"Our results are difficult to compare to 2007 due to the changing landscape in Pennsylvania last year," said company CEO Mark Juliano during yesterday's conference call, a reference to that out-of-state competition. In response to a question during the call, Juliano conceded that one or all of the company's three casino/hotel properties--Trump Taj Mahal, Trump Plaza and Trump Marina--could be for sale for the right price, although they're not actively being shopped right now.
"We are looking at strategic alternatives," Juliano told analysts. "If an opportunity presents itself that creates value for the company, we would definitely execute it."
Juliano also revealed that the new $250-million 782-room Chairman Tower expansion at the Taj Mahal will open by Labor Day. And the re-opened East Tower casino at the Plaza will have a dozen electronic poker games, the first in Atlantic City.
In an unrelated matter, EnCap Golf Holdings, partners with the Trump Org. in a proposed $1-billion golf community in the Meadowlands, yesterday filed for Chapter 11 bankruptcy protection in US Bankruptcy Court in Newark. The filing came one day after the New Jersey Meadowlands Commission voted to terminate EnCap as developer of the 800-acre former landfill site.
According to published reports, EnCap's petition lists both assets and liabilities in the $100-million to $500-million range and 20 unsecured creditors to which it owes the most money. The largest are Mactec Inc. its GC on the Medowlands project, $15.8 million; the Warren, NJ-based engineering firm Paulus Sokolowski & Sartor, $4.6 million; and the two host cities for the project, Lyndhurst and Rutherford, $4 million and $639,619 respectively.
"The bankruptcy filing will ensure an orderly transfer of assets," says a prepared statement released by the company late yesterday.
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