Donald Trump has made his fortune by his incredible business savy, but in his newest deal he insists that a piece of his heart will go along with the property.
This week, a deal could be finalized in the ongoing negotiations to buy Trump Entertainment Resorts and along with it, Trumps Atlantic City casinos, which include Trump Plaza, the Taj Mahal, and Trump Marina casinos.
The asking price for all of this is said to be over $2.2 billion, but any investors would have to also take over the $1.5 billion of debt.
Even when Trump does finalize the deal he insists it will be one of the harder things he’s ever had to walk away from, saying, “I’ve been here for so long, it’s been a really wonderful journey.” He went on to say,” I’m one of the biggest developers in the world, but i have a great loyalty to Atlantic City.” Trump has been involved in the city for 26 years.
Whoever does take over the casinos will have their work cut out for them as four, biliion dollar casinos are in the process of being built and current competitors are spending hundreds of millions of dollars in upgrades.
The deal could be done as early as this week but could take a bit more time to work out the details.
Binions Casino in Las Vegas To Be Sold By MTR
Casinos in Las Vegas have seen people come and go for years, however, it is now the owners of some of these casinos that are getting out of town, as many casinos are being sold.
The latest casino that will apparently have ownership change hands is Binion’s casino. The MTR Gaming Group, which currently owns Binions, announced today that an agreement has been reached with TLC Casino Enterprises Inc. to sell Binions for $32 million in cash.
TLC is not new to the casino game in Vegas as they already own Four Queens Hotel and Casino. Buying Binions will just add to their increasing presence in the Vegas market.
The reason for the sale is MTR is looking to escape from their business operations in the west. The group also sold Speedway Casino for $18 million earlier in the year.
MTR owns properties in Pennsylvania, Michigan, Ohio, West Virginia, and soon to be Minnesota, so the company is putting its focus on that region of the country and getting away from their west coast ties.