around his hair versus hair match against Vince McMahon, did a company-record 1.2 million pay-per-view buys in 2007, and now he is the central figure on the highest-rated Raw in more than seven years.
Based on the rating, I wonder if the Trump story line, which appeared to end on Monday after just one week, might continue at some point. A story on wwe.com about Trump’s appearance on Raw said “this may not be the end of the feud between these two world class promoters.” (Credit: Baltimore Sun)
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Monday, June 22, 2009
Vinnie Brings The Donald Back Into The Act, by Mike Mooneyham - 21st June 2009
Last year Vince McMahon gave away a million dollars in an attempt to lure viewers to Monday Night Raw.
Now he’s pretending to have sold Raw, WWE’s flagship show, to the even richer and perhaps more megalomaniacal Donald Trump.
Last week’s “shocking” announcement on Raw didn’t produce the effect McMahon had hoped for. That’s because fans rarely believe anything the WWE owner says these days.
But even if the WWE Universe faithful didn’t buy the prank, Vince was betting on selling the angle to the mainstream media. It’s happened before, although the non-wrestling press has become smarter over the years.
Some media outlets, such as TV Guide and Bloomberg, initially reported it as fact. FoxBusiness.com posted the release itself. But they were the exceptions.
The hope now is that Trump, who once was brought in for a storyline feud with McMahon that culminated with The Donald shaving Vince’s head at Wrestlemania 23, will again produce some magic with McMahon.
McMahon, however, is in no danger of losing his company or Raw, which remains one of the top-rated shows on cable television.
WWE and USA Network even issued a bogus joint press release last week to announce the change in ownership. It was, McMahon stated, an undisclosed offer he “couldn’t refuse.”
USA was forced to release an apology Thursday.
“We intended the release to be promotional for that ongoing story arc on the series,” USA said in the statement. “There is no such actual ‘sale.’ We apologize for any confusion.”
The takeover plot continues Monday when the real estate mogul appears on a commercial-free episode of the show as its new owner.
It will mark the first time in more than 838 episodes that Raw will be commercial-free.
“I’m going to do things on the show that have never been done or seen before,” Trump boasted last week.
Whether or not that’s a good thing remains to be seen. Trump looks out of his element on a wrestling show. He’s certainly no Vince. And, like most non-wrestling personalities attempting to do pro wrestling, his delivery is forced and contrived. (Credit: Post and Courier)
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Now he’s pretending to have sold Raw, WWE’s flagship show, to the even richer and perhaps more megalomaniacal Donald Trump.
Last week’s “shocking” announcement on Raw didn’t produce the effect McMahon had hoped for. That’s because fans rarely believe anything the WWE owner says these days.
But even if the WWE Universe faithful didn’t buy the prank, Vince was betting on selling the angle to the mainstream media. It’s happened before, although the non-wrestling press has become smarter over the years.
Some media outlets, such as TV Guide and Bloomberg, initially reported it as fact. FoxBusiness.com posted the release itself. But they were the exceptions.
The hope now is that Trump, who once was brought in for a storyline feud with McMahon that culminated with The Donald shaving Vince’s head at Wrestlemania 23, will again produce some magic with McMahon.
McMahon, however, is in no danger of losing his company or Raw, which remains one of the top-rated shows on cable television.
WWE and USA Network even issued a bogus joint press release last week to announce the change in ownership. It was, McMahon stated, an undisclosed offer he “couldn’t refuse.”
USA was forced to release an apology Thursday.
“We intended the release to be promotional for that ongoing story arc on the series,” USA said in the statement. “There is no such actual ‘sale.’ We apologize for any confusion.”
The takeover plot continues Monday when the real estate mogul appears on a commercial-free episode of the show as its new owner.
It will mark the first time in more than 838 episodes that Raw will be commercial-free.
“I’m going to do things on the show that have never been done or seen before,” Trump boasted last week.
Whether or not that’s a good thing remains to be seen. Trump looks out of his element on a wrestling show. He’s certainly no Vince. And, like most non-wrestling personalities attempting to do pro wrestling, his delivery is forced and contrived. (Credit: Post and Courier)
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Vince McMahon
Tuesday, May 19, 2009
Donald Trump sues author Tim O'Brien for saying he is not a billionaire, by Jon Hurdle - AAP - 19th May 2009
Lawyers for real estate mogul Donald Trump urged a judge overnight to allow his defamation case against a journalist to go forward, saying the writer damaged his reputation by contending he is not a billionaire.
But lawyers for author Timothy O'Brien and his publisher, Time Warner unit Warner Books, denied MrTrump had lost business opportunities as a result of the 2005 book, and urged the judge to dismiss the lawsuit.
Ms Fox, after a two-hour hearing, said she would rule within two months on whether the case should be thrown out or go to a jury trial in October.
Mr Trump, who filed the lawsuit in 2006 and is seeking billions in damages, did not attend the proceedings.
The book Trump Nation: The Art of Being the Donald cited three unnamed sources estimating Trump's worth at $US150 million ($197 million) to $US250 million, much less than the billions that the developer and television personality has said he is worth.
In an interview with The Wall Street Journal published overnight, Mr Trump said he is worth $US5 billion, not counting the value of his brand name.
That follows a deposition given to Mr O'Brien's lawyers in which Trump put his wealth at more than $US4 billion, the Journal said.
In 2005, Deutsche Bank estimated his net worth as $US788 million in a calculation made for the bank's underwriting of a $US640 million construction loan for some of Mr Trump's Chicago properties, the newspaper reported.
In court, Mr Trump's attorney William Tambussi attacked the credibility of Mr O'Brien's anonymous sources, saying their estimates of his client's net worth widely varied.
"The same source can't go from $60 million to $250 million and be considered reliable," Mr Tambussi said.
Mr Trump's reputation was damaged by the book's statements including that he was the "court jester of the American business scene" and that "As a businessman, he is a train wreck," Mr Tambussi told the court.
Andrew Ceresney, an attorney for Mr O'Brien, said his client had worked with the sources cited in his book before, and was confident that they had inside knowledge of Mr Trump's finances. He said Mr O'Brien had not acted maliciously.
Mr Ceresney also said Mr Trump had not lost business opportunities as a result of the book, which he said did not sell very well.
He questioned Mr Trump's claim that he had lost four overseas development projects as a result of negative publicity surrounding the book.
"There is no evidence in the record that these four even existed, save for Mr. Trump's own self-serving statements," Mr Ceresney said. (Credit: AAP)
Media Man Australia Profiles
Donald Trump
But lawyers for author Timothy O'Brien and his publisher, Time Warner unit Warner Books, denied MrTrump had lost business opportunities as a result of the 2005 book, and urged the judge to dismiss the lawsuit.
Ms Fox, after a two-hour hearing, said she would rule within two months on whether the case should be thrown out or go to a jury trial in October.
Mr Trump, who filed the lawsuit in 2006 and is seeking billions in damages, did not attend the proceedings.
The book Trump Nation: The Art of Being the Donald cited three unnamed sources estimating Trump's worth at $US150 million ($197 million) to $US250 million, much less than the billions that the developer and television personality has said he is worth.
In an interview with The Wall Street Journal published overnight, Mr Trump said he is worth $US5 billion, not counting the value of his brand name.
That follows a deposition given to Mr O'Brien's lawyers in which Trump put his wealth at more than $US4 billion, the Journal said.
In 2005, Deutsche Bank estimated his net worth as $US788 million in a calculation made for the bank's underwriting of a $US640 million construction loan for some of Mr Trump's Chicago properties, the newspaper reported.
In court, Mr Trump's attorney William Tambussi attacked the credibility of Mr O'Brien's anonymous sources, saying their estimates of his client's net worth widely varied.
"The same source can't go from $60 million to $250 million and be considered reliable," Mr Tambussi said.
Mr Trump's reputation was damaged by the book's statements including that he was the "court jester of the American business scene" and that "As a businessman, he is a train wreck," Mr Tambussi told the court.
