"We had approved a deal on a more conceptual basis in January," a commission spokesman tells GlobeSt.com. "When the terms were finalized they were materially different than what we were [initially] presented with. We had to take another look. The commission concluded that the Trump entities had met their burden and that they had established that they would continue to meet our financial stability requirements upon the confirmation of this transaction."

The sale is a two-traunch deal, consisting of a $425-million issuance of first-mortgage notes and $65 million in second-mortgage notes. The notes are being issued by Trump Casino Holdings LLC and Trump Casino Funding Inc., two wholly owned subsidiaries of THCR's operating subsidiary, Trump Hotels & Casino Resorts Holdings, LP.

Trump, board chairman, president and CEO of THCR, agreed to purchase $15 million of the second priority mortgage notes and $15 million of THCR stock.