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Donald Trump
Trump
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Trump
Entertainment
Donald
John Trump (born June 14, 1946) is an American
business magnate, socialite, author and television
personality. He is the Chairman and CEO of the
Trump Organization, a US-based real-estate developer.
Trump is also the founder of Trump Entertainment
Resorts, which operates numerous casinos and hotels
across the world. Trump's extravagant lifestyle
and outspoken manner have made him a celebrity
for years, a status amplified by the success of
his NBC reality show, The Apprentice (where he
serves as host and executive producer).
Donald was the fourth of five children of Fred
Trump, a wealthy real estate developer based in
New York City. Donald was strongly influenced
by his father in his eventual goals to make a
career in real estate development, and upon his
graduation from the Wharton School of the University
of Pennsylvania in 1968, Donald Trump joined his
father's company, The Trump Organization.
Starting with the renovation of the Commodore
Hotel into the Grand Hyatt with the Pritzker family,
he continued with Trump Tower in New York City
and several other residential projects. Trump
would later expand into the airline industry (buying
the Eastern Shuttle routes),[3] and Atlantic City
casino business, including buying the Taj Mahal
Casino from the Crosby family, then taking it
into bankruptcy. This expansion, both personal
and business, led to mounting debt. Much of the
news about him in the early 1990s involved his
much publicized financial problems, creditor-led
bailout, extramarital affair with Marla Maples,
and the resulting divorce from his first wife,
Ivana Trump.
The late 1990s saw a resurgence in his financial
situation and fame. In 2001, he completed Trump
World Tower, a 72-story residential tower across
from the United Nations Headquarters. Also, he
began construction on Trump Place, a multi-building
development along the Hudson River. Trump owns
commercial space in Trump International Hotel
and Tower, a 44-story mixed-use (hotel and condominium)
tower on Columbus Circle. Trump currently owns
several million square feet of prime Manhattan
real estate, and remains a major figure in the
field of real estate in the United States and
a celebrity for his prominent media exposures.
(Credit:
Wikipedia)
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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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