Andrew Ceresney, an attorney for Mr O'Brien, said his client had worked with the sources cited in his book before, and was confident that they had inside knowledge of Mr Trump's finances. He said Mr O'Brien had not acted maliciously.
Mr Ceresney also said Mr Trump had not lost business opportunities as a result of the book, which he said did not sell very well.
He questioned Mr Trump's claim that he had lost four overseas development projects as a result of negative publicity surrounding the book.
"There is no evidence in the record that these four even existed, save for Mr. Trump's own self-serving statements," Mr Ceresney said. (Credit: AAP)
Media Man Australia Profiles
Donald Trump
Wednesday, March 18, 2009
Trump wins a round in bankruptcy court, by Wayne Parry - Fairfax - 18th March 2009
A judge agrees with Donald Trump that bondholders who pushed his former casino company into bankruptcy should not have their fees paid by the company.
That was the good news for Trump on Tuesday. The bad news was a report from an independent auditor who cautioned that because of the bankruptcy and other competitive disadvantages, there is "substantial doubt" about whether Trump Entertainment Resorts can survive.
The company owns three Atlantic City casinos. It filed for bankruptcy protection last month after it failed to reach a deal with bondholders on restructuring $1.25 billion in debt. The bankruptcy filing was the third for the casinos, though the company in its current form is filing for the first time.
In Camden, Judge Judith Wizmur ruled the company cannot pay for lawyers and professional fees on behalf of unofficial committees of bondholders whose debts may be more than their collateral.
Secured creditors, including Beal Bank, can have their fees paid.
Trump resigned as chairman of the company last month after bondholders rejected his bid to buy the company and take it private.
"While I am out of the company and while it has no impact on my net worth, I believe this was a great ruling, and very well justified," he said in an interview Tuesday about asking his lawyer to challenge the fees. "I did it because it was the right thing to do."
In resigning from the board on Feb. 13, Trump decried the millions of dollars being racked up by lawyers and advisers in the run-up to an unrelated bankruptcy court sale of the Tropicana Casino and Resort.
He said he did not want to see the same thing happen to the company that bears his name and that he once controlled.
The judge said bondholders could have their legal fees paid at the end of the case if they help contribute to a successful resolution.
The court hearing came a day after the company, in its annual report, made public a letter from auditors Ernst & Young that raised questions about Trump Entertainment's prospects for surviving the bankruptcy.
Mark Juliano, the company's CEO, agreed that in its current condition, the company would have a hard time surviving. But it is counting on a restructuring to reduce its debt and interest payments to more manageable levels.
"We are confident the company will emerge in a condition that will enable it to be an ongoing concern," he said.
Talks are already under way with creditors, but Juliano declined to say how serious he believes they are.
Trump Entertainment plans to operate as usual during bankruptcy.
But it also listed several competitive disadvantages it faces, including having less cash on hand and less financial flexibility than competitors. It also may have a hard time maintaining its facilities and attracting customers during bankruptcy and may need additional financing, which is already hard to get.
Media Man Australia Profiles
Donald Trump
Trump Entertainment Resorts
That was the good news for Trump on Tuesday. The bad news was a report from an independent auditor who cautioned that because of the bankruptcy and other competitive disadvantages, there is "substantial doubt" about whether Trump Entertainment Resorts can survive.
The company owns three Atlantic City casinos. It filed for bankruptcy protection last month after it failed to reach a deal with bondholders on restructuring $1.25 billion in debt. The bankruptcy filing was the third for the casinos, though the company in its current form is filing for the first time.
In Camden, Judge Judith Wizmur ruled the company cannot pay for lawyers and professional fees on behalf of unofficial committees of bondholders whose debts may be more than their collateral.
Secured creditors, including Beal Bank, can have their fees paid.
Trump resigned as chairman of the company last month after bondholders rejected his bid to buy the company and take it private.
"While I am out of the company and while it has no impact on my net worth, I believe this was a great ruling, and very well justified," he said in an interview Tuesday about asking his lawyer to challenge the fees. "I did it because it was the right thing to do."
In resigning from the board on Feb. 13, Trump decried the millions of dollars being racked up by lawyers and advisers in the run-up to an unrelated bankruptcy court sale of the Tropicana Casino and Resort.
He said he did not want to see the same thing happen to the company that bears his name and that he once controlled.
The judge said bondholders could have their legal fees paid at the end of the case if they help contribute to a successful resolution.
The court hearing came a day after the company, in its annual report, made public a letter from auditors Ernst & Young that raised questions about Trump Entertainment's prospects for surviving the bankruptcy.
Mark Juliano, the company's CEO, agreed that in its current condition, the company would have a hard time surviving. But it is counting on a restructuring to reduce its debt and interest payments to more manageable levels.
"We are confident the company will emerge in a condition that will enable it to be an ongoing concern," he said.
Talks are already under way with creditors, but Juliano declined to say how serious he believes they are.
Trump Entertainment plans to operate as usual during bankruptcy.
But it also listed several competitive disadvantages it faces, including having less cash on hand and less financial flexibility than competitors. It also may have a hard time maintaining its facilities and attracting customers during bankruptcy and may need additional financing, which is already hard to get.
Media Man Australia Profiles
Donald Trump
Trump Entertainment Resorts
Tuesday, February 17, 2009
Donald Trump resigns from board of Trump Entertainment - 16th February 2009
American tycoon Donald Trump has quit the board of debt-laden Trump Entertainment Resorts as the company he founded faces possible bankruptcy this week.
"I have nothing to do with it. I'm not in it, I'm not on the board," said Mr Trump, who was chairman.
The reality TV star said he had no idea if there would be a bankruptcy filing.
Trump Entertainment faces a February 17 deadline to make a $US53 million ($81 million) bond payment, a target extended four times since the initial grace period ended on December 31.
The company was locked in talks with its debtors on the weekend but if an agreement is not reached, it may file for bankruptcy early this week.
Or the bondholders may force it into involuntary bankruptcy.
Trump, who controls 28 per cent of the stock, said he offered to buy the rest of the company and was turned down by bondholders.
His daughter, Ivanka Trump, also quit the board.
"I strongly disagree with the bondholders' decisions and actions," Mr Trump said.
"Part of the reason that these bondholders can't make a deal is they've lost so much money on other deals, they've lost so much money on this deal, and they're probably going to lose so much money on other deals, that my impression is they don't care."
His departure may kill the company's planned $US270 million sale of its Trump Marina Hotel Casino.
The Atlantic City, New Jersey-based casino operator first missed its bond payment on December 1, saying it needed to conserve cash and hold debt-restructuring talks with lenders.
The company's market value has tumbled to $US7.3 million from its August 2005 peak of $US842 million.
Gambling revenue in Atlantic City fell a record 7.6 per cent last year, the second straight annual decline as the recession deterred gamblers and pokie competition from nearby states wooed others.
The decline continued in January, with revenue down 9.4 per cent.
"Unless we're going to be responsible for management it's just not something I feel is worthwhile," Mr Trump, 62, said.
Trump Entertainment emerged from bankruptcy 3 1/2 years ago. Its predecessor, Trump Hotels & Casino Resorts, sought court protection in November 2004.
It had lost money for nine years because of high interest payments that Trump claimed prevented the company from refurbishing and expanding its casinos.
- Beth Jinks, Felicity Williams for the Herald Sun with Bloomberg
Media Man Australia Profiles
Donald Trump
"I have nothing to do with it. I'm not in it, I'm not on the board," said Mr Trump, who was chairman.
The reality TV star said he had no idea if there would be a bankruptcy filing.
Trump Entertainment faces a February 17 deadline to make a $US53 million ($81 million) bond payment, a target extended four times since the initial grace period ended on December 31.
The company was locked in talks with its debtors on the weekend but if an agreement is not reached, it may file for bankruptcy early this week.
Or the bondholders may force it into involuntary bankruptcy.
Trump, who controls 28 per cent of the stock, said he offered to buy the rest of the company and was turned down by bondholders.
His daughter, Ivanka Trump, also quit the board.
"I strongly disagree with the bondholders' decisions and actions," Mr Trump said.
