GlobeSt.com UPDATE: Trump Submits Plan for $123M Casino

FRENCH LICK, IN-Trump Hotels & Casino Resorts has formally submitted a site plan to the Indiana Gaming Commission for its casino project in Orange County. The $123.5-million Trump Springs Valley Casino & Resort is projected to break ground later this year and open in early 2006.The Gaming Commission received proposals in the spring and in July chose publicly traded THCR to build and operate what will be the state’s 11th casino. THCR beat out Orange County Development LLC, a group that includes NBA legend Larry Bird, and Lost River Development LLC, which is affiliated with the France-based casino operator Groupe Tranchant. In all proposals, the casino was to sit on a manmade waterway running between the French Lick Springs Resort & Spa and the West Baden Springs Hotel. The Trump Hotels plan calls for a casino with 1,000 slot machines, 30 traditional gaming tables, two eateries and a 90-seat entertainment lounge. In addition, the Trump Hotels proposal calls for the purchase a restoration of the historic West Baden Springs Hotel and ongoing financial support for upgrades to additional area landmarks including the French Lick Springs Resort and Spa and the Indiana Railway Museum. Trump has operated one other casino in Indiana, in the City of Gary, since 1996. French Lick is located in Orange County, between Indianapolis and Louisville, KY. It encompasses the towns of French Lick, Orleans, Paoli and West Baden. After the Indiana General Assembly approved the license in 2003, Orange County voters confirmed it with a referendum vote in the November election.In addition to Springs Valley, Trump also is planning a resort in Toronto. Last week, Talon International, Trump’s development partner for proposed $500-million Trump International Hotel & Tower, acquired the site on which the 68-story building would rise. The site is located at the corner of Bay & Adelaide Downtown.Meanwhile, according to published reports, an offshore Internet gambling company has proposed spending $400 million for a 31% stake in Donald Trump’s casino company, which owns three of the 13 casinos in Atlantic City and is struggling to make interest payments on $1.8 billion in debt.In August, Trump announced a plan to restructure the company with capital from DLJ Merchant Banking, a private equity group affiliated with Credit Suisse First Boston that had proposed investing $400 million for a 55% stake. Last month, Trump and DLJ issued a statement saying the deal was off.