Trump Makes Statement on Failed PA Casino Bid
DECEMBER 21, 2006. Trump Entertainment Resorts, Inc. (the "Company") (NASDAQ NMS: TRMP) commented today on the slot machine licenses granted by the Pennsylvania Gaming Control Board (the "Board").
James B. Perry, President and Chief Executive Officer of the Company, said, "While we are disappointed in the Board's decision, we thank our partners and the strong community activists in Philadelphia who joined us in our bid to bring new vitality to a Philadelphia community. We continue to pursue opportunities to introduce the Trump brand to other gaming markets both nationally and internationally, and we are very pleased with the ongoing expansion and renovation of our Atlantic City resorts. We are currently finalizing our strategic growth plan for Atlantic City, with a goal of maximizing the use of our available land through property expansions and possible hotel tower additions.
Mr. Perry noted that the Company's development program in Atlantic City is well underway, as the first phase of renovation capital, totaling $110 million across the Company's three properties, has been nearly fully deployed. Further, the new 800-room, $250 million hotel tower at the Taj Mahal is currently being constructed and is on schedule for a summer 2008 opening. Additionally, Mr. Perry noted that the Company will soon commence a second phase of capital projects that will total more than $100 million and will include the second phase of the Taj Mahal promenade area, introducing unique branded restaurants and retail shops; and the complete renovation and retheming of the casino floor at the Taj Mahal, including construction of a new Baccarat pit. The buffets at each property will be completely renovated as part of the plan, as well as the addition of new restaurants at Trump Marina, and the renovation of the transportation center at Trump Plaza.
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