News Trump Rejects Online Casino's Offer 08 Oct 2004
ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Donald Trump's troubled casino company doesn't want to place its fortunes in the hands of an Internet gaming operator.
"Trump Hotels & Casino Resorts Inc. is saying thanks, but no thanks to a surprise $400 million investment offer made last week by Casino Fortune, which bills itself as the world's oldest online gaming company.
" …[Scott C. Butera, Trump Hotels executive vice president] wasn't sure whether Casino Fortune's purported offer to buy a 31 percent stake in Trump Hotels was a legitimate business deal or an elaborate publicity stunt, although he said he suspected the latter.
"Casino Fortune, based on the Caribbean island of Trinidad, made its offer following a failed attempt by Trump Hotels to secure a $400 million bailout from investment banking giant Credit Suisse First Boston's private equity fund, DLJ Merchant Banking Partners III.
"Trump Hotels is looking for investment partners to help it restructure a $1.8 billion debt load that threatens its survival. Negotiations continue with bondholders to reduce the debt and free up desperately needed cash that would be used to rejuvenate the three outdated Trump casinos in Atlantic City.
"…[Casino Fortune spokesman David M. Singer] said Casino Fortune views Trump Hotels as an investment opportunity that would allow it to expand its gaming operations to the United States. In addition to its Internet gaming business, the company runs eight land-based casinos in the Caribbean, Europe and Africa…"
