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Atlantic City competition causes Trump
losses to widen
July 29
Trump Hotels and Casino
Resorts Inc.stated on Wednesday that it's second-quarter
loss has widened to $17.6 million due to rising competition
in the New Jersey city.
Based in Atlantic City, Trump
Hotels stated that its loss has widened to 59 cents a share
from 46 cents a share at this time last year. In the
statement they say that revenue fell 4.4% to $293.2 million.
Trump Hotels blames higher
gas prices for this decline. Trump Hotels owns three casinos
in Atlantic City. It is also to be noted that the opening of
the Borgata casino last year has reduced revenue for the 12
casinos that are in Atlantic City.
The company is currently in
talks to renegotiate the terms of it's $1.8 billion in debt
in order to get a $400 million equity investment to help
reduce the debt and invest money into the company's
properties.
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