Casino Commission OKs $490M Trump Bond Deal

NEW YORK CITY- Donald Trump has cleared the final hurdle prior to closing the $490-million bond deal he’s been trying to seal for nearly a year. On Monday, the New Jersey Casino Control Commission approved the sale in a 4-0 vote.Trump is ponying up $30 million of his own cash as a vote of confidence in Trump Hotels & Casino Resorts, and the company announced the pricing and private placement of the notes last week. The pricing was a signal that the sale is a done deal, and that more than $300 million in Trump Marina debt will be paid on time. But the terms of the transaction had changed significantly since the commission first gave its approval in January, and a second go-round was called for.

“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.”