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Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) has sold its Trump Marina Hotel to New York-based Coastal Marina for $316 million. In a self-congratulatory press release, Trump chairman "Donald J. Trump" said that the hotel "has been an important part of our company with a loyal customer base and a dedicated team."Well then it's good news that they sold it. In the past year, shares of Trump Entertainment Resorts have gone from $16 to as low as $2.29. The stock is up more than 20% today, but it's still a tiny fraction of its former high. Who knows: maybe if they sell all the important parts of the company the stock will go back over $5. Trump Entertainment Resorts really is that bad, having reported a pre-tax loss of $249 million last year.
But good news for my fellow Donald Trump haters: Coastal Marina is planning to rename the hotel "Margaritaville." Trump Entertainment CEO Mark Juliano commented that "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."
Reality check: the company has lost $252 million since inception. Whatever its "many successes" are, they have been heavily outweighed by failures.
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Reader Comments (Page 1 of 1)
5-29-2008 @ 5:23PM
lee scott said...
Mr. Trump sold one of his homes last week and now this...If I ever wanted to see someone in financial trouble it's this jerk. I hope he is on his way to going under.
5-30-2008 @ 1:12AM
gary said...
At least he has/had his television show. Wonder exactly what the Trump Entertainment does besides own/sell casino's? If they sold for 316 million wonder what it is really worth if managed better. Maybe someone is getting a good deal afterall.
6-01-2008 @ 12:29PM
DICK FROM NJ said...
HE HAD THE NERVE TO SAY RECENTLY THAT HE IS NOT NOW RUNNING THE COMPANY-JUST A BOARD MEMBER. BUT WHEN HE WAS RUNNING THE COMPANY-IT DID MUCH BETTER. YES-WENT BANKUPT -HOW MANY TIMES? AND NOW HE IS SELLING TO THE PERSON HE WAS SUING OVER THE FLORIDA PROPERTY. SO NOW THAT LAWSUIT WILL BE DROPPED. HE IS THE GREATEST OF FINANCIAL/COMMENTARY MANIPULATORS. DID HE EVER PAY OFF THE CONTRACTORS THAT FINISHED THE TAJ MAHAL?????dickschoice@aol.com.
8-04-2008 @ 2:07PM
W. Holliday said...
The marina was a big disappointment. Everything overpriced. Rooms are tacky and in desperate need of renovations. I was dumb enough to pay $249.00 for a one night stay and had to pay $10.00 extra to use the fitness center and $5,00 for a banana in the cafe.
I bought into the Trump name when booking my reservation. That was my first mistake. Next time I'll stay at Harrah's or the Borgata. Live and learn!