Trump may sell casino holdings

2007-03-13 15:59:16

Billionaire mogul Donald Trump may seek to reduce his company's debt levels by selling three casino holdings, it has been suggested.

Trump Entertainment has announced that it has hired Merrill Lynch to investigate options for the company, with the possibility of selling the Trump Taj Mahal, Trump Plaza and Trump Marina venues in Atlantic City thought to be among the potential outcomes.

Shares in Trump Entertainment rose by almost eight per cent on Friday as speculation regarding the sale mounted, with Trump later saying that several real estate firms and other investors were interested in his properties.

"They have been coming in and coming on pretty strong. They love the assets. They love the beautiful buildings," he said, the Press of Atlantic City reported.

"We believe Trump asked an investment bank to value the properties over the summer when speculation surfaced about a potential joint venture with Steve Wynn," added Morgan Joseph analyst Adam Steinberg, according to Business Week.

Trump Entertainment recently posted a $9.7 million loss for the fourth quarter of 2006.


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