Continue reading Donald Trump called. He wants his casinos back

Donald Trump called. He wants his casinos back originally appeared on BloggingStocks on Wed, 17 Jun 2009 14:30:00 EST. Please see our terms for use of feeds.

Continue reading Trump Entertainment Resorts files for bankruptcy

Trump Entertainment Resorts files for bankruptcy originally appeared on BloggingStocks on Tue, 17 Feb 2009 07:30:00 EST. Please see our terms for use of feeds.

Trump Entertainment Resorts (NASDAQ: TRMP) has been squeaking out forbearance agreements with its lender for months to avoid bankruptcy, but that game could finally be coming to an end.

The Wall Street Journal reports (subscription required) that "Bondholders to Trump Entertainment Resorts are planning to force the real-estate mogul's Atlantic City casino group into involuntary Chapter 11 bankruptcy early in the coming week, say several people familiar with the matter."

Continue reading Trump Entertainment Resorts could finally file for bankruptcy

Trump Entertainment Resorts could finally file for bankruptcy originally appeared on BloggingStocks on Sat, 14 Feb 2009 16:40:00 EST. Please see our terms for use of feeds.

Just when you thought that Donald Trump could not come up with a new way to spin The Apprentice, he trumps you. That's because last night, Trump fired Trump from his role on the board of Trump Entertainment Resorts (NASDAQ: TRMP). The reason is simple -- Trump Entertainment bondholders are owed $53 million; the Donald stiffed them; and now the bondholders want Trump Entertainment to file for Chapter 11.

The Donald's self-firing is the latest salvo in a lengthy war between himself and his bondholders. A few weeks ago, I posted on the imminent deadline for a resolution of the matter. But Trump bondholders gave him a temporary reprieve until this coming Tuesday. And the Donald has mentally checked out of this mess boasting about how little it means to him -- "Moreover, the company has represented for quite some time substantially less than 1% of my net worth, and my investment in it is worthless to me now," according to the Wall Street Journal (subscription required).

Continue reading Trump to Trump: You're fired!

Trump to Trump: You're fired! originally appeared on BloggingStocks on Sat, 14 Feb 2009 08:33:00 EST. Please see our terms for use of feeds.

Trump Entertainment Resorts gets a two week reprieve originally appeared on BloggingStocks on Thu, 22 Jan 2009 13:45:00 EST. Please see our terms for use of feeds.

Trump Entertainment Resorts (NASDAQ: TRMP) disclosed on Friday that it would delay making a $53.1 million interest payment on its senior secured notes due 2015 as it looks to restructure.

The company owns and operates the Atlantic City's Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and the Trump Marina Hotel Casino. The Donald serves as the nonexecutive chairman of the board and his daughter Ivanka is also a director.

The company's results have suffered along with the broader tourism economy, but the Trump properties in Atlantic City have also been hurt by their dated feel and the company's lack of cash that has made necessary updates difficult.

As I wrote back in March, Donald Trump has continued to loot this sinking ship: In 2007 he was paid $2 million for serving as chairman of the board in addition the company's purchases of Donald Trump-branded water and other goodies.

The stock closed at 31 cents per share on Friday.

Trump Entertainment Resorts misses interest payment originally appeared on BloggingStocks on Sat, 29 Nov 2008 15:40:00 EST. Please see our terms for use of feeds.

Buyout rumors send Trump Entertainment Resorts (TRMP) up 17% originally appeared on BloggingStocks on Fri, 05 Oct 2007 16:40:00 EST. Please see our terms for use of feeds.

Trump Entertainment Resorts (NASDAQ: TRMP) reported a lousy quarter this morning, and the stock has gone up a little bit. The company lost $13.5 million, or 43 cents per share, versus a loss of $4.9 million, or 16 cents per share, in the prior-year period. On average, analysts were expecting a loss of just 25 cents per share. Revenue declined 5%, and missed analysts' expectations but only by $300,000.

Revenue per available room increased 13.3 percent, to $82.51 from $72.85, but that's just about the only silver lining I can see.

Mark Juliano, who became CEO on Thursday had this to say: "While the first half of 2007 has presented many challenges which have impacted our results, primarily new competition and the partial smoking ban, many of the most substantial operational and marketing enhancements we have been planning and implementing for nearly two years are now having a positive effect..."

Apparently Wall Street is willing to give Juliano somewhat of a chance -- at least, they're not going to punish the stock any more than it already has been.

One of Jim Cramer's rules for spotting bottoms is that a stock has bottomed when a company reports a bad quarter and the stock doesn't budge, or even goes up. Trump Entertainment has been pulverized of late, losing two-thirds of its value since June. I still wouldn't touch it, but it may be an interesting contrarian play here.

Trump (TRMP) reports bad quarter... and no one cares. Has it bottomed? originally appeared on BloggingStocks on Tue, 07 Aug 2007 11:10:00 EST. Please see our terms for use of feeds.

For now, Trump won't sell originally appeared on BloggingStocks on Mon, 02 Jul 2007 16:10:00 EST. Please see our terms for use of feeds.

The Donald still stuck with his casinos originally appeared on BloggingStocks on Wed, 27 Jun 2007 16:20:00 EST. Please see our terms for use of feeds.

Trump Entertainment Resorts (NASDAQ: TRMP) shares soared more than 20% on Friday after the company disclosed that "The Strategic Committee has recently received preliminary and conditional indications of interest from parties proposing to acquire the Company. There can be no assurance that any of these indications of interest will result in a sale of the Company or any other transactions."

Given that the company had already announced that it was for sale and already jumped on that news, the shares may have gotten ahead of themselves today. But the storyline that interests me is this: If the casinos are sold, is it possible that the Trump name will be removed?

With the ratings of The Apprentice continuing to show weakness in the latest season (even after a move to L.A. to spice things up), I would argue that the Trump name may be suffering from overexposure. His huge ego may have finally turned off the public, and his book with Robert Kiyosaki is probably the worst thing I've ever read.

I just wonder whether the Trump name has much value anymore. There's no question that everyone knows it, but what is the average person's impression of Trump?

Trump Resorts receives a buyout offer? originally appeared on BloggingStocks on Fri, 18 May 2007 20:20:00 EST. Please see our terms for use of feeds.