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Trump Casinos Lose $19M in Q1

ATLANTIC CITY, NJ-The company would entertain offers to sell one or all three properties, but nothing is pending. Meanwhile, Meadowlands partner EnCap goes Chapter 11.

By Eric Peterson | Updated on May 09, 2008

ATLANTIC CITY, NJ-Trump Entertainment Resorts yesterday said it had a net loss of $18.6 million, or $0.59 per share, in Q1 ended March 31, compared with a loss of $8.1 million, or $0.26 per share a year earlier. Revenues were off slightly, falling to $227.6 million, compared to $234.3 million a year earlier. Company officials blamed the state of the economy and competition from out-of-state slots parlors.

“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.”

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