"Part of the reason that these bondholders can't make a deal is they've lost so much money on other deals, they've lost so much money on this deal, and they're probably going to lose so much money on other deals, that my impression is they don't care."
His departure may kill the company's planned $US270 million sale of its Trump Marina Hotel Casino.
The Atlantic City, New Jersey-based casino operator first missed its bond payment on December 1, saying it needed to conserve cash and hold debt-restructuring talks with lenders.
The company's market value has tumbled to $US7.3 million from its August 2005 peak of $US842 million.
Gambling revenue in Atlantic City fell a record 7.6 per cent last year, the second straight annual decline as the recession deterred gamblers and pokie competition from nearby states wooed others.
The decline continued in January, with revenue down 9.4 per cent.
"Unless we're going to be responsible for management it's just not something I feel is worthwhile," Mr Trump, 62, said.
Trump Entertainment emerged from bankruptcy 3 1/2 years ago. Its predecessor, Trump Hotels & Casino Resorts, sought court protection in November 2004.
It had lost money for nine years because of high interest payments that Trump claimed prevented the company from refurbishing and expanding its casinos.
- Beth Jinks, Felicity Williams for the Herald Sun with Bloomberg
Media Man Australia Profiles
Donald Trump
Monday, February 16, 2009
Trumps Leave Board of Trump Casino Company - 13th February 2009
Donald Trump fired himself Friday from the casino company that bears his name.
Spurned by bondholders, who rejected his effort to buy Trump Entertainment Resorts, Mr. Trump and his daughter Ivanka are resigning from its board of directors.
”If I’m not going to run it, I don’t want to be involved in it,” Mr. Trump told The Associated Press on Friday night.
Trump Entertainment won a fourth extension Wednesday on restructuring $1.25 billion in debt, and some analysts have predicted it will file for bankruptcy protection for a third time if it does not work out a deal with its bondholders.
Mr. Trump said he recently offered to buy the company, which he used to control before relinquishing his grip as part of a bankruptcy restructuring.
For now, his name will remain on the company’s three Atlantic City casinos, although Mr. Trump said he might seek to remove his name from the business.
”I don’t like that my name is still going to be on it,” he told The A.P.
He also said he wants to sell his shares in the company, although it was not clear when that might happen or whether he would even be able to do so under securities laws if he possesses information about the company that is not publicly known.
Media Man Australia Profiles
Trump Entertainment Resorts
Donald Trump
Spurned by bondholders, who rejected his effort to buy Trump Entertainment Resorts, Mr. Trump and his daughter Ivanka are resigning from its board of directors.
”If I’m not going to run it, I don’t want to be involved in it,” Mr. Trump told The Associated Press on Friday night.
Trump Entertainment won a fourth extension Wednesday on restructuring $1.25 billion in debt, and some analysts have predicted it will file for bankruptcy protection for a third time if it does not work out a deal with its bondholders.
Mr. Trump said he recently offered to buy the company, which he used to control before relinquishing his grip as part of a bankruptcy restructuring.
For now, his name will remain on the company’s three Atlantic City casinos, although Mr. Trump said he might seek to remove his name from the business.
”I don’t like that my name is still going to be on it,” he told The A.P.
He also said he wants to sell his shares in the company, although it was not clear when that might happen or whether he would even be able to do so under securities laws if he possesses information about the company that is not publicly known.
Media Man Australia Profiles
Trump Entertainment Resorts
Donald Trump
Friday, January 2, 2009
Trump Casinos Get Extension on Debt - 31st December 2008
Trump Entertainment Resorts, the casino operator, said on Wednesday it won more time from its lenders to negotiate or make interest payments on its debt. The company has obtained a forbearance agreement from the holders of about 70 percent of the value of 8.5 percent senior secured notes due 2015, on which the company missed interest payments in December. It also announced a forbearance agreement from lenders under the company’s $490 million senior secured term loan. Holders have agreed to abstain from exercising their rights until Jan. 21, Trump Entertainment said in a regulatory filing. The company remains in discussions with lenders and certain note holders about a possible restructuring of its capital, it said. On Dec. 1, the company missed a $53.1 million bond interest payment, citing an effort to “maintain sufficient liquidity.”
Media Man Australia Profiles
Donald Trump
Media Man Australia Profiles
Donald Trump
Sunday, November 9, 2008
Trump eyes tourism investment in Subic - ETN - 3rd November 2008
A group that includes American real estate mogul Donald Trump is investing as much as $1 billion to develop a high-end leisure facility in Subic, Olongapo City.
The consortium, made up of the Trump Organization, American Westgate Resorts Asia Ltd. and Korean Heung-A Property Group, is spending a fourth of the investment in the first quarter of next year, it said in a statement yesterday.
The group is eyeing a 457-hectare beachfront property in the village of Cawag, where it plans to build hotels, residential villas, retail shops, casinos, educational and medical facilities and a convention center over 10 years.
The Manhattan-based Trump Organization is the main company of Donald Trump, a prominent American real estate developer.
The company oversees nearly all of the business development interests of Mr. Trump, such as real estate, hotels and golf clubs.
The Subic investment is part of a deal signed by the three companies to form a venture that will identify potential investments and development opportunities, including communities, resorts and other real estate projects in Asia.
The first phase of the Philippine project will be led by Heung-A’s wholly owned subsidiary, Subic Neocove Corp., and involves the development of the basic infrastructure and a 54-hole golf course worth $250 million. It is expected to be finished by 2011.
Subic Neocove Chairman Seung Guk Yang told a briefing the project would be different from other leisure projects in the area since it would be targeting long-staying tenants instead of vacationers.
"We are putting [up] medical and wellness facilities and international schools so [clients] can treat this as their second home, which is why we are not calling it a resort but a master plan community," he said through an interpreter.
Robert N. Aventajado, Neo-cove’s Philippine representative, said the company would co-own the property with local firm Neocove Philippines, instead of leasing it.
Mr. Seung said the firm is aiming for the high-end market from Asia, Europe and the US, which has not been affected too much by the US-led global economic slow-down. He added that once finished, Neocove would be the largest high-end master-planned community in Asia.
A master-planned community is generally distinguished by the number of amenities it offers, and the big land area the community encompasses. Master-planned communities incorporate recreational amenities such as lakes, golf courses and parks with bike paths and jogging trails.
"Our initial foray into the Subic Bay Freeport Zone signals the extreme confidence of various highly funded multinationals with respect to both the near- and long-term economic and investment prospects in the Philippines," Mr. Seung said in a statement.
Heung-A Director Mitchell Park said the Subic investment would be the first large-scale property project of the company, whose main business is shipbuilding.
He said they had partnered with the Trump Organization and Westgate so it would be easier to tap international capital markets amidst a financial crisis in the US and Europe.
He said the project would be financed by borrowings and equity, but declined to say how much each firm would be contributing.
He said the Trump Organization would serve as the lead developer, with Westgate as co-developer.
Westgate, owned by property developer David A. Siegel, is the largest privately owned time share company in the world and operates 28 resorts in 11 US states.
Greg Tingle comment...
Donald Trump is a genius. He's spreading the risk with the other investors, and investing in a number of enterprises - not just casinos. At the same time he's targeted the Philippines, an unsaturated market, so he's moving his casino type interests away from Las Vegas which has fallen out of a favor somewhat (with punters and banks). A wellness centre and international schools next door to the leisure facilities, which just happen to include at least one casino. Now that's what I call the perfect mousetrap. Victor Gruen would be proud. For me its hard not to admire the Trump consortium's holistic approach... a one stop shop - magic. This may even top the City Of Dreams. Now we need Richard Branson's Virgin to fly the punters and high fliers in and out of what appears to be the worlds next red hot casino tourism mecca. Trump has outdid himself this time, but you can bet that James Packer has a few aces up his sleeve. Mr Packer and Mr Branson, your throw of the dice.
Media Man Australia Profiles
Casino News
The consortium, made up of the Trump Organization, American Westgate Resorts Asia Ltd. and Korean Heung-A Property Group, is spending a fourth of the investment in the first quarter of next year, it said in a statement yesterday.
The group is eyeing a 457-hectare beachfront property in the village of Cawag, where it plans to build hotels, residential villas, retail shops, casinos, educational and medical facilities and a convention center over 10 years.
The Manhattan-based Trump Organization is the main company of Donald Trump, a prominent American real estate developer.
The company oversees nearly all of the business development interests of Mr. Trump, such as real estate, hotels and golf clubs.
The Subic investment is part of a deal signed by the three companies to form a venture that will identify potential investments and development opportunities, including communities, resorts and other real estate projects in Asia.
The first phase of the Philippine project will be led by Heung-A’s wholly owned subsidiary, Subic Neocove Corp., and involves the development of the basic infrastructure and a 54-hole golf course worth $250 million. It is expected to be finished by 2011.
Subic Neocove Chairman Seung Guk Yang told a briefing the project would be different from other leisure projects in the area since it would be targeting long-staying tenants instead of vacationers.
"We are putting [up] medical and wellness facilities and international schools so [clients] can treat this as their second home, which is why we are not calling it a resort but a master plan community," he said through an interpreter.
Robert N. Aventajado, Neo-cove’s Philippine representative, said the company would co-own the property with local firm Neocove Philippines, instead of leasing it.
Mr. Seung said the firm is aiming for the high-end market from Asia, Europe and the US, which has not been affected too much by the US-led global economic slow-down. He added that once finished, Neocove would be the largest high-end master-planned community in Asia.
A master-planned community is generally distinguished by the number of amenities it offers, and the big land area the community encompasses. Master-planned communities incorporate recreational amenities such as lakes, golf courses and parks with bike paths and jogging trails.
"Our initial foray into the Subic Bay Freeport Zone signals the extreme confidence of various highly funded multinationals with respect to both the near- and long-term economic and investment prospects in the Philippines," Mr. Seung said in a statement.
Heung-A Director Mitchell Park said the Subic investment would be the first large-scale property project of the company, whose main business is shipbuilding.
He said they had partnered with the Trump Organization and Westgate so it would be easier to tap international capital markets amidst a financial crisis in the US and Europe.
He said the project would be financed by borrowings and equity, but declined to say how much each firm would be contributing.
He said the Trump Organization would serve as the lead developer, with Westgate as co-developer.
Westgate, owned by property developer David A. Siegel, is the largest privately owned time share company in the world and operates 28 resorts in 11 US states.
Greg Tingle comment...
Donald Trump is a genius. He's spreading the risk with the other investors, and investing in a number of enterprises - not just casinos. At the same time he's targeted the Philippines, an unsaturated market, so he's moving his casino type interests away from Las Vegas which has fallen out of a favor somewhat (with punters and banks). A wellness centre and international schools next door to the leisure facilities, which just happen to include at least one casino. Now that's what I call the perfect mousetrap. Victor Gruen would be proud. For me its hard not to admire the Trump consortium's holistic approach... a one stop shop - magic. This may even top the City Of Dreams. Now we need Richard Branson's Virgin to fly the punters and high fliers in and out of what appears to be the worlds next red hot casino tourism mecca. Trump has outdid himself this time, but you can bet that James Packer has a few aces up his sleeve. Mr Packer and Mr Branson, your throw of the dice.
Media Man Australia Profiles
Casino News
Friday, October 3, 2008
Thursday, October 2, 2008
Donald Trump in Australia 2008 Tour Cancelled
Donald Trump in Australia 2008 Tour Cancelled
As put in the public domain last night via Channel Seven 'Today Tonight' the Donald Trump in Australia 2008 tour has been cancelled.
Read the Channel Seven 'Today Tonight' report here.
Channel Seven 'Today Tonight' report:
Trump down under
Reporter: James Thomas
Broadcast Date: June 30, 2008
Editor's note: As at October 1, 2008, Today Tonight understands that Donald Trump is no longer coming to Australia.
Below is the story we ran in June, when Donald was on his way Down Under.
Let us take you back. Way back. From New York, New York. To Ipswich. It's in Queensland. Malcolm Quinn lives there. He's never been to the Big Apple.
Malcolm's life couldn't be further from that of a New York property star: quiet streets, a quiet life with five kids and a loving wife.
But then his world took a turn when his wife Leah presented him with the Donald Trump book "Think Big and Kick Ass". It had a literal effect on Malcolm.
"It really struck a chord with me about achievement, about success and about chasing dreams and the things you want to do," said Malcolm.
Malcolm's dream was to bring Donald Trump to Australia on a speaking tour. Trump's never been. No-one in Australia has ever persuaded him to come. But Malcom, who's a mogul of sorts - he owns The Ipswich Independent - thought he'd give it a shot.
For five straight months, Malcolm engaged in a midnight vigil. Night after night after night, he'd phone Trump's people in New York with his plan to attract the Donald down under. He put every cent he owns and everything he could raise on the line.
If the Trump works, he'll make a profit. If not, he's lost the lot.
Trump likes perseverence and he loves a gambler. At first, it was a no, then a maybe, then a yes. Where others had failed, Malcom came up, well, trumps. And his young son, Harry couldn't be more proud.
Before Trump comes to Australia, he wants to meet his promoter and so, for Malcolm, it's bye bye Ipswich International and hello Big Apple - or is it Trump Town?
You have to hand it to Malcolm. He has managed to convince one of the world's most famous billionaires - reputedly a bad traveller - to come across the globe to speak to Australians. Now he is going to be paid in the vicinity of $7.5 million. So, what can Aussies expect from the planet's most expensive mouth?
"Well, I don't want to really say, except that I think that they're going to have some excitement and we're going to talk about success and how to be successful, because whether it's United States, Australia, China, Russia, it's not different," Donald Trump said. "The formula for success is always the same."
Trump Law #1: And the best word is "certainty".
If you don't have certainty in business you are never going to be successful."
Trump Law #2: "Never let your spouse get your money.
"You have to have a pre-nuptial agreement."
"It's a lot better making a deal with your friends than with your enemies. I've seen divorces destroy businesses, I've seen them destroy people. I've seen people totally destroyed over divorce," says Trump.
Especially when you get divorced as often as Donald. Before Melania there was Marla. And his first wife Ivana. Not that Ivana was too worried, she became famous for her own line: "Don't get mad, get everything!"
He's been married 3 times. Come close to bankruptcy almost as often. But he's always bounced back. His attitude to building property typifies his approach to life.
"What I build is successful, it's always successful, I make it successful. And if it is not, I make it successful after it's not," says Trump.
Like his hair, he's larger than life and now he's really famous, thanks to the TV show "The Apprentice".
Donald is pragmatic about celebrity, for him fame offers opportunity to promote the Trump brand but the billionaire is underwhelmed by Hollywood's smoke and mirrors. In his book he takes a swipe at the lustre of even the biggest stars, for example, Angelina Jolie and George Clooney.
And there is no-one he hates more than US comedian Rosie O'Donnell.
"You have to understand, Rosie is a total degenerate," Trump said. "She's a low-life and ... she always attacks people ... and then one day she attacked me because I gave Miss USA a second chance. She had an alcohol problem and I gave her a second chance."
Trump's Law #3: Revenge is good business.
"When people attack you, you should attack back."
"Now not necessarily for that person but because other people who will interact with you or deal with you in the future are going to be watching and they are going to say, you know what there are easier fish to fry, let's not go after Trump. Let's go after somebody else."
Trump's Law #4: Buckle up. Times are tough.
Today Tonight asked: could Australia suffer a housing collapse similar to the US?
"Absolutely, and it probably will happen. I think we were just the forerunner. Fuel is just killing this world ... you need fuel it is like blood and when the fuel is tainted by price it is going to hurt Australia horribly."
Our economy may cop a battering but our women will always be beautiful, according to Mr Trump. One woman in particular.
"I own the Miss Universe Pageant and you have a great woman in terms of Miss Hawkins."
Jen is clearly a great hit - as are, for the Donald, our golf courses. When he hits Australia, he'll be hitting the greens.
He's not short of on confidence, which begs just one question: does Donald Trump have any weaknesses?
"I think everybody has weaknesses. But if I did, I sure as hell wouldn't be telling you. Because you don't want to expose your weaknesses, you want to hide your weaknesses.
Trump's Law #5: Shaking hands is bad for your health.
"I don't know where that hand has been. I was in a restaurant and this guy comes out of the bathroom and he is shaking his hands like they are wet. And he is like 'oh, Mr Trump, I am a big fan of yours'. And he puts his hand out. It is not a good thing ... it causes colds, I do it because it unfortunately it is a necessity in terms of life."
So he doesn't like hand shake deals. But he does love deals. And he does love the one he's done with Malcolm to come to Australia.
"Fantastic experience, incredibly busy meeting. Phones going off, people coming in. But we talked about lots of things. He is looking forward to coming to Australia he wants to play golf and see the country. And I think Aussies will be amazed when people get the opportunity to hear him," says Malcolm.
As he leaves Trump Tower, Malcolm has every reason to be chuffed. He achieved his dreams. He thought big and kicked ass.
Further information
www.trumpinaustralia.com.au
As put in the public domain last night via Channel Seven 'Today Tonight' the Donald Trump in Australia 2008 tour has been cancelled.
Read the Channel Seven 'Today Tonight' report here.
Channel Seven 'Today Tonight' report:
Trump down under
Reporter: James Thomas
Broadcast Date: June 30, 2008
Editor's note: As at October 1, 2008, Today Tonight understands that Donald Trump is no longer coming to Australia.
Below is the story we ran in June, when Donald was on his way Down Under.
Let us take you back. Way back. From New York, New York. To Ipswich. It's in Queensland. Malcolm Quinn lives there. He's never been to the Big Apple.
Malcolm's life couldn't be further from that of a New York property star: quiet streets, a quiet life with five kids and a loving wife.
But then his world took a turn when his wife Leah presented him with the Donald Trump book "Think Big and Kick Ass". It had a literal effect on Malcolm.
"It really struck a chord with me about achievement, about success and about chasing dreams and the things you want to do," said Malcolm.
Malcolm's dream was to bring Donald Trump to Australia on a speaking tour. Trump's never been. No-one in Australia has ever persuaded him to come. But Malcom, who's a mogul of sorts - he owns The Ipswich Independent - thought he'd give it a shot.
For five straight months, Malcolm engaged in a midnight vigil. Night after night after night, he'd phone Trump's people in New York with his plan to attract the Donald down under. He put every cent he owns and everything he could raise on the line.
If the Trump works, he'll make a profit. If not, he's lost the lot.
Trump likes perseverence and he loves a gambler. At first, it was a no, then a maybe, then a yes. Where others had failed, Malcom came up, well, trumps. And his young son, Harry couldn't be more proud.
Before Trump comes to Australia, he wants to meet his promoter and so, for Malcolm, it's bye bye Ipswich International and hello Big Apple - or is it Trump Town?
You have to hand it to Malcolm. He has managed to convince one of the world's most famous billionaires - reputedly a bad traveller - to come across the globe to speak to Australians. Now he is going to be paid in the vicinity of $7.5 million. So, what can Aussies expect from the planet's most expensive mouth?
"Well, I don't want to really say, except that I think that they're going to have some excitement and we're going to talk about success and how to be successful, because whether it's United States, Australia, China, Russia, it's not different," Donald Trump said. "The formula for success is always the same."
Trump Law #1: And the best word is "certainty".
If you don't have certainty in business you are never going to be successful."
Trump Law #2: "Never let your spouse get your money.
"You have to have a pre-nuptial agreement."
"It's a lot better making a deal with your friends than with your enemies. I've seen divorces destroy businesses, I've seen them destroy people. I've seen people totally destroyed over divorce," says Trump.
Especially when you get divorced as often as Donald. Before Melania there was Marla. And his first wife Ivana. Not that Ivana was too worried, she became famous for her own line: "Don't get mad, get everything!"
He's been married 3 times. Come close to bankruptcy almost as often. But he's always bounced back. His attitude to building property typifies his approach to life.
"What I build is successful, it's always successful, I make it successful. And if it is not, I make it successful after it's not," says Trump.
Like his hair, he's larger than life and now he's really famous, thanks to the TV show "The Apprentice".
Donald is pragmatic about celebrity, for him fame offers opportunity to promote the Trump brand but the billionaire is underwhelmed by Hollywood's smoke and mirrors. In his book he takes a swipe at the lustre of even the biggest stars, for example, Angelina Jolie and George Clooney.
And there is no-one he hates more than US comedian Rosie O'Donnell.
"You have to understand, Rosie is a total degenerate," Trump said. "She's a low-life and ... she always attacks people ... and then one day she attacked me because I gave Miss USA a second chance. She had an alcohol problem and I gave her a second chance."
Trump's Law #3: Revenge is good business.
"When people attack you, you should attack back."
"Now not necessarily for that person but because other people who will interact with you or deal with you in the future are going to be watching and they are going to say, you know what there are easier fish to fry, let's not go after Trump. Let's go after somebody else."
Trump's Law #4: Buckle up. Times are tough.
Today Tonight asked: could Australia suffer a housing collapse similar to the US?
"Absolutely, and it probably will happen. I think we were just the forerunner. Fuel is just killing this world ... you need fuel it is like blood and when the fuel is tainted by price it is going to hurt Australia horribly."
Our economy may cop a battering but our women will always be beautiful, according to Mr Trump. One woman in particular.
"I own the Miss Universe Pageant and you have a great woman in terms of Miss Hawkins."
Jen is clearly a great hit - as are, for the Donald, our golf courses. When he hits Australia, he'll be hitting the greens.
He's not short of on confidence, which begs just one question: does Donald Trump have any weaknesses?
"I think everybody has weaknesses. But if I did, I sure as hell wouldn't be telling you. Because you don't want to expose your weaknesses, you want to hide your weaknesses.
Trump's Law #5: Shaking hands is bad for your health.
"I don't know where that hand has been. I was in a restaurant and this guy comes out of the bathroom and he is shaking his hands like they are wet. And he is like 'oh, Mr Trump, I am a big fan of yours'. And he puts his hand out. It is not a good thing ... it causes colds, I do it because it unfortunately it is a necessity in terms of life."
So he doesn't like hand shake deals. But he does love deals. And he does love the one he's done with Malcolm to come to Australia.
"Fantastic experience, incredibly busy meeting. Phones going off, people coming in. But we talked about lots of things. He is looking forward to coming to Australia he wants to play golf and see the country. And I think Aussies will be amazed when people get the opportunity to hear him," says Malcolm.
As he leaves Trump Tower, Malcolm has every reason to be chuffed. He achieved his dreams. He thought big and kicked ass.
Further information
www.trumpinaustralia.com.au
Saturday, September 27, 2008
Saturday, August 23, 2008
Strange crew for Trump, by Bill Zwecker - Sun-Times - 20th August 2008
Rivers, Rodman and Roderick jump into 'Celebrity Apprentice' pool as The Donald stirs things up again
One thing's for sure: Donald Trump loves mixing it up -- especially with the contestants he taps for his ''Celebrity Apprentice'' TV show on NBC.
That again seems to be the case with the upcoming season. A BZ spy tells me the next group includes Joan Rivers, ex-Bulls badboy Dennis Rodman and former ''Baywatch'' babe/Playboy mainstay Brande Roderick.
For the first round earlier this year, The Donald snared people including actor Stephen Baldwin, ''The Sopranos'' star Vincent (Big Pussy) Pastore, Chicago native Marilu Henner, Olympian Nadia Comaneci and Kiss rocker Gene Simmons. Omarosa, his ill-tempered ex-contestant from the original ''The Apprentice,'' also competed, and ''America's Got Talent'' judge Piers Morgan ended up the winner.
Taping of the new season is scheduled to begin Sept. 21.
One thing's for sure: Donald Trump loves mixing it up -- especially with the contestants he taps for his ''Celebrity Apprentice'' TV show on NBC.
That again seems to be the case with the upcoming season. A BZ spy tells me the next group includes Joan Rivers, ex-Bulls badboy Dennis Rodman and former ''Baywatch'' babe/Playboy mainstay Brande Roderick.
For the first round earlier this year, The Donald snared people including actor Stephen Baldwin, ''The Sopranos'' star Vincent (Big Pussy) Pastore, Chicago native Marilu Henner, Olympian Nadia Comaneci and Kiss rocker Gene Simmons. Omarosa, his ill-tempered ex-contestant from the original ''The Apprentice,'' also competed, and ''America's Got Talent'' judge Piers Morgan ended up the winner.
Taping of the new season is scheduled to begin Sept. 21.
Indy girls head east, by Regina King and Peter Flowers - The Gold Coast Bulletin - 23rd August 2008
Here's a good one for your diary. The 2008 Bartercard Miss Indy calendar launch luncheon and charity auction will be held at East on Thursday, August 28.
The reigning Bartercard Miss Indy, Kate Hockly, and six of the 2009 calendar models will be present to rev up the crowd with an adrenalin-pumping parade featuring swimwear and the controversial new grid suits.
One of the calendar models and yet another success story of the Miss Indy girls is Michelle McNamee.
This beautiful brunette has had an insanely busy year.
Not only has she become the Best Model Australia, been runner-up to Miss Universe Australia, become the face of fashion label Gasp, she also has been confirmed as the hostess to Donald Trump when he visits Australia later this year.
Not bad for another of our local beauties.
The reigning Bartercard Miss Indy, Kate Hockly, and six of the 2009 calendar models will be present to rev up the crowd with an adrenalin-pumping parade featuring swimwear and the controversial new grid suits.
One of the calendar models and yet another success story of the Miss Indy girls is Michelle McNamee.
This beautiful brunette has had an insanely busy year.
Not only has she become the Best Model Australia, been runner-up to Miss Universe Australia, become the face of fashion label Gasp, she also has been confirmed as the hostess to Donald Trump when he visits Australia later this year.
Not bad for another of our local beauties.
Coming up Trumps - The Sunday Telegraph - 6th Feb 2005
With her ex-hubby Donald Trump tying the knot for the third time, Ivana Trump (right) is pulling out all stops to put on her own extravagant show.
Fresh from the set of Women On Top, next month Ms Trump is bound for Airlie Beach, on Queensland's Whitsundays, and her luxury resort off Abel Point.
The launch of the project will be like none other this country has seen. And if rumours are true, I wouldn't mind taking a dip in the resort's pool - especially if it's really going to be filled with French champagne.
Last year developers Karen and Craig Lyons staged a gala event that was attended by local celebrities, including singers Kate Cebrano and Jon Stevens. But who could appear at Ivana's upcoming bash?
Hollywood and media types soon to hit the region's shores include actor Errol Flynn's grandson, Luke; entrepreneur Bob Winstead and return visits by Scottish actor Sean Connery and rock singer Billy Thorpe.
Fresh from the set of Women On Top, next month Ms Trump is bound for Airlie Beach, on Queensland's Whitsundays, and her luxury resort off Abel Point.
The launch of the project will be like none other this country has seen. And if rumours are true, I wouldn't mind taking a dip in the resort's pool - especially if it's really going to be filled with French champagne.
Last year developers Karen and Craig Lyons staged a gala event that was attended by local celebrities, including singers Kate Cebrano and Jon Stevens. But who could appear at Ivana's upcoming bash?
Hollywood and media types soon to hit the region's shores include actor Errol Flynn's grandson, Luke; entrepreneur Bob Winstead and return visits by Scottish actor Sean Connery and rock singer Billy Thorpe.
Tuesday, July 29, 2008
Coastal Marina, LLC, a New York-Based Gaming Venture, to Acquire Trump Marina Hotel Casino from Trump Entertainment Resorts, Inc - Press Release
Coastal Marina, LLC, a New York-Based Gaming Venture, to Acquire Trump Marina Hotel Casino from Trump Entertainment Resorts, Inc.
Resort to Be Re-Branded as a "Margaritaville(TM)" Marina Resort & Casino
NEW YORK--(BUSINESS WIRE)--May 29, 2008--Coastal Marina, LLC, ("Coastal Marina") an affiliate of Coastal Development, LLC, announced today that it has entered into an agreement to purchase the Trump Marina Hotel Casino in Atlantic City, New Jersey from Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) ("Trump Entertainment Resorts"). Coastal Marina has agreed to pay Trump Entertainment Resorts $316 million to complete the transaction. As part of the transaction, the parties have also agreed to end prior, unrelated litigation, with prejudice, upon the closing of the transaction.
Upon successful acquisition of the property, Coastal Marina will re-brand and refurbish the property into a new destination resort under the "Margaritaville(TM)" brand. Richard T. Fields, chairman of Coastal Marina, said: "Together with Jimmy Buffett's team at Margaritaville(TM), our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City. In the weeks and months ahead, there will be additional announcements and more details about the transition of ownership and our new resort concept."
Donald J. Trump, the chairman of Trump Entertainment Resorts, remarked: "They are buying a wonderful building in a great location. It has been an important part of our company with a loyal customer base and a dedicated team."
Mark Juliano, chief executive officer of Trump Entertainment Resorts, said: "The execution of this transaction will provide us with additional financial flexibility to effectively master plan the future path of our company in the midst of an overall transformation which has already been marked by many successes. As we look forward to the opening of the new 782 room hotel tower and Il Mulino restaurant at the Taj Mahal later this year, we are encouraged by the success of the projects we have already introduced, including the refurbished casino floors, upgraded room products and brand new penthouse suites at the Taj Mahal and Plaza. Now we are closely evaluating the variety of options before us to create value for our shareholders, including additional development in Atlantic City, reducing the Company's debt, and potential projects to diversify our interests outside of Atlantic City."
The agreement is subject to certain regulatory approvals and customary closing conditions.
The Trump Marina Hotel Casino covers approximately 14 acres and includes a 27-story hotel with 728 guest rooms, including 153 suites. The casino offers approximately 79,000 square feet of gaming space and approximately 58,000 square feet of convention, ballroom and meeting space. Trump Marina also features an approximately 540-seat cabaret-style theater, a nightclub, three players clubs, four retail outlets, six restaurants, a cocktail lounge, a recreation deck complete with a health spa, outdoor pool, tennis courts, basketball courts and jogging track. The hotel and casino also has an 11 bay bus terminal and a roof-top helipad, as well as a nine story parking garage capable of accommodating approximately 3,000 cars. The Trump Marina Hotel Casino includes the lease for the Senator Frank S. Farley State Marina.
Latham & Watkins, led by partner Raymond Lin, and Bear Stearns & Co., Inc., led by Senior Managing Director Kenneth Shea, respectively, provided legal counsel and financial advisory services to Mr. Fields and Coastal Marina in connection with the transaction.
Weil, Gotshal & Manges LLP, led by partners J. Philip Rosen and Malcolm Landau, and Merrill Lynch & Co., Inc, led by managing director Ragavan Bala, repectively, provided legal counsel and financial advisory services to Trump Entertainment Resorts in connection with the transaction.
Coastal Development, LLC is a privately held company based in New York City that specializes in financing and developing resort destinations, luxury hotels and gaming facilities. An affiliate of Coastal Development, LLC is also the largest shareholder of Suffolk Downs racetrack in Boston, Massachusetts.
Trump Entertainment Resorts, Inc. owns and operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. The Company is the sole vehicle through which Donald J. Trump, the Company's Chairman and largest stockholder, conducts gaming activities and is separate and distinct from Mr. Trump's real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could," "optimistic," "can" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of Trump Entertainment Resorts, there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements.
The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Trump Entertainment Resorts. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of Trump Entertainment Resorts. Trump Entertainment Resorts does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Additional information concerning the potential risk factors that could affect Trump Entertainment Resorts' future performance are described from time to time in the Trump Entertainment Resorts' periodic reports filed with the SEC, including, but not limited to, the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on Trump Entertainment Resorts' website, www.trumpcasinos.com.
CONTACT: For Coastal Development, LLC
Charlie Leonard, 970-927-5412
or
For Trump Entertainment Resorts, Inc.
Investors:
John Burke, 212-891-1503
or
Media:
Tom Hickey, 609-705-0275
SOURCE: Trump Entertainment Resorts, Inc.
Media Man Australia Profiles
Donald Trump
Casino News Media
Media Companies
Resort to Be Re-Branded as a "Margaritaville(TM)" Marina Resort & Casino
NEW YORK--(BUSINESS WIRE)--May 29, 2008--Coastal Marina, LLC, ("Coastal Marina") an affiliate of Coastal Development, LLC, announced today that it has entered into an agreement to purchase the Trump Marina Hotel Casino in Atlantic City, New Jersey from Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) ("Trump Entertainment Resorts"). Coastal Marina has agreed to pay Trump Entertainment Resorts $316 million to complete the transaction. As part of the transaction, the parties have also agreed to end prior, unrelated litigation, with prejudice, upon the closing of the transaction.
Upon successful acquisition of the property, Coastal Marina will re-brand and refurbish the property into a new destination resort under the "Margaritaville(TM)" brand. Richard T. Fields, chairman of Coastal Marina, said: "Together with Jimmy Buffett's team at Margaritaville(TM), our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City. In the weeks and months ahead, there will be additional announcements and more details about the transition of ownership and our new resort concept."
Donald J. Trump, the chairman of Trump Entertainment Resorts, remarked: "They are buying a wonderful building in a great location. It has been an important part of our company with a loyal customer base and a dedicated team."
Mark Juliano, chief executive officer of Trump Entertainment Resorts, said: "The execution of this transaction will provide us with additional financial flexibility to effectively master plan the future path of our company in the midst of an overall transformation which has already been marked by many successes. As we look forward to the opening of the new 782 room hotel tower and Il Mulino restaurant at the Taj Mahal later this year, we are encouraged by the success of the projects we have already introduced, including the refurbished casino floors, upgraded room products and brand new penthouse suites at the Taj Mahal and Plaza. Now we are closely evaluating the variety of options before us to create value for our shareholders, including additional development in Atlantic City, reducing the Company's debt, and potential projects to diversify our interests outside of Atlantic City."
The agreement is subject to certain regulatory approvals and customary closing conditions.
The Trump Marina Hotel Casino covers approximately 14 acres and includes a 27-story hotel with 728 guest rooms, including 153 suites. The casino offers approximately 79,000 square feet of gaming space and approximately 58,000 square feet of convention, ballroom and meeting space. Trump Marina also features an approximately 540-seat cabaret-style theater, a nightclub, three players clubs, four retail outlets, six restaurants, a cocktail lounge, a recreation deck complete with a health spa, outdoor pool, tennis courts, basketball courts and jogging track. The hotel and casino also has an 11 bay bus terminal and a roof-top helipad, as well as a nine story parking garage capable of accommodating approximately 3,000 cars. The Trump Marina Hotel Casino includes the lease for the Senator Frank S. Farley State Marina.
Latham & Watkins, led by partner Raymond Lin, and Bear Stearns & Co., Inc., led by Senior Managing Director Kenneth Shea, respectively, provided legal counsel and financial advisory services to Mr. Fields and Coastal Marina in connection with the transaction.
Weil, Gotshal & Manges LLP, led by partners J. Philip Rosen and Malcolm Landau, and Merrill Lynch & Co., Inc, led by managing director Ragavan Bala, repectively, provided legal counsel and financial advisory services to Trump Entertainment Resorts in connection with the transaction.
Coastal Development, LLC is a privately held company based in New York City that specializes in financing and developing resort destinations, luxury hotels and gaming facilities. An affiliate of Coastal Development, LLC is also the largest shareholder of Suffolk Downs racetrack in Boston, Massachusetts.
Trump Entertainment Resorts, Inc. owns and operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. The Company is the sole vehicle through which Donald J. Trump, the Company's Chairman and largest stockholder, conducts gaming activities and is separate and distinct from Mr. Trump's real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could," "optimistic," "can" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of Trump Entertainment Resorts, there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements.
The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Trump Entertainment Resorts. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of Trump Entertainment Resorts. Trump Entertainment Resorts does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Additional information concerning the potential risk factors that could affect Trump Entertainment Resorts' future performance are described from time to time in the Trump Entertainment Resorts' periodic reports filed with the SEC, including, but not limited to, the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on Trump Entertainment Resorts' website, www.trumpcasinos.com.
CONTACT: For Coastal Development, LLC
Charlie Leonard, 970-927-5412
or
For Trump Entertainment Resorts, Inc.
Investors:
John Burke, 212-891-1503
or
Media:
Tom Hickey, 609-705-0275
SOURCE: Trump Entertainment Resorts, Inc.
Media Man Australia Profiles
Donald Trump
Casino News Media
Media Companies
Monday, July 28, 2008
Donald Trump prepares to take his mouth south, by Rebecca Urban - The Australian - 23rd May 2008
Celebrity real estate mogul Donald Trump commands about $US1.5 million ($1.57 million) every time he opens his mouth as a public speaker.
Let's hope the brash American has something important to say when he visits Australia later this year to spearhead a series of seminars across the country, alluringly titled "Think Like a Billionaire".
The executive chairman of the Trump Organisation is well qualified for such a task. He has all the attributes of a self-respecting billionaire, and more.
Trump is worth $3 billion, according to Forbes. And he has the ego to match. Each year he disputes the magazine's valuation of his wealth, claiming to be worth $7 billion.
He has high-rise hotels and casinos named in his honour, owns the Miss Universe beauty pageant, has his own reality television series, and a string of blonde ex-wives. Plus he's written at least a dozen books, with titles such as Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life, and Trump: Never Give Up. How I Turned My Biggest Challenges into Success.
As those who've read the books will know, Trump's ascent hasn't been all smooth. He borrowed heavily and lived large during the 1980s, but the recession, combined with spiralling debt, almost brought him undone in the early 1990s. (So chin up, Eddy Groves, Michael King and the Allco boys -- there's hope for you yet.)
The Think Like a Billionaire seminars will be held in Melbourne, Sydney and the Gold Coast. But not Perth, where there are enough billionaires already.
Media Man Australia Profiles
Donald Trump
Let's hope the brash American has something important to say when he visits Australia later this year to spearhead a series of seminars across the country, alluringly titled "Think Like a Billionaire".
The executive chairman of the Trump Organisation is well qualified for such a task. He has all the attributes of a self-respecting billionaire, and more.
Trump is worth $3 billion, according to Forbes. And he has the ego to match. Each year he disputes the magazine's valuation of his wealth, claiming to be worth $7 billion.
He has high-rise hotels and casinos named in his honour, owns the Miss Universe beauty pageant, has his own reality television series, and a string of blonde ex-wives. Plus he's written at least a dozen books, with titles such as Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life, and Trump: Never Give Up. How I Turned My Biggest Challenges into Success.
As those who've read the books will know, Trump's ascent hasn't been all smooth. He borrowed heavily and lived large during the 1980s, but the recession, combined with spiralling debt, almost brought him undone in the early 1990s. (So chin up, Eddy Groves, Michael King and the Allco boys -- there's hope for you yet.)
The Think Like a Billionaire seminars will be held in Melbourne, Sydney and the Gold Coast. But not Perth, where there are enough billionaires already.
Media Man Australia Profiles
Donald Trump
Sunday, July 27, 2008
Donald Trump's $1.5m an hour windfall, by Nick Gardner - The Sunday Telegraph - 27th July 2008
Billionaire investor and reality television star Donald Trump will pocket at least $1.5 million an hour to speak at three seminars in Australia in November.
Trump, the world's highest-paid public speaker, will talk for at least two hours each night in Melbourne, Sydney and the Gold Coast on his Think Like A Billionaire tour.
For his $1.5 million-an-hour fee, Trump will share his words of wisdom about how to succeed in the business world.
Tickets start from $895 but an intimate lunch with 20 other guests and Trump costs $25,000.
Despite the high price, demand for tickets has been overwhelming with the Sydney and Gold Coast lunches already sold out.
The seminars will be hosted by Catriona Rowntree, while guest speakers include Sarina Russo, advertising guru Siimon Reynolds and Ross Greenwood.
Malcolm Quinn, the promoter who persuaded Trump to come to Australia, said, "Once he was on board, getting everyone else was easy. Whoever I asked just said yes, although most people didn't believe me.
"I had to get a letter from Trump's office to prove it was for real.
"He's never been to Australia before and is really looking forward to it. He says he has many friends here, including Rupert Murdoch, although I think he sees more of him in New York than he is likely to here.''
Unlike a demanding rock star on tour, Mr Quinn said Trump's rider was minimal.
"All he has asked for is a jet to get him from city to city, a limousine to transport him around towns, five-star hotel accommodation - and a cold glass of water on stage when he's talking. That's it.''
Media Man Australia Profiles
Donald Trump
Trump, the world's highest-paid public speaker, will talk for at least two hours each night in Melbourne, Sydney and the Gold Coast on his Think Like A Billionaire tour.
For his $1.5 million-an-hour fee, Trump will share his words of wisdom about how to succeed in the business world.
Tickets start from $895 but an intimate lunch with 20 other guests and Trump costs $25,000.
Despite the high price, demand for tickets has been overwhelming with the Sydney and Gold Coast lunches already sold out.
The seminars will be hosted by Catriona Rowntree, while guest speakers include Sarina Russo, advertising guru Siimon Reynolds and Ross Greenwood.
Malcolm Quinn, the promoter who persuaded Trump to come to Australia, said, "Once he was on board, getting everyone else was easy. Whoever I asked just said yes, although most people didn't believe me.
"I had to get a letter from Trump's office to prove it was for real.
"He's never been to Australia before and is really looking forward to it. He says he has many friends here, including Rupert Murdoch, although I think he sees more of him in New York than he is likely to here.''
Unlike a demanding rock star on tour, Mr Quinn said Trump's rider was minimal.
"All he has asked for is a jet to get him from city to city, a limousine to transport him around towns, five-star hotel accommodation - and a cold glass of water on stage when he's talking. That's it.''
Media Man Australia Profiles
Donald Trump
Sunday, July 20, 2008
Donald Trump sells mansion for $102m - The Sydney Morning Herald - 17th July 2008
The US real estate market might be slumping, but not for Donald Trump, who has sold a Palm Beach, Florida mansion for $US100 million ($A102.7 million) to a Russian billionaire.
"In an age of so many people getting hurt in real estate, it shows that you can still do well in real estate," Trump said in a telephone interview.
His spokeswoman said $US100 million ($A102.7 million) was the most ever paid for an estate in the US, though there was no way to verify that claim.
Russian fertiliser billionaire Dmitry Rybolovlev purchased the roughly 5,575 square metre oceanfront home, which Trump fixed up after buying it for about $US41 million ($A42 million) in 2004.
He assigned renovations to Kendra Todd, a winner on Trump's reality TV show competition The Apprentice, who dressed it up with marble and 24 karat gold fixtures, even in the bathrooms.
The home, called Maison de L'Amitie, is spread over several buildings and includes separate coat closets and bathrooms for men and women off the main entryway for easy entertaining.
A mammoth fountain greets guests from the front along with 145 metres of ocean in the back.
"I think it's a great sign for the area, a great sign for Palm Beach and all that Palm Beach represents," Trump said.
Trump originally put the mansion on the market in 2006 for $US125 million ($A128 million).
Media Man Australia Profiles
Donald Trump
"In an age of so many people getting hurt in real estate, it shows that you can still do well in real estate," Trump said in a telephone interview.
His spokeswoman said $US100 million ($A102.7 million) was the most ever paid for an estate in the US, though there was no way to verify that claim.
Russian fertiliser billionaire Dmitry Rybolovlev purchased the roughly 5,575 square metre oceanfront home, which Trump fixed up after buying it for about $US41 million ($A42 million) in 2004.
He assigned renovations to Kendra Todd, a winner on Trump's reality TV show competition The Apprentice, who dressed it up with marble and 24 karat gold fixtures, even in the bathrooms.
The home, called Maison de L'Amitie, is spread over several buildings and includes separate coat closets and bathrooms for men and women off the main entryway for easy entertaining.
A mammoth fountain greets guests from the front along with 145 metres of ocean in the back.
"I think it's a great sign for the area, a great sign for Palm Beach and all that Palm Beach represents," Trump said.
Trump originally put the mansion on the market in 2006 for $US125 million ($A128 million).
Media Man Australia Profiles
Donald Trump
Saturday, July 19, 2008
Donald Trump sells Florida home for $97m - Live News
US real estate mogul and casino operator Donald Trump has sold his villa in Palm Beach, Florida, for $97million to fellow billionaire Dmitry Rybolovlev of Russia, a report says.
The price was believed to be the highest paid for a single-family home in the United States and bucked the trend of falling home prices in the wake of its US subprime mortgage crisis.
"I love breaking records, and this is a record," Trump, who is also known for starring in the reality-television show The Apprentice, told the Palm Beach Post.
Trump's asking price for the two-and-a-half-hectare, beachfront property had been $US125 million, and he told the newspaper that Rybolovlev had made a great deal.
Trump, 62, had bought the house in 2004 for $US41.35 million and renovated it.
The new owner, a 41-year-old fertiliser magnate, was listed 59th on Forbes magazine's 2008 list of the richest people in the world with a fortune of $US12.8 billion.
Media Man Australia Profiles
Donald Trump
The price was believed to be the highest paid for a single-family home in the United States and bucked the trend of falling home prices in the wake of its US subprime mortgage crisis.
"I love breaking records, and this is a record," Trump, who is also known for starring in the reality-television show The Apprentice, told the Palm Beach Post.
Trump's asking price for the two-and-a-half-hectare, beachfront property had been $US125 million, and he told the newspaper that Rybolovlev had made a great deal.
Trump, 62, had bought the house in 2004 for $US41.35 million and renovated it.
The new owner, a 41-year-old fertiliser magnate, was listed 59th on Forbes magazine's 2008 list of the richest people in the world with a fortune of $US12.8 billion.
Media Man Australia Profiles
Donald Trump
Thursday, July 3, 2008
Catriona Rowntree playing her Trump - The Daily Telegraph - 1st July 2008
Move over Jennifer Hawkins, the woman making a beeline for yet another billionaire mogul - this time Donald Trump - is Getaway gal Catriona Rowntree.
The Channel 9 femme, who struck up a friendship with Virgin boss Richard Branson when filming his Necker Island resort, will host the Trump seminars in Sydney on November 13.
With tickets from $1195, the one-date-only showcase will also feature a few other interesting drawcards - albeit further down the pecking order from "the Donald".
Also on the bill for the Think Like A Billionaire seminars are '80s adman Siimon Reynolds, Nine's money man Ross Greenwood and celebrity chemist Tony Ferguson.
Media Man Australia Profiles
Siimon Reynolds
Donald Trump
The Channel 9 femme, who struck up a friendship with Virgin boss Richard Branson when filming his Necker Island resort, will host the Trump seminars in Sydney on November 13.
With tickets from $1195, the one-date-only showcase will also feature a few other interesting drawcards - albeit further down the pecking order from "the Donald".
Also on the bill for the Think Like A Billionaire seminars are '80s adman Siimon Reynolds, Nine's money man Ross Greenwood and celebrity chemist Tony Ferguson.
Media Man Australia Profiles
Siimon Reynolds
Donald Trump
Welcome to the Trump Media Blog, unofficial blog for Donald Trump
Welcome to the Trump Media Blog.
This is an unofficial blog for Donald Trump.
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Media Man Australia Profile
Donald Trump
This is an unofficial blog for Donald Trump.
Website
Trump official website
Media Man Australia Profile
Donald Trump